For those who care about club finances etc - annual accounts published

[Sour Mash]

why on earth would you need a copy..?

 

He said we hae a clear business plan, sounds worth a read to me. How else can I see it if I can't get a copy?

[saintjay77]

This is plausible, especially as under Pardew (our last great volume of transfer activity) we were supposedly looking for players that could carrying on doing the job in the NPC.

 

Thanks for explaining it without the side-dish of abuse that some other morons on this thread needed to use in order to get their stunted point across.

 

 

Its only a guess but like you said, we were supposed to be bringing in players that could perform at the level above and to get those players I doubt they will all be on league 1 wages when they could get better above. So I wouldnt expect much of an increase in wages if we go up if I am way off the mark then I would be worried more as it would look like we are over spending to the point that it could get us into trouble in time to come.

 

No need for the abuse from or to anyone IMO. Side dish of sarcasm is not so bad though.

[rooney]

This was the first year of trading for the new Company and all the upfront costs would have been factored in so that tax losses can be carried forward ie Legal fees, Accountants fees, Due Dilligence Fees, valuation fees etc.

[The9]

Can someone pop that up on the Palarse forum? Cheers

 

p.s. "inextrinicably" is not a word.....is that a direct copy-and-paste from the Companies House report?

 

Might also be worth noting that they used "principle" when referring to our main, i.e. "principal" lenders, if we're going to play at being pendants.

 

And there's a "prospective" not "perspective" on this thread, but whatever.

[hughieslastminutegoal]

You'd want to see the balance sheet figures to see what non-player assets the club has - e.g. does the club own the ground etc. i.e. financed with the loans pehaps, and are those loans secured on these assets? Or does it own nothing and still owe the amount of the loans?

[stevegrant]

You'd want to see the balance sheet figures to see what non-player assets the club has - e.g. does the club own the ground etc. i.e. financed with the loans pehaps, and are those loans secured on these assets? Or does it own nothing and still owe the amount of the loans?

From the group accounts, the stadium is owned by St Mary's Stadium Ltd (as it was pre-takeover), and is valued at just over £10m. Overall, the whole group owes ML £20.4m, £12m of which is cash pumped in right at the very start. Obviously we don't know what the repayment terms are for these loans, or indeed if there are any terms, or whether that debt will be converted to equity when it is deemed appropriate.

 

Judging by the documents available to be downloaded from Companies House, there are no charges or security on any of the club's property.

[Window Cleaner]

We will probably make an even bigger loss this season actually,the JPT and getting to the 5th round of the cup must have brought in quite a lot of money.

[thesaint sfc]

So, in short. We're going to go bust and sell all our players.

[Window Cleaner]

So, in short. We're going to go bust and sell all our players.

 

 

Well probably not no, but the owners (whoever that may be) will have to fork out some cash again this summer.

[mack rill]

Stevy,,,,dos all this Waffle add up to (teetering on the Abyss),,,,tut tut who would of thought a club on the south coast could let this happen.

[Matthew Le God]

who would of thought a club on the south coast could let this happen.

 

Let what happen?

[FloridaMarlin]

So, in short. We're going to go bust and sell all our players.

 

No, you don't have to sell your players.

 

On the contrary, you send youth team players out on loan and add to the wage bill by signing Premier League players for £20,000 a week.

 

Have we learned nothing from p****y?

[Window Cleaner]

The accounts are for the first year of the takeover.

 

Player trading is quite interesting though just a loss of 1.1 million seemingly even though we bought Hammond,Lambert,Barnard,Fonte,Puncheon and Richardson in that period.

Must have got goodly sums for Rasiak,Surman and McGoldrick then.

[trousers]

Let what happen?

 

That'll be the bite he was after... ;-)

[dune]

Not bothered.

 

The Liebherrs are loaded.

[trousers]

From the group accounts, the stadium is owned by St Mary's Stadium Ltd (as it was pre-takeover), and is valued at just over £10m. Overall, the whole group owes ML £20.4m, £12m of which is cash pumped in right at the very start. Obviously we don't know what the repayment terms are for these loans, or indeed if there are any terms, or whether that debt will be converted to equity when it is deemed appropriate.

 

 

So, when Cortese said in his interview towards the end of last year that the club is "debt free" (or words to that effect)...what did he mean exactly?

 

(a) The club is debt free?

 

Or

 

(b) the club is not debt free?

 

Actually, thinking about it, given these accounts pre-date the aforementioned Interview, perhaps Mr Liebherr's estate has subsequently 'written off' the "loan(s)"...?

[Noodles34]

If you run a company and want or need to inject capital into it, then you would do it as a directors loan. Why would just put in a load of money with no comeback? Its all about tax and selling the club in the future etc, etc. Directors loans only amount to an issue when the owner wants to get out, which is exactly what happened down the road. Look what SFC have got in assetts compared to PFC, trhere is no comparrison. I can't see any issue with directors loans, and NC was never going to go into DL details to a ****ing fans forum, we are effectively debt free until we need to be sold.

[um pahars]

On that basis, earlier on in the report, it states that Nicola Cortese only became a director on 15th December 2009, which means that the money paid as shown above was done so over a period of 6 and a half months. Pro-rata, that results in a salary in excess of £1.1m.

 

I'll have to dig out my old copy of the Companies Act to have a look, but from my hazy memory Ithink you have to include all emlouments paid during the year, even if the person was only appointed as a Director part way through.

 

Nice wedge though either way!!!!!!

[70's Mike]

Whilst I understand that a Limited Company is a sepearate legal entity , when that ltd company is a private one with one shareholder, loans shown from that person are really just a loan to yourself or additional working capital, the owner funding his business

[SuperMikey]

I think waiting for next year's accounts would be a wiser option to try and gauge our financial state. We were in a whole world of financial sh!t right up until the takeover, so there were probably long-term effects of our state 'pre-Liebherr' going on throughout last season. There's still a bit of paranoia about our finances circulating methinks.

[NickG]

saints accounts - 17 odd more points and we are promoted!

[aintforever]

It was obvious we were not living within our means so the loss shouldn't be a surprise. I wouldn't begin to understand what those loans mean to the long term future of the club. I'm guessing any money put in by Marcus would have been in a form of a loan for tax reasons.

 

One thing is for sure, the club is owned by foreigners as an investment to make money, no money will be donated/gifted to anyone. Another thing we know, from our friends down the road's experience, is just because the owner/CEO says we are debt free, doesn't mean we are.

[dune]

I'd forgotten how boring all these threads were. Thank f/ck this one will be on page 2 in a couple of days.

[benjii]

I would imagine that Nicola's emoluments in that period include a pretty hefty relocation payment.

 

Don't forget, his mate Markus apparently said he would only go ahead if Nicola agreed to:

 

a) quit his job;

b) move his family from Switzerland to England for several years.

 

On that basis, I reckon he is pretty good value compared to a lot of the previous directors we have had!

[Clapham Saint]

Woah there!

 

Right, before I start, I've only read Steve's summary. I'll probably download a copy when I get to work tomorrow and will post if something else major comes up.

 

Turnover £14.3m (£800k broadcasting, £10m matchday, £3m corporate)

Operating Loss £6.7m

Overall Loss (including player trading, interest, tax, etc) £7.8m

 

I don't think that anybody thought that we are operating at a profit at the moment did they?

 

That said £6.7m is more than I expected. Its a problem if it coninues indefinately but isn't too concerning in the short term.

 

Cash in the bank £2.6m

Debtors £1.9m

 

Nice to see cash in the bank, however given that at the end of June a fair amount of season ticket cash will have just been received so if there weren't cash in hand I'd be concerned.

 

Short-term creditors £7m (£1.7m trade creditors, £800k tax/NI, accruals/deferred income £3.9m)

Long-term creditors £14.6m (amounts owed to group undertakings £6m, loan from shareholder £8.4m - both stated as being due "in more than five years")

 

Yes there is debt, it is all due to the Liebherrs (or Liebherr controlled entities). Given that we have made a loss of nearly £8m we are going to have to owe somebody money (as thankfully the money chicken petting zoo never came to pass).

 

Better that it is the Liebherrs than a bank.

 

The debt is also not due for over 5 years indicating that there is some sort of formal agreement in place. I'd be amazed if the auditors (who are they by the way?) were prepared to sign off on them as over 5 years without seeing some formal confirmation.

 

There are a multitude of tax reasons to put the money in as debt rather than equity.

 

Ultimately, if the Liebherrs decide to withdraw support (which the going concern note suggests is not the case in the next 12 months at least) we have a problem but 1) we knew this anyway and 2) Its not an insurmountable one.

 

Prior to going into admin we had a problem becuase we owed money to a 3rd party (Barclays and Aviva), who held a debenture, giving them the right to appoint an administrator and so the ability to force our hand. Now we owe money to the owner(s) who would be stupid to make any similar moves if they wanted out as it would massively reduce the value of the asset that they were trying to sell.

 

Pro-rata, that results in a salary in excess of £1.1m.

 

Probably £1m p.a. plus Employers NI?

[dune]

I would imagine that Nicola's emoluments in that period include a pretty hefty relocation payment.

 

Don't forget, his mate Markus apparently said he would only go ahead if Nicola agreed to:

 

a) quit his job;

b) move his family from Switzerland to England for several years.

 

On that basis, I reckon he is pretty good value compared to a lot of the previous directors we have had!

 

Where does Nicola live?

 

I'd like to have a look around his garden on google earth. Ruperts garden was very nice, but the trampoline wasn't inkeeping with the rural ambience imo.

[um pahars]

Overall, the whole group owes ML £20.4m, £12m of which is cash pumped in right at the very start. Obviously we don't know what the repayment terms are for these loans, or indeed if there are any terms, or whether that debt will be converted to equity when it is deemed appropriate.

 

Would it be deemed inappropriate to seek to find answers/reassurances to your points above????

 

Would it be seen as sniping and sticking your nose in???? Or would it be seen as just needing reassurance regarding something that we have seen is so important to many people and the local community????

 

Personally, I was under the impression that Liebherr was acting as a "benefactor" and in addition to stumping up the initial cash to buy us (and pay off Aviva etc) he was also funding us whilst we were in the lower divisions (always thought we were, and still are, running at a loss) and this money would not be expected to be repaid (although like most benefactors, I also assumed there would be an upper limit to his generosity).

[mcjwills]

I would think with NC having come from Switzerland and banking background he will have an excellent grasp of business that he would make the money that the company owed to Markus went down as a loss to ensure it was tax deductible elsewhere.

[um pahars]

The debt is also not due for over 5 years indicating that there is some sort of formal agreement in place. I'd be amazed if the auditors (who are they by the way?) were prepared to sign off on them as over 5 years without seeing some formal confirmation.

 

BDO LLP are the auditors, just across the marina from me!!!!!!!

 

With the Shareholder Loans being payable after 5 years, there is some reassurance there!!!!

[um pahars]

saints accounts - 17 odd more points and we are promoted!

 

Portsmuff FC accounts April 2008 - one more win and FA Cup Winners and a European Tour.

[Thedelldays]

I think everyone should just let be what will be.....no matter what we speculate on the clubs finances..time and time again, we as fans are shown to have no idea and off the mark....the more people go on about potential trouble we could be in, the more people believe it etc

Edited 7 April, 2011 by Thedelldays

[dune]

I think everyone should just let be what will be.....no matter what we speculate on the clubs finances..time and time again, we as fans are shown to have no idea and off the mark....the more people go on about potential trouble we could be in, the more people believe it etc

 

You speak for yourself.

 

I was saying we'd go into admin months before the financial gurus/happy clappers on here finally conceeded that we would.

[positivepete]

By way of a comparison http://www.guardian.co.uk/sport/2011/apr/07/fifa-investigation-burma-sanctions-eu

 

Sky Blue blues

 

Coventry City lost £12m in the first 19 months following their takeover by Sisu Capital in December 2007. Only an £8m cash injection prevented their going into administration last week. Group accounts are more than a month overdue and they are likely to paint a depressing picture when, two years ago – with average attendances 9% higher than today – the wages-to-turnover ratio was running in excess of 90%.

 

Sisu is considered a pariah by some fans but if the Sky Blues did slip into administration the picture would be bleaker still: what white-knight investor would seek to pick up a club whose only assets are the expensive player contracts? Critically, Coventry do not own their stadium and relegation this season or next would be as catastrophic as it has been for Plymouth Argyle.

 

But there may be some encouragement here. As they are the anchor tenants to the cash-cow £113m Ricoh Arena, the stadium's shareholders – Alan Higgs, Peter Davis, Marilyn Knatchbull-Hugessen and the local council – rely on the club's survival. This should give Coventry's board some leverage in negotiating the purchase of the stadium. With £38m of cuts to its budget from central government, the council may even be a distressed seller, although its deputy leader, George Duggins, told Digger: "Not so distressed a seller that we won't get proper value for the shares." All Sisu has to do is come up with the cash.

[John Smith]

Nice one! Let's all panic and slit our wrists! Let's all throw ourselves off the Itchin Bridge!

 

Steve, this club is no longer run by Lowe. Nor is it run by those deviants down the road. I know you'll say you're just printing what's available, but, from here, it has "Agenda" written all over it. The loan, is repayable AFTER 5 years. The loan is by far and away the biggest debt, but, it wouldn't suit anybody with an agenda to admit that this is an UNKNOWN length of time. Is it payable when the club is sold when we are in the Prem? Is it repaid when we make it into the Champions League? Is it a 99 year long loan, depreciating over that period? Is it wiped off after 10 years if we make it to the Prem? I don't know, but neither do you. This privately owned company published these figures in companies house last June. you have accessed them a year later and have pushed an agenda and created fear and division on this site. Seeing as ML is no longer with us, it suits the agenda to direct all our hate of the situation at Cortese. I note well that we are in the final push of the season and everyone together, behind the team is what we want. But, no! We have to divide the fanbase once again, just so we can take personal swipes at the deceased owner or his friend. It serves us all well that we're sniping at each other, about figures from last season, which, if I'm not mistaken, we started on minus 10 points and then bought in january on here, because a similar group of parasites werre complaining we hadn't won promotion, we hadn't invested enough ion the team! And then all hell broke loose when we didn't wade in with millions thios summer, or in January!

 

This divide by the fear of Lowe has to stop! those that dislike Cortese, just don't like him. Stop trying to dupe decent honest fans into believing we are steaming into oblivion like those lot down the road, and that Cortese is at the front of the hand outs from this massive pot of cash that ML left behind.

 

I support the Saints. Cortese is in charge. ML saved this club. we are on the brink of automatic promotion. That is where we are today, let's leave the past in the past. If you have some relevant, up to date factual information on the loan, then share it with us. If you don't, jog on...

[aintforever]

Paranoia alert!

 

There is nothing wrong with keeping tabs on the running of the club, no one on here is creating division.

[dune]

Nice one! Let's all panic and slit our wrists! Let's all throw ourselves off the Itchin Bridge!

 

Steve, this club is no longer run by Lowe. Nor is it run by those deviants down the road. I know you'll say you're just printing what's available, but, from here, it has "Agenda" written all over it. The loan, is repayable AFTER 5 years. The loan is by far and away the biggest debt, but, it wouldn't suit anybody with an agenda to admit that this is an UNKNOWN length of time. Is it payable when the club is sold when we are in the Prem? Is it repaid when we make it into the Champions League? Is it a 99 year long loan, depreciating over that period? Is it wiped off after 10 years if we make it to the Prem? I don't know, but neither do you. This privately owned company published these figures in companies house last June. you have accessed them a year later and have pushed an agenda and created fear and division on this site. Seeing as ML is no longer with us, it suits the agenda to direct all our hate of the situation at Cortese. I note well that we are in the final push of the season and everyone together, behind the team is what we want. But, no! We have to divide the fanbase once again, just so we can take personal swipes at the deceased owner or his friend. It serves us all well that we're sniping at each other, about figures from last season, which, if I'm not mistaken, we started on minus 10 points and then bought in january on here, because a similar group of parasites werre complaining we hadn't won promotion, we hadn't invested enough ion the team! And then all hell broke loose when we didn't wade in with millions thios summer, or in January!

 

This divide by the fear of Lowe has to stop! those that dislike Cortese, just don't like him. Stop trying to dupe decent honest fans into believing we are steaming into oblivion like those lot down the road, and that Cortese is at the front of the hand outs from this massive pot of cash that ML left behind.

 

I support the Saints. Cortese is in charge. ML saved this club. we are on the brink of automatic promotion. That is where we are today, let's leave the past in the past. If you have some relevant, up to date factual information on the loan, then share it with us. If you don't, jog on...

 

It's a Trust thing. There's a lot of wannabe chairmen twiddling their thumbs at the minute.

[um pahars]

Nice one! Let's all panic and slit our wrists! Let's all throw ourselves off the Itchin Bridge!

 

Steve, this club is no longer run by Lowe. Nor is it run by those deviants down the road. I know you'll say you're just printing what's available, but, from here, it has "Agenda" written all over it. The loan, is repayable AFTER 5 years. The loan is by far and away the biggest debt, but, it wouldn't suit anybody with an agenda to admit that this is an UNKNOWN length of time. Is it payable when the club is sold when we are in the Prem? Is it repaid when we make it into the Champions League? Is it a 99 year long loan, depreciating over that period? Is it wiped off after 10 years if we make it to the Prem? I don't know, but neither do you. This privately owned company published these figures in companies house last June. you have accessed them a year later and have pushed an agenda and created fear and division on this site. Seeing as ML is no longer with us, it suits the agenda to direct all our hate of the situation at Cortese. I note well that we are in the final push of the season and everyone together, behind the team is what we want. But, no! We have to divide the fanbase once again, just so we can take personal swipes at the deceased owner or his friend. It serves us all well that we're sniping at each other, about figures from last season, which, if I'm not mistaken, we started on minus 10 points and then bought in january on here, because a similar group of parasites werre complaining we hadn't won promotion, we hadn't invested enough ion the team! And then all hell broke loose when we didn't wade in with millions thios summer, or in January!

 

This divide by the fear of Lowe has to stop! those that dislike Cortese, just don't like him. Stop trying to dupe decent honest fans into believing we are steaming into oblivion like those lot down the road, and that Cortese is at the front of the hand outs from this massive pot of cash that ML left behind.

 

I support the Saints. Cortese is in charge. ML saved this club. we are on the brink of automatic promotion. That is where we are today, let's leave the past in the past. If you have some relevant, up to date factual information on the loan, then share it with us. If you don't, jog on...

 

John, I think you may have misread my post (and intentions) as I'm most definitely sat in the camp that says Liebherr was (and still is) acting as benefactor in much the same way as those other decent benefactors we have seen in recent times (Walker, Gibson etc). EDIT sorry, I thought you were referring to my posts, when I now assume you were referring to Granty's (that said, the following still applies).

 

That said, given some of the obvious concern and other scare mongering I have seen, would it be too much to ask for someone to come out and formally clear this up and state what the arrangements are (without prejudicing the commercial position of the Club)??? Given football's chequered past, I don't think it's being too nosey just to be cautious and inquisitive about how your Club is financed.

Edited 7 April, 2011 by um pahars

[The9]

Nice one! Let's all panic and slit our wrists! Let's all throw ourselves off the Itchin Bridge!

 

Steve, this club is no longer run by Lowe. Nor is it run by those deviants down the road. I know you'll say you're just printing what's available, but, from here, it has "Agenda" written all over it. The loan, is repayable AFTER 5 years. The loan is by far and away the biggest debt, but, it wouldn't suit anybody with an agenda to admit that this is an UNKNOWN length of time. Is it payable when the club is sold when we are in the Prem? Is it repaid when we make it into the Champions League? Is it a 99 year long loan, depreciating over that period? Is it wiped off after 10 years if we make it to the Prem? I don't know, but neither do you. This privately owned company published these figures in companies house last June. you have accessed them a year later and have pushed an agenda and created fear and division on this site. Seeing as ML is no longer with us, it suits the agenda to direct all our hate of the situation at Cortese. I note well that we are in the final push of the season and everyone together, behind the team is what we want. But, no! We have to divide the fanbase once again, just so we can take personal swipes at the deceased owner or his friend. It serves us all well that we're sniping at each other, about figures from last season, which, if I'm not mistaken, we started on minus 10 points and then bought in january on here, because a similar group of parasites werre complaining we hadn't won promotion, we hadn't invested enough ion the team! And then all hell broke loose when we didn't wade in with millions thios summer, or in January!

 

This divide by the fear of Lowe has to stop! those that dislike Cortese, just don't like him. Stop trying to dupe decent honest fans into believing we are steaming into oblivion like those lot down the road, and that Cortese is at the front of the hand outs from this massive pot of cash that ML left behind.

 

I support the Saints. Cortese is in charge. ML saved this club. we are on the brink of automatic promotion. That is where we are today, let's leave the past in the past. If you have some relevant, up to date factual information on the loan, then share it with us. If you don't, jog on...

 

All in all a very strange response to someone posting information from the public domain in a place where people might be interested.

[NickG]

Portsmuff FC accounts April 2008 - one more win and FA Cup Winners and a European Tour.

 

yep- better than ours

[Gingeletiss]

I find this set of figures worrying.

 

The takeover was supposed to leave us debt-free, but it seems there is still over 14m debt oustanding from it.

 

And we are operating at a loss as well.

 

Financially, we havent moved on at all.

 

I dont get those saying "this means we must win promotion". So, great, a bit more TV money, but the wages will sky-rocket as we try to maintain our hard-fought new level...

 

Says the man that wants us to buy even more players on higher wages!

[dune]

Says the man that wants us to buy even more players on higher wages!

 

The customer is always right.

[JRM]

Nice one! Let's all panic and slit our wrists! Let's all throw ourselves off the Itchin Bridge!

 

Steve, this club is no longer run by Lowe. Nor is it run by those deviants down the road. I know you'll say you're just printing what's available, but, from here, it has "Agenda" written all over it. The loan, is repayable AFTER 5 years. The loan is by far and away the biggest debt, but, it wouldn't suit anybody with an agenda to admit that this is an UNKNOWN length of time. Is it payable when the club is sold when we are in the Prem? Is it repaid when we make it into the Champions League? Is it a 99 year long loan, depreciating over that period? Is it wiped off after 10 years if we make it to the Prem? I don't know, but neither do you. This privately owned company published these figures in companies house last June. you have accessed them a year later and have pushed an agenda and created fear and division on this site. Seeing as ML is no longer with us, it suits the agenda to direct all our hate of the situation at Cortese. I note well that we are in the final push of the season and everyone together, behind the team is what we want. But, no! We have to divide the fanbase once again, just so we can take personal swipes at the deceased owner or his friend. It serves us all well that we're sniping at each other, about figures from last season, which, if I'm not mistaken, we started on minus 10 points and then bought in january on here, because a similar group of parasites werre complaining we hadn't won promotion, we hadn't invested enough ion the team! And then all hell broke loose when we didn't wade in with millions thios summer, or in January!

 

This divide by the fear of Lowe has to stop! those that dislike Cortese, just don't like him. Stop trying to dupe decent honest fans into believing we are steaming into oblivion like those lot down the road, and that Cortese is at the front of the hand outs from this massive pot of cash that ML left behind.

 

I support the Saints. Cortese is in charge. ML saved this club. we are on the brink of automatic promotion. That is where we are today, let's leave the past in the past. If you have some relevant, up to date factual information on the loan, then share it with us. If you don't, jog on...

 

You have no idea what you're talking about you prat, the financials have only just been filed at companies house, therefore were only available for reading today. Steve brought this to our attention.

[whelk]

Every single company has to publish its accounts. This "private/public" myth on here is a red herring.

 

Not a red herring but incorrect. A red herring is a clue that points you in the wrong direction.

Just saying

[John Smith]

I'm not sure you even deserve a response. But I pointed this out in my post you... er... prat! And Steve brought it to our attention, er, yes, something else I pointed out in my post. I think, like others on here, you are squirming because it doesn't say what you want it to say and you are dig dig digging for stuff that isn't there. But a few smoke and mirrors and you can make it look like you want it to.

 

As to the rest of you, you are right, I understand that there are jitters and wabbles about this stuff. But like him or loathe him, Cortese is NOT Lowe. Cortese is doing this job for his deceased friend and the guy's name we still sing on the terraces! ML, for those of you that may not go (for good or bad reasons alike). Cortese, is not going to screw over the family of his deceased friend you muppets! Wake up and smell the Italian coffee. he may be a bit of a **** from time to time. He may not recognise the family essence of this club, but he knows about numbers, and he knows about loyalty, and I don't mean the sort of dealings and loyalties that Lowe and his mob knew.

 

Over time, Cortese could be swayed on his views and the way he treats individuals. BUT, some of you lot have to stop trying to beat him round the head at every god damn opportunity. Have you not noticed that Saints need your support. or maybe we should all boycott the ground, march on Cortese's house and demand his resignation! Is that it? is that what you want? if not, shut up, take this year old report for what it is, OLD, take a deep breath and sing it with me...

 

Oh when the Saints, Go Marching in, oh when the saints go marching in. I wanna be, in that number, when the Saints go Marching in!

OH WHEN THE SAINTS....

[benjii]

Nice one! Let's all panic and slit our wrists! Let's all throw ourselves off the Itchin Bridge!

 

Steve, this club is no longer run by Lowe. Nor is it run by those deviants down the road. I know you'll say you're just printing what's available, but, from here, it has "Agenda" written all over it. The loan, is repayable AFTER 5 years. The loan is by far and away the biggest debt, but, it wouldn't suit anybody with an agenda to admit that this is an UNKNOWN length of time. Is it payable when the club is sold when we are in the Prem? Is it repaid when we make it into the Champions League? Is it a 99 year long loan, depreciating over that period? Is it wiped off after 10 years if we make it to the Prem? I don't know, but neither do you. This privately owned company published these figures in companies house last June. you have accessed them a year later and have pushed an agenda and created fear and division on this site. Seeing as ML is no longer with us, it suits the agenda to direct all our hate of the situation at Cortese. I note well that we are in the final push of the season and everyone together, behind the team is what we want. But, no! We have to divide the fanbase once again, just so we can take personal swipes at the deceased owner or his friend. It serves us all well that we're sniping at each other, about figures from last season, which, if I'm not mistaken, we started on minus 10 points and then bought in january on here, because a similar group of parasites werre complaining we hadn't won promotion, we hadn't invested enough ion the team! And then all hell broke loose when we didn't wade in with millions thios summer, or in January!

 

This divide by the fear of Lowe has to stop! those that dislike Cortese, just don't like him. Stop trying to dupe decent honest fans into believing we are steaming into oblivion like those lot down the road, and that Cortese is at the front of the hand outs from this massive pot of cash that ML left behind.

 

I support the Saints. Cortese is in charge. ML saved this club. we are on the brink of automatic promotion. That is where we are today, let's leave the past in the past. If you have some relevant, up to date factual information on the loan, then share it with us. If you don't, jog on...

 

Calm down dear.

[Dig Dig]

I'm not sure you even deserve a response. But I pointed this out in my post you... er... prat! And Steve brought it to our attention, er, yes, something else I pointed out in my post. I think, like others on here, you are squirming because it doesn't say what you want it to say and you are dig dig digging for stuff that isn't there. But a few smoke and mirrors and you can make it look like you want it to.

 

As to the rest of you, you are right, I understand that there are jitters and wabbles about this stuff. But like him or loathe him

 

 

 

Cortese is NOT Lowe. Cortese is doing this job for his deceased friend and the guy's name we still sing on the terraces! ML, for those of you that may not go (for good or bad reasons alike). Cortese, is not going to screw over the family of his deceased friend you muppets! Wake up and smell the Italian coffee. he may be a bit of a **** from time to time. He may not recognise the family essence of this club, but he knows about numbers, and he knows about loyalty, and I don't mean the sort of dealings and loyalties that Lowe and his mob knew.

 

Over time, Cortese could be swayed on his views and the way he treats individuals. BUT, some of you lot have to stop trying to beat him round the head at every god damn opportunity. Have you not noticed that Saints need your support. or maybe we should all boycott the ground, march on Cortese's house and demand his resignation! Is that it? is that what you want? if not, shut up, take this year old report for what it is, OLD, take a deep breath and sing it with me...

 

Oh when the Saints, Go Marching in, oh when the saints go marching in. I wanna be, in that number, when the Saints go Marching in!

OH WHEN THE SAINTS....

 

Don't drag me into this

[Thedelldays]

good god... I see some fans on another site are demanding a statement from the club about loans etc..

 

god, what is wrong with our fans (some of)

[trousers]

I would think with NC having come from Switzerland and banking background he will have an excellent grasp of business that he would make the money that the company owed to Markus went down as a loss to ensure it was tax deductible elsewhere.

 

Sssshhhhh....you'll have the left wing brigade from The Lounge on here if you're not careful, decrying such flagrant tax avoidance techniques.... ;-)

[trousers]

good god... I see some fans on another site are demanding a statement from the club about loans etc..

 

god, what is wrong with our fans (some of)

 

People 'demanding' to know more about a loan between two private companies/individuals? Don't they know how private/limited companies work? It's not a plc anymore...

[um pahars]

good god... I see some fans on another site are demanding a statement from the club about loans etc..

 

god, what is wrong with our fans (some of)

 

In some ways I admire your "whatever will be" approach as there is most definitely an argument for the line that we can do nothing about the big numbers and just have to take it on the chin (and trust those in charge) so why worry about it, but do you not also think there could be a case for someone to come out and put some people's minds at rest???