Are we still a "going concern"?

[70's Mike]

Yep, which is why nobody's actually bought them yet. For all Corp Ho's bluster on the various threads that have run on the Lounge in the last couple of years, nobody has actually put their money on the table because while Fratton Park remains their home with a capacity of around 20,000, there is no way a mildly competitive Premier League club can be sustained AND make a return on an investment - particularly a £90m one.

 

 

i suppose the issue is how much is owed to Gayboy and would he accept the £35m mentioned this morning

[Channon's Sideburns]

Hi Trousers - had an interesting message from a friend last night who is a Saints fan but who is "well connected" in Pompey circles. This is what he had to say (and I laughed at his Echo v The P*rtmouth News comparison quote) -

 

The background to this is that The News is currently banned from all access by p***ey after they did the story that the FA Cup was damaged.

 

The story was true, the club couldn't deny it as the paper had the story from the silversmith employed to repair it.

 

So in a little fit of pique, the club banned them.

 

Unlike the Echo, who have balls the size of lentils, when The News get banned, they take the gloves off.

 

P***ey held a fans forum recently where The News managed to get a reporter in. It was the one where they announced the plans for the new ground would be put on hold and Krap Nottarf enlarged

 

Typically arrogant of those in football, Peter Storrie thought he was addressing fans only, and that he could assume they were of low intelligence, and confessed that the club are in big trouble, they have around £90m worth of debt, and unless they manage to find a buyer in the summer, the gig is up.

 

The Gaydamaks either will not or (more likely) cannot pump in any more money, and with some big payments on transfers due that make our £100,000 for McGoldrick look like chicken feed, and that flapping sound is that of the wings of chickens on their way home to the roost.

 

They would find it difficult enough to find a buyer in the Premiership, with the size of their debt, the huge wage bill Harry saddled them with, and the outlay any new buyer would have to find to refurbish the ground (let alone fund a new one which, according to Storrie, would be ready to form part of England's 2018 World Cup bid).

 

Storrie discovered The News have his quotes and is hopping mad. He claims it can't be used as he was only talking to supporters. Read whatever inference into that you like, but he's oblivious to the fact that they constitute members of the public, and thus it is in the public domain.

 

What might stop it getting out is p***ey's loathsome press officer Gary Double, who might try and crawl around his former Fleet Street buddies and in the style of Max Clifford, try and stop them publishing it by buying them off with an alternative exclusive, so don't be too surprised if you don't see this story, but a series of 'exclusive' interviews with Sasha Gaydamak.

 

I think the South Coast Administration Handicap Chase is on. Who will go in first, us, Bournemouth or them?

 

Ah... Dunc, there's a piece in one of the papers today (think it's The Sun) that Gaydamak has halved his asking price....hmmmmmm

 

 

Oops just seen the subsequent post...apologies...!

[OldNick]

No I'm not really surprised because people are frightened of the very word 'Administration'. It conjures up images of death, meltdown and an end to all you've known before.

 

The reality is different, at least it was in our case. It was also the same for Boro, when they went under in '86. Once the debt is wiped out, you start afresh.

 

Admittedly, in the current climate money is tight from new suitors, or at the very least they're looking for maximum value before they'll invest, but if the price is right, new money IS still out there, as was the case when Mandaric came in for us.

 

At the end of the day you have a new stadium that's good enough for the top flight. What are they gonna do, bulldoze it? Nah, not going to happen is it?

pfc123 you come on here in an unconfrontational way and so i will answer you as i see it.

The big difference when you did itto us is that the league sanctions were not in place. if you had incurred a 10-17 point penalty you would have been relegated first season and so would be in the wilderness and Manadaric would not have bought you knowing that you were not a viable proposition. The people out there would not be interested in buying a lcub that was in L1 and -10 + points IMO

[bridge too far]

A couple of interesting articles in today's Guardian:

 

http://www.guardian.co.uk/football/2009/mar/25/premier-league-football-debt

 

http://www.guardian.co.uk/sport/blog/2009/mar/25/manchester-united-debt-glazers-david-conn

 

Yeah, yeah - I know they're about the Premiership / ManUre but I would have thought what applies to them could trickle down to other leagues.

[pfc123]

pfc123 you come on here in an unconfrontational way and so i will answer you as i see it.

The big difference when you did itto us is that the league sanctions were not in place. if you had incurred a 10-17 point penalty you would have been relegated first season and so would be in the wilderness and Manadaric would not have bought you knowing that you were not a viable proposition. The people out there would not be interested in buying a lcub that was in L1 and -10 + points IMO

 

Very true which is why it has to be done before the deadline kicks in otherwise as you say you're saddled with a dig deduction for the following season.

 

I suppose the difficulty is to have the courage to go for it midseason without knowing for sure that you were going down anyway.....

[SaintRobbie]

Interesting post that from Duncan on Pompey's plight.

 

I suppose of the 3 clubs in the south:

 

Cherrys are cheap and cheerful to pick up - Arry wants them in time does he not. I suspect he's a useful ally for them at the moment. I think they'll be OK.

 

Pompey are Premiership. If they go down I cant see them promoting as the best will leave. They'll be in big poo as they'll use their parachute payments to help clear the debt. OR they'll stay up and be sold as the one thing they have done is put the club up for sale - a massive start point. Infrastructure is pump and has not had time to mature. End of Pompey in the Premiership for many years could be close - but they still have too much quality to relegate IMHO. They'll sell and survive.

 

Saints. Oh dear. Great infrastructure. Largest fan base (but staying away partly due to the boardroom/Lowe and partly due to results). NOT advertised as for sale - but arguably worth buying ahead of Pompey for number of fans/infrastructure reasons alone. Nucleus of a young squad to build upon with men for a promotion battle with a decent new manager. Problem is... we are NOT for sale. Unlike the Cherry's and Sk8s we have not declared the club as being on the market. Are we missing out opportunity when the buyers come down to sniff the fish?

[OldNick]

Very true which is why it has to be done before the deadline kicks in otherwise as you say you're saddled with a dig deduction for the following season.

 

I suppose the difficulty is to have the courage to go for it midseason without knowing for sure that you were going down anyway.....

That is the quadary the club faces.I have not heard that things have become any more serious recently than they have been for a couple of seasons.To stay up would be the key, it is roulette wheel time.If RL really believes in Wottes ability to stay up i doubt he will push the button, if our creditors do they will be looking for a massive drop in theior return of funds and so it is only the bank who may do something.I expect they like to a lot of businesses they are not increasing overdrafts or even cutting them. it is now brinkmanship and judgement. RL is not a great CEO but I myself believe he is better equipped than many to get us out of it. LC being a fan may not have taken the right route and kept the high wage earners as he would want to have kept the playing side in better shape. This season IMo was only ever about staying up, at present that is looking difficult.

[trousers]

That is the quadary the club faces.I have not heard that things have become any more serious recently than they have been for a couple of seasons.To stay up would be the key

 

Why is "staying up" the key per se? I see it as a factor but not necessarily the pivotal one IMHO. If it was "key" then why would the bank and/or noteholder make it as difficult as possible to secure survival by whipping the carpet (aka 'the more expensive players') from under our feet? Try telling a juggler not to drop his balls whilst poking him from behind....

 

My interpretation of the "going concern" footnote on last year's financial report (copy below for reference) is that the 'key' is "complying with the terms of the new overdraft facility being discussed" which, perversely, might be easier to comply with by cutting our cloth so thinly that we are unable to compete in a league where the very revenues the banks require are more achievable. (i.e. relegation could actually = survival because, by definition, we have to punch above our financial weight to survive in this league, an overspending which the banks have told us they won't tollerate?)

 

As a refresher, here's Lowe's statement on our "going concern" credentials (from Nov 2008 ):

 

http://www.advfn.com/news_Annual-Report-and-Accounts_29472833.html

 

"Going concern

The Directors have prepared cash flow forecasts for the period to 30 November 2009 which include the sales of various assets, further cost reductions and deferrals, and rely on the support of the bank and loan note holder.

 

The Group currently manages its working capital through a bank overdraft facility and in addition has issued long term loan notes to finance the development and construction of the St Mary's Stadium.

 

Whilst the Group presently has an overdraft facility, for £4.5m, the Board remain in negotiations with Barclays Bank, who are seeking a progressive reduction in their position, and the loan note holder. These negotiations involve the Group having to achieve further significant asset sales in 2009, which the Board are confident they can achieve, but there can be no certainty at this time.

 

Furthermore the Group are seeking to reschedule the payment of certain current liabilities, and the Board are confident that these will be successfully negotiated.

 

In the event that the Group do not comply with the terms of the new overdraft facility being discussed and the agreement still to be reached with the loan note holder such that the facilities would be withdrawn, alternative financing would need to be found for the Group to continue as a going concern.

 

The Directors would then consider seeking additional opportunities for finance from internal sources. The Board

continues to explore avenues for external funding. Based on the above, the Board consider it appropriate to prepare the accounts on a going concern basis.

 

The above matters indicate the existence of a material uncertainty which may cast material doubt over the Group's ability to continue as a going concern. The accounts do not include any adjustments that would result if the Group is unable to continue as a going concern.

 

The auditors have reported on those accounts; their report was unqualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. However, it did contain an emphasis of matter paragraph which drew attention to the material uncertainties surrounding the going concern assumptions as set out above."

Edited 25 March, 2009 by trousers

[OldNick]

Why is "staying up" the key per se? I see it as a factor but not necessarily the pivotal one IMHO. If it was "key" then why would the bank and/or noteholder make it as difficult as possible to secure survival by whipping the carpet (aka 'the more expensive players') from under our feet? Try telling a juggler not to drop his balls whilst poking him from behind....

 

My interpretation of the "going concern" footnote on last year's financial report (copy below for reference) is that the 'key' is "complying with the terms of the new overdraft facility being discussed" which, perversely, might be easier to comply with by cutting our cloth so thinly that we are unable to compete in a league where the very revenues the banks require are more achievable. (i.e. relegation could actually = survival because, by definition, we have to punch above our financial weight to survive in this league, an overspending which the banks have told us they won't tollerate?)

 

As a refresher, here's Lowe's statement on our "going concern" credentials (from Nov 2008 ):

 

http://www.advfn.com/news_Annual-Report-and-Accounts_29472833.html

 

"Going concern

The Directors have prepared cash flow forecasts for the period to 30 November 2009 which include the sales of various assets, further cost reductions and deferrals, and rely on the support of the bank and loan note holder.

 

The Group currently manages its working capital through a bank overdraft facility and in addition has issued long term loan notes to finance the development and construction of the St Mary's Stadium.

 

Whilst the Group presently has an overdraft facility, for £4.5m, the Board remain in negotiations with Barclays Bank, who are seeking a progressive reduction in their position, and the loan note holder. These negotiations involve the Group having to achieve further significant asset sales in 2009, which the Board are confident they can achieve, but there can be no certainty at this time.

 

Furthermore the Group are seeking to reschedule the payment of certain current liabilities, and the Board are confident that these will be successfully negotiated.

 

In the event that the Group do not comply with the terms of the new overdraft facility being discussed and the agreement still to be reached with the loan note holder such that the facilities would be withdrawn, alternative financing would need to be found for the Group to continue as a going concern.

 

The Directors would then consider seeking additional opportunities for finance from internal sources. The Board

continues to explore avenues for external funding. Based on the above, the Board consider it appropriate to prepare the accounts on a going concern basis.

 

The above matters indicate the existence of a material uncertainty which may cast material doubt over the Group's ability to continue as a going concern. The accounts do not include any adjustments that would result if the Group is unable to continue as a going concern.

 

The auditors have reported on those accounts; their report was unqualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. However, it did contain an emphasis of matter paragraph which drew attention to the material uncertainties surrounding the going concern assumptions as set out above."

Staying up would show any persons who the club are in debt to that more income was likely to be coming in.The pot for tv money whilst still small is increasing and also the S/T revenue will of course be higher.

Not massive amounts of money but enough perhaps to make them a little more patient.I myself know in business that certain debtors are having trouble paying at present but as long as I have confidence that they will still be here in a years time I will not push so hard.

Our CCC survival may well help in that for the club.As soon as it looks lost then the rug may well be pulled. Only IMO of course, I drad the day i hear that we have gone onto administration and the people who are gagging for it as a quick fix will see what a long term disaster it will be.It will be the death knell of us ever getting ack into the big time i believe.

[stevegrant]

I believe the TV deal for the Football League is worth a lot more from next season.

 

I think I read somewhere that it works out that Championship clubs will get somewhere in the region of £2.5-3m per season, while Leagues One and Two will get a fraction of that.

[Gingeletiss]

Only IMO of course, I drad the day i hear that we have gone onto administration and the people who are gagging for it as a quick fix will see what a long term disaster it will be.It will be the death knell of us ever getting ack into the big time i believe.

 

Name them................all of them, come on nick, out of a reported 50,000 fans, name those 'gagging' for administration.

[ozzmeister]

Hamster - a fair bit of what you would pay after administration would go to the administrators - those fellas aint cheap!

 

I'll put my two cent in, having work at a company of administrators in London for a year.

 

The pyramid of payments to creditors is as follows:

 

#1) The administrators, all their fees inclusing expenses are paid before anyone owed by the company in questions get a sniff. This results in alot of occasions that no creditors get anything, or if they do a small amount

 

#2) Primary creditors. These are those employed by the compnay and there claim usually consists of pay/holiday and other statatory entitlements they have. This may or may not get paid in full depending how much the administrators cost, and how much can be made from selling company on, or liquidating assets

 

#3) Unsecured creditors. This broadly refers to anyone else. I.e. suppliers, people who have put deposits on the football field, if youve ordered murchandise in advance (this could possible include season tickets). I believe this would also refer to the bank.

 

With respect to the board where they are laddered I guess depends on whether they are on payroll (ie salaried staff). If they are they would have a claim, if they are not and are just paid in some form of 'bonus' or whatevere then they will be third tier.

 

I hope this clarifies a few things

[OldNick]

Name them................all of them, come on nick, out of a reported 50,000 fans, name those 'gagging' for administration.

Richmond saint springs to mind, ...has...been..calling...for ...it for..months. there are others who have put their keeness to go into administration as it will in their minds get rid of RL and think he will lose money.I wont help for me to mention user names as they will get all upset and i dont wish for that.Have you argued in favour of it? I wouldn't be surprised.

[Window Cleaner]

Richmond saint springs to mind, ...has...been..calling...for ...it for..months. there are others who have put their keeness to go into administration as it will in their minds get rid of RL and think he will lose money.I wont help for me to mention user names as they will get all upset and i dont wish for that.Have you argued in favour of it? I wouldn't be surprised.

 

All this "Rupert will lose money stuff "is real tosh. His initial investment has been repaid times over ,albeit from work done for the PLC.Wilde will lose money, so will Crouch amongst others.They put up hard cash, Wilde may have been able to write a bit of it off because Merlion PLC held most of the shares, Crouch will get hit straight in the pocket region for nigh on 2 million £.

[OldNick]

All this "Rupert will lose money stuff "is real tosh. His initial investment has been repaid times over ,albeit from work done for the PLC.Wilde will lose money, so will Crouch amongst others.They put up hard cash, Wilde may have been able to write a bit of it off because Merlion PLC held most of the shares, Crouch will get hit straight in the pocket region for nigh on 2 million £.

I agree, but some believe he will be hurt by it.I think he is a wealthy man in his own right and whilst it will hurt he wont lose much money.What it will hurt is his pride and that i believe is more important to him than the money.

[Window Cleaner]

I agree, but some believe he will be hurt by it.I think he is a wealthy man in his own right and whilst it will hurt he wont lose much money.What it will hurt is his pride and that i believe is more important to him than the money.

 

His pride might be hurt by it, agreed, his wallet is made of sterner stuff.

Does Secure Retirement still exist?

[stevegrant]

All this "Rupert will lose money stuff "is real tosh. His initial investment has been repaid times over ,albeit from work done for the PLC.Wilde will lose money, so will Crouch amongst others.They put up hard cash, Wilde may have been able to write a bit of it off because Merlion PLC held most of the shares, Crouch will get hit straight in the pocket region for nigh on 2 million £.

Only 60,000 of Wilde's shares are owned by Merlion Equities. The rest are owned by him personally.

[Window Cleaner]

Only 60,000 of Wilde's shares are owned by Merlion Equities. The rest are owned by him personally.

 

As few as that, I thought it was over half.

[Gingeletiss]

Richmond saint springs to mind, ...has...been..calling...for ...it for..months. there are others who have put their keeness to go into administration as it will in their minds get rid of RL and think he will lose money.I wont help for me to mention user names as they will get all upset and i dont wish for that.Have you argued in favour of it? I wouldn't be surprised.

 

Lol...........nick at his evasive best. Won't or can't????, as for me, nice fishing trip, but alas nick, no hooks. If you can find a post where I have stated that I would welcome administration:smt083, I will pay your Forum subs for next year. You're big on statements nick, so now back it up, I'm sure a few 'usernames' on here, will enjoy a bit of finger pointing.

[Legod Third Coming]

Put it this way, I'm concerned about going every week.

[alpine_saint]

I agree, but some believe he will be hurt by it.I think he is a wealthy man in his own right and whilst it will hurt he wont lose much money.What it will hurt is his pride and that i believe is more important to him than the money.

 

What about the damage to his reputation which, I believe, will eclipse all other factors ???

[OldNick]

Lol...........nick at his evasive best. Won't or can't????, as for me, nice fishing trip, but alas nick, no hooks. If you can find a post where I have stated that I would welcome administration:smt083, I will pay your Forum subs for next year. You're big on statements nick, so now back it up, I'm sure a few 'usernames' on here, will enjoy a bit of finger pointing.

I did not look if you were as somebody as careful as you would make sure before putting up such a big wager.

http://www.saintsweb.co.uk/forum/showthread.php?t=9838&highlight=administration

I can't be bothered to find anymore, there are so many threads on it.

In this particular one there is a poll, you know the things that people get to vote yes or no on here.

Well there were 92 who wanted us to go into admiistration and 162 who didnt .

Now that is a large percentage who are members on here who do wish to go into it.

As you have asked me to come up with the goods and i have noiw delivered, now answr the question I put to you a couple of weeks back where you didn't answer. Give us a list of all those investors you said that werre out there that Rl was stopping investing.

[hamster]

I reckon some people who HAVE said that they would welcome administration have said so in the belief that we are headed for relegation. A fair assumption to be honest.

 

Believing that relegation will lead to administration anyway, if we take the points this season and go down, we are on a better footing next season.

 

This is all rather confusing to mere mortals like me, but I have no problem with those who think that we WILL NOT have enough points to stay up, and thus think we should be planning for next season. ie NOT starting it with a points deduction.

 

It is only an opinion anyway, it's not as though our opinions amount to anything anyway.

[Frank's cousin]

I reckon some people who HAVE said that they would welcome administration have said so in the belief that we are headed for relegation. A fair assumption to be honest.

 

Believing that relegation will lead to administration anyway, if we take the points this season and go down, we are on a better footing next season.

 

This is all rather confusing to mere mortals like me, but I have no problem with those who think that we WILL NOT have enough points to stay up, and thus think we should be planning for next season. ie NOT starting it with a points deduction.

 

It is only an opinion anyway, it's not as though our opinions amount to anything anyway.

 

Naturally thats if you believe relegation will mean administration...it gets more confusing - sure we will find out today... ;-)

[trousers]

I can check the Man city link from Harry Redknapp. My contact(family member) is playing golf with Kev Bond tomorrow and will ask him what he has heard. If Harry knows anything he would have told Kev.

 

How did the golf go?

[Amesbury Saint]

when can we expect news?

 

also which other clubs are going the same way?

[Chez]

The background to this is that The News is currently banned from all access by p***ey after they did the story that the FA Cup was damaged.

 

The story was true, the club couldn't deny it as the paper had the story from the silversmith employed to repair it.

 

The FA Cup was damaged on the one day that it was not in PFC's posession. E.ON had it on on a promotional day and it was damaged then.

[hamster]

Naturally thats if you believe relegation will mean administration...it gets more confusing - sure we will find out today... ;-)

 

Please don't say things like that. I won't be able to relax al day now.

 

Is that comment *conjecture? pray tell Fc

[Frank's cousin]

Please don't say things like that. I won't be able to relax al day now.

 

Is that comment *conjecture? pray tell Fc

 

Yes ;-) but if we dont go in voluntarily today, I suspect we have been given grace until at least the end of the season, given that if we stay up, the CCC TV revenue will increase by 2 mil next year + we have manty players out of contract thus reducing the overhead - so potentially admin could be avoided. If we go down, I suspect it will depend on how much furtehr costs can be cut to demonstrate we can trade within our turnover - so alto would depend on ST sales and the early season gate - possibly why the club ahve also delayed ST sales opening up, - low take up in April/May might not send the right message to the banks for next year.

 

This is all speculation naturally as without having a real clue on the actual state of the finances and the deals with the existing loan note holders, its impossible to say. The only saving grace that I can see, is that for Aviva, its better we continue to trade and pay back teh laon as agreed, because if sold off, SMS is likely to be worth about 2 mil in these climes , max for the land...

[Channon's Sideburns]

Yes ;-) but if we dont go in voluntarily today, I suspect we have been given grace until at least the end of the season, given that if we stay up, the CCC TV revenue will increase by 2 mil next year + we have manty players out of contract thus reducing the overhead - so potentially admin could be avoided. If we go down, I suspect it will depend on how much furtehr costs can be cut to demonstrate we can trade within our turnover - so alto would depend on ST sales and the early season gate - possibly why the club ahve also delayed ST sales opening up, - low take up in April/May might not send the right message to the banks for next year.

 

This is all speculation naturally as without having a real clue on the actual state of the finances and the deals with the existing loan note holders, its impossible to say. The only saving grace that I can see, is that for Aviva, its better we continue to trade and pay back teh laon as agreed, because if sold off, SMS is likely to be worth about 2 mil in these climes , max for the land...

 

Or...alternatively, Lowe and Wilde are purposely delaying the release of Season Tickets until after they get approval until the end of the season...why?

 

Because when the Bank etc get wind of how many WON'T renew next season - then we will be in trouble - delaying can get L&W the support they want before it becomes abundantly clear that they have ballsed up yet again.

[trousers]

I can check the Man city link from Harry Redknapp. My contact(family member) is playing golf with Kev Bond tomorrow and will ask him what he has heard. If Harry knows anything he would have told Kev.

 

Any news?

[Chez]

Typically arrogant of those in football, Peter Storrie thought he was addressing fans only, and that he could assume they were of low intelligence, and confessed that the club are in big trouble, they have around £90m worth of debt, and unless they manage to find a buyer in the summer, the gig is up.

 

as much as I'd like to believe you this is utter drivel. Firstly I seriously doubt that Storrie would admit to fans that they were in the **** and the gig was close to being up. But, and its a big BUT, if he did then why has one of the 100 or so Poopey fans that attended not made these statements public via their own web forums?

[RoswellSaint]

Any news?

 

He is probably up in the loft as well. Somewhere there is a huge loft with a lot of missing forum posters. They enter never to be seen here again.

[Legod Third Coming]

I love the fact Administrators (no names no pack drill) can charge £130 per hour for a secretary to make them tea.

 

For the hard of maths that would put their secretaries on £394,200 per annum - before bonuses...

 

This is why Admin is a last resort. With all due respect to Administrators, their fees are nothing short of fecking scandalous!

 

There will be feck all left and the club might even be sold in a pre-pack to Lowe and co.

[bridge too far]

I love the fact Administrators (no names no pack drill) can charge £130 per hour for a secretary to make them tea.

 

For the hard of maths that would put their secretaries on £394,200 per annum - before bonuses...

 

This is why Admin is a last resort. With all due respect to Administrators, their fees are nothing short of fecking scandalous!

 

There will be feck all left and the club might even be sold in a pre-pack to Lowe and co.

 

According to some, this won't happen because we won't get the CVA and that means we won't be able to play football in the League. Unless, of course, the buyers of the pre-pack are ONLY interested in the club's assets and not the continuation of the club itself :shock:

 

http://www.saintsweb.co.uk/forum/showthread.php?t=11467&page=2

[hamster]

I love the fact Administrators (no names no pack drill) can charge £130 per hour for a secretary to make them tea.

 

For the hard of maths that would put their secretaries on £394,200 per annum - before bonuses...

 

This is why Admin is a last resort. With all due respect to Administrators, their fees are nothing short of fecking scandalous!

 

There will be feck all left and the club might even be sold in a pre-pack to Lowe and co.

 

I don't like to keep apologising for my ignorance but...

 

if the altenative to paying people who have clearly messed up running a business on similar salaries, with people who have years of experience repairing the damage of said people then it is reasonable to consider it as an alternative. No?

[Scummer]

as much as I'd like to believe you this is utter drivel. Firstly I seriously doubt that Storrie would admit to fans that they were in the **** and the gig was close to being up. But, and its a big BUT, if he did then why has one of the 100 or so Poopey fans that attended not made these statements public via their own web forums?

 

It's been in the papers. There were quotes from Storrie, the gist of which was that they could be in big trouble this summer.

[bridge too far]

It's been in the papers. There were quotes from Storrie, the gist of which was that they could be in big trouble this summer.

 

It has been widely rumoured that a Premiership club is likely to go into receivership soon. (I'm not sure how soon 'soon' is, mind).

[Weston Saint]

Or...alternatively, Lowe and Wilde are purposely delaying the release of Season Tickets until after they get approval until the end of the season...why?

 

Because when the Bank etc get wind of how many WON'T renew next season - then we will be in trouble - delaying can get L&W the support they want before it becomes abundantly clear that they have ballsed up yet again.

 

 

Let me put to you a more realistic idea (at least to me).

 

The club do not know what division we will be in at present. Once they set the season ticket and gate prices they will be set in stone as renewals will commence. If they set at CCC prices few will renew becasue the "value for money" might not be realised. So to support their customers they wait.

 

What does that do for cash flow. l suspect most of the season ticket renewal money goes to Aviva as interest payment for the loan. Aviva have always been sensible, supportive and fair with SLH plc. They will have likely agreed a deferment.

 

The clubs problem is Barclays Bank. They are the ones putting on the pressure. They will be one of the main culprits if we go into Administration. It is hard to comprehend the pressure Lowe and particularly Andrew Cowen are going through on financial matters at present but I can assure you, from those I speak to with direct contact, they are nearly at breaking point but taking every possible action to keep this club afloat. I know, from what I have been told by those near to him, Crouch and his advisors went through almost as much financial pressure leading up to the end of last season.

[trousers]

He is probably up in the loft as well. Somewhere there is a huge loft with a lot of missing forum posters. They enter never to be seen here again.

 

.

[Frank's cousin]

Let me put to you a more realistic idea (at least to me).

 

The club do not know what division we will be in at present. Once they set the season ticket and gate prices they will be set in stone as renewals will commence. If they set at CCC prices few will renew becasue the "value for money" might not be realised. So to support their customers they wait.

 

What does that do for cash flow. l suspect most of the season ticket renewal money goes to Aviva as interest payment for the loan. Aviva have always been sensible, supportive and fair with SLH plc. They will have likely agreed a deferment.

 

The clubs problem is Barclays Bank. They are the ones putting on the pressure. They will be one of the main culprits if we go into Administration. It is hard to comprehend the pressure Lowe and particularly Andrew Cowen are going through on financial matters at present but I can assure you, from those I speak to with direct contact, they are nearly at breaking point but taking every possible action to keep this club afloat. I know, from what I have been told by those near to him, Crouch and his advisors went through almost as much financial pressure leading up to the end of last season.

 

Good post Weston, and that leads to the question for those advocating the 'speculate to accumulate' (read as ambition by many) approach, was it worth spending that 7.5 mil under GB?

[Legod Third Coming]

I don't like to keep apologising for my ignorance but...

 

if the altenative to paying people who have clearly messed up running a business on similar salaries, with people who have years of experience repairing the damage of said people then it is reasonable to consider it as an alternative. No?

 

Er, do you think the secretaries run businesses then??

 

I guess if they are in charge of the pencils and tea, there's something to be said for their inherent value...

 

CEO of our business is on what £250k per annum?

 

Administrator appointed to run it could be charging anything up to £350 an hour or more!!

 

That's over £1million a year.

 

I have no problem paying adminstrators to sort businesses out - I have a massive problem that all that often happens is they suck up whatever cash is left and sell the business to the team who screwed up at a knock down rate - leaving suppliers, staff and others high and dry!!!!

 

If the cost of a partner in Deloittes or Grant Thornton is £400 an hour. Why not simply appoint a new CEO on double the existing rate and see if he can turn the business around??

[hamster]

Er, do you think the secretaries run businesses then??

 

I guess if they are in charge of the pencils and tea, there's something to be said for their inherent value...

 

 

I was assuming that the person in question wasn't actually a tea boy. I read it wrong perhaps.

 

One would have to consider that the current regime with RL and LC at the top have a negative effect on income on top of their salaries and bonuses though.

 

How long do these administrator types hang around for in general?

[Channon's Sideburns]

Let me put to you a more realistic idea (at least to me).

 

The club do not know what division we will be in at present. Once they set the season ticket and gate prices they will be set in stone as renewals will commence. If they set at CCC prices few will renew becasue the "value for money" might not be realised. So to support their customers they wait.

 

What does that do for cash flow. l suspect most of the season ticket renewal money goes to Aviva as interest payment for the loan. Aviva have always been sensible, supportive and fair with SLH plc. They will have likely agreed a deferment.

 

The clubs problem is Barclays Bank. They are the ones putting on the pressure. They will be one of the main culprits if we go into Administration. It is hard to comprehend the pressure Lowe and particularly Andrew Cowen are going through on financial matters at present but I can assure you, from those I speak to with direct contact, they are nearly at breaking point but taking every possible action to keep this club afloat. I know, from what I have been told by those near to him, Crouch and his advisors went through almost as much financial pressure leading up to the end of last season.

 

Please don't misconstrue this question, but does the 'every possible action' include deferring their own salaries until the end of the season?

[PompeyInReading]

I have heard a recording of the fans forum that Peter Storrie attended. He stated that if we stay up and no buyer comes forward we will be unable to make new purchases. He also stated that the books will be balanced bu there will be no need for selling in the summer.

 

Sorry to dissappoint, but reports of our demise are short of the mark.

[Legod Third Coming]

I was assuming that the person in question wasn't actually a tea boy. I read it wrong perhaps.

 

One would have to consider that the current regime with RL and LC at the top have a negative effect on income on top of their salaries and bonuses though.

 

How long do these administrator types hang around for in general?

 

Months - and trust me the £130 gets you a secretary!! As in - short skirt, big boobs and tea-making - hang on suddenly that sounds cheap!!

 

Seriously, rates from the last Administration I was involved in started at £130 an hour for the cheapest member of staff rising to around £380 for a partner to be involved from memory.

 

The Administrator will act as quickly as they can to try to sell the business as a going concern but to do that they need to understand it and its finances totally which can take time.

 

They might even end up running the business for months on behalf of a bank/the creditors.

 

Most probably do a good job - but it ain't cheap and it doesn't always result in a better business. Look at Adams!!! Bought out of administration twice in what five years??

[Weston Saint]

Please don't misconstrue this question' date=' but does the 'every possible action' include deferring their own salaries until the end of the season?[/quote']I dont know the answer to that. I was told by someone that Lowe is paying Saganowski's wages personally but it was not from my usual source so I treated it with suspicion and have not posted it previously.

[Channon's Sideburns]

I dont know the answer to that. I was told by someone that Lowe is paying Saganowski's wages personally but it was not from my usual source so I treated it with suspicion and have not posted it previously.

 

Fair enough, the danger I guess with any source is whether the information is...

 

a) correct;

b) not released for other reasons (e.g to mislead).

 

Appreciate the post.

 

P.S - How about this then - if Lowe was paying Saga's wages - how about Wilde and Crouch paying for another striker until the end of the season? Seems fair.

[trousers]

I dont know the answer to that. I was told by someone that Lowe is paying Saganowski's wages personally but it was not from my usual source so I treated it with suspicion and have not posted it previously.

 

Ah....so that's why we see batches of 5 figure share trades every now and then....

 

Or maybe not....

[aintforever]

I have heard a recording of the fans forum that Peter Storrie attended. He stated that if we stay up and no buyer comes forward we will be unable to make new purchases. He also stated that the books will be balanced bu there will be no need for selling in the summer.

 

Sorry to dissappoint, but reports of our demise are short of the mark.

 

Don't you have 15 players out of contract though? By what he said there you will not be able to replace any of them.