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| Blues Debt | |
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| Tweet Topic Started: Jan 20 2010, 05:02 PM (823 Views) | |
| SpokesT | Jan 20 2010, 05:02 PM Post #1 |
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Frank Worthington
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My West ham mate is spouting off again. He reckons every club is in debt. I've put my head on the block and said that we aren't in any debt. Am i right? :silence: |
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| Mr_Blue_Sky | Jan 20 2010, 05:04 PM Post #2 |
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Paul Tait
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Yep as far as i know your spot on. One of the attractions that got Carson to buy the club |
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| ESONEULB | Jan 20 2010, 05:07 PM Post #3 |
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Bluenose Ad Vitam = Bluenose For Life
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Yes you are right, at the time we were taken over there were outstanding payment left to agents and some to clubs for transfers but these had been defered by the previous board. But as for everything else yes we were in profit and we owe nothing to the banks etc. |
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| elvis ok | Jan 20 2010, 05:08 PM Post #4 |
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Malcom Page
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No. We have debts which are forward repayable. Meaning we have to pay clubs the balances of transfer fees over the next few years. That's fairly normal like. None of that is regarding as being a debt, more like a credit arrangement But technically we do have debts. In terms of football - banks, ;oans etc - NO we don't. **thumbup |
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| SpokesT | Jan 20 2010, 05:10 PM Post #5 |
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Frank Worthington
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He's not having it. He thinks Wet Spam have found their saviours. I've tried to tell him that they'll penny pinch everywhere and that's why we ain't in debt, but no. Is there any kind of website that gives say a league table of football debt (presumably with Man Ure as champions!), I've searched highg and low but can't find anything current |
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| Oby | Jan 20 2010, 05:17 PM Post #6 |
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Mikael Forssell
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I do have an official list somewhere, however this is fairly recent CLUB BY CLUB DEBT LIST |
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| Mash | Jan 20 2010, 05:20 PM Post #7 |
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Paul Tait
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Im told out of all clubs there are 3 clubs that have no debt what so ever. We are one of them and the other 2 are lower league clubs. Tell your mate at Wet Spam hes in for a lovely stint with the new owners |
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| macbeth | Jan 20 2010, 05:23 PM Post #8 |
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Mick Harford
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Go and point your pal at Birmingham accounts It has a review of the time of the Sullivans |
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| ESONEULB | Jan 20 2010, 05:24 PM Post #9 |
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Bluenose Ad Vitam = Bluenose For Life
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This change as Yeung trys to grow the business.It will be very interesting to see the next set of figures etc BIRMINGHAM CITY Net assets: £11.64m Net funds: 2.41m Pre-tax profit, 2008: £4.3m Annual wage bill: £26.6m Top earner: Lee Bowyer £2m Chairman: David Gold (England) Net worth: £450m Made his money: Pornography, aviation, newspapers Owner: Carson Yeung (China) Net worth: £150m Made his money: His company Grantop International Holdings expect to complete a takeover withiin days. WHERE THE POWER LIES: Carson Yeung. But it is nice to read |
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| SpokesT | Jan 20 2010, 05:25 PM Post #10 |
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Frank Worthington
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Cheers for that. It's like the Emporor's new clothes with him, even after seeing that NotW site :-) Keep Right On (we're forever bursting bubbles!) |
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| DEdblue | Jan 20 2010, 05:25 PM Post #11 |
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Paul Tait
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Tell him they are lucky to av'em....might just save their bacon, £100 million in debt, still owing Cerbishley a few Million too and in the bottom 3........Sullivan and Gold must be barmy............ |
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| lowdham bluenose | Jan 20 2010, 05:26 PM Post #12 |
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Joe Bradford
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No debt when the takeover took place. However I don't know exactly how Yeung got his funds. He may have had to get loans so your Hammer mate may be referring to that. Man Utd as an isolated operating concern are highly profitable but they have debts because their new private owners took out loans against the club. The reason they couldn't sign on Tevez - the owners need the cash to sevice their debt. No way Blues owners' would have that sort of silly borrowing, but any borrowing they have against the club could be classed as a debt. |
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| gypsum fantastic | Jan 20 2010, 05:27 PM Post #13 |
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Martin Grainger
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I know that prior to the takeover we were debt free; Sullivan and Gold had done a good job in that respect. However, not sure what the situation is now, and how Yeung secured the money (£80M) to take over the club. If he did what the Glazers did and secured loan repayments against the clubs assets, the we could be in debt now. But like I say, I don't know how the takeover was financed by Yeung and how he has secured the loans with his creditors. |
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| ESONEULB | Jan 20 2010, 05:40 PM Post #14 |
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Bluenose Ad Vitam = Bluenose For Life
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We will have to wait to see the next financial report by Deloite to really find out. But the money Yueng got was a bridging loan for one of the board members who owns a bank or in the Chairman of a bank or owns a big finace house in China something like that. They person now has a position on Birmingham International holding board as part of the deal. I think it is a women that i am on about |
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| Deleted User | Jan 20 2010, 05:40 PM Post #15 |
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Deleted User
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CY did have a 57mill bridging loan to buy Blues but he paid that back |
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| tony123 | Jan 20 2010, 06:28 PM Post #16 |
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Alex Govan
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I think when Yeung took over he found the club in approx 8m worth of debt. He was infuriated more than anything else as he though the company was in profit. It isnt a lot of debt but it is still debt and I think he felt the previous board had not acted properly advisng it accordinly. Some of the debt was owed on transfers which had been made for Dann, Johnson over installments. I think the previous board claimed all businesses operate in this way and enough due diligence hadnt been carried out. Tough titties in other words. Im not complete sure of the ethics if you are selling a club do you inform the parties what you are doing througout the process. Given that the sale could fall through can you be expected not to run the business as you wish to until the sale completion or do you keep the buyer totally informed of what is going on? |
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| macbeth | Jan 20 2010, 06:39 PM Post #17 |
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Mick Harford
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The 2008 accounts, which everyone has access to, show that the club owed £8.75m on transfer fees, it had been £14.1m the previous year. This wasn't hidden, it cost £1 to see at Companies House |
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| macbeth | Jan 20 2010, 06:40 PM Post #18 |
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Mick Harford
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if CY was surprised, and angered, by the £8.7m owed, then he must have been delighted that other clubs owed City £9.5m at the same time :rolleyes: |
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| ESONEULB | Jan 20 2010, 06:42 PM Post #19 |
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Bluenose Ad Vitam = Bluenose For Life
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He was more angry at the payments made to people just before the takeover went through, especially the payments to Karen. They put a stop to this but i don't know what the end result was |
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| MikaelForssell | Jan 20 2010, 06:46 PM Post #20 |
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Jeff Hall
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This West Ham lad sounds like a typical gobby Cockney. I cant wait for the realisation of Sully and Gold to come to them all. |
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| SpokesT | Jan 20 2010, 06:59 PM Post #21 |
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Frank Worthington
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Yeah he is. I'm going up to the match on the train with him, there'll be me and my lad, and him and a couple of others in wrong colours, should be a laugh |
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| spliffy | Jan 20 2010, 07:37 PM Post #22 |
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Geoff Horsfield
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i think i read the same thing the only 3 clubs with no debt was said to be ,us,wolves and wait for it ...................................scunthorpe :wacko: |
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| Ian | Jan 20 2010, 09:44 PM Post #23 |
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Alex Govan
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Tell him that Gold and Sullivan will finance a loan to the club to pay off there debts at a high interest rate saddling them with yet more debt. They will then sell Upton Park for an apparent 40 million pounds and rent the olympic stadium. This gives them no future assets with which to borrow against but the bank of Sullivan and Gold will again be brimming off the back of another club. Once there accounts look relatively rosey again they will sell and move on leaving West Ham with a mediocre side and no way of improving that side :whistle: |
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| SpokesT | Jan 20 2010, 09:56 PM Post #24 |
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Frank Worthington
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I reckon you've got that spot on actually, they've already been talking about moving to the Olympic Stadium. I've cut n pasted your post and emailed it to his a/c, now I'm leaving the office and gooing 'um :-) |
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| Joe | Jan 20 2010, 09:59 PM Post #25 |
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Geoff Horsfield
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Bowyer isn't on £40k a week! What a joke those figures. Blues were left debt free by Sully becuase they ran it for profit...then Carson looked under the carpet and found £10m of liabilities. They will get burned by West Ham and good |
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