Another Year Older And Deeper In Debt!

[boltonboris]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Musthapa Riga took home just shy of a Million

[H. Pedersen]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Musthapa Riga took home just shy of a Million

Two points here:

1) Two wrongs don't make a right.

2) Gartside apparently netted a bonus equal to more than five times my annual salary for overseeing mistakes like that.

[William the White]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Musthapa Riga took home just shy of a Million

Someone - I'm not volunteering - but casting a sideways glance at W4E - should work out how much that is per first team minute...

[Little Green Man]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Small potatoes! Peter Storrie is reported to have been paid £1.2m in his last full year as chief exec at Portsmouth.

http://news.bbc.co.uk/sport1/hi/footbal ... 535510.stm

[H. Pedersen]

So we're smarter than Portsmouth . . . big achievement!

I would hope that if the financial situation ever got truly dire that Gartside would hand back a good chunk of that money.

[Worthy4England]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Yeah, they are - these are 2009 figures...Highest paid director took a pay cut and got £532k not £584k

The other directorS - more than one - got £542k

Other bits are right though.

[Tombwfc]

Here's my question.....

It’s probably easier to understand with an example. Bolton bought Fabrice Muamba for around £6 million on a four-year contract, so the annual amortisation is £1.5 million. After two years his net book value in the accounts would be £3 million (the original cost of £6 million less two years amortisation at £1.5 million per annum).

Fabrice signed a new four year deal in August, what's his net book value now?

[Worthy4England]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Musthapa Riga took home just shy of a Million

Someone - I'm not volunteering - but casting a sideways glance at W4E - should work out how much that is per first team minute...

I know English rather than Maths is your forte, but dividing anything by 1 results in the number you first had.

Far as I can see, he only came on in the Premier League against Liverpool at home in the 90th minute.

[H. Pedersen]

Yeah, they are - these are 2009 figures...Highest paid director took a pay cut and got £532k not £584k

Thanks for the clarification. At least that will pay for one week of Shittu, Davis, and Riga.

[BWFC_Insane]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Musthapa Riga took home just shy of a Million

Two points here:

1) Two wrongs don't make a right.

2) Gartside apparently netted a bonus equal to more than five times my annual salary for overseeing mistakes like that.

I don't see your point. Yes its a lot of money but what do directors of many companies (including many failing ones make)?

A lot more in many cases than Gartside makes. Remembering as well that its a rare case where he is paid a lot less than a lot of the people underneath in the organisation.

He puts in a lot of work, email him and often you'll get a reply, and often at 11pm or 7am. Which again is more than you'll get with a lot of premiership chairman.

I'd argue that he puts a lot more into the club than many other employees who will be being paid far more. I don't know how you'd value his job either to say whether he is overpaid or not.

[Worthy4England]

Here's my question.....

It’s probably easier to understand with an example. Bolton bought Fabrice Muamba for around £6 million on a four-year contract, so the annual amortisation is £1.5 million. After two years his net book value in the accounts would be £3 million (the original cost of £6 million less two years amortisation at £1.5 million per annum).

Fabrice signed a new four year deal in August, what's his net book value now?

The only part that's capitalised are fees payable on the transfer of a player (transfer fee, sign-on bonus, agents fees - not 100% sure but I think they're all included) - his salary is treated separately as an opex. So given we owe Brum the same amount as we did before he signed an extension, I don't think they re-amortise the residual NBV over the term of the extended Contract...

[TKIZ!]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Musthapa Riga took home just shy of a Million

Two points here:

1) Two wrongs don't make a right.

2) Gartside apparently netted a bonus equal to more than five times my annual salary for overseeing mistakes like that.

I don't see your point. Yes its a lot of money but what do directors of many companies (including many failing ones make)?

A lot more in many cases than Gartside makes. Remembering as well that its a rare case where he is paid a lot less than a lot of the people underneath in the organisation.

He puts in a lot of work, email him and often you'll get a reply, and often at 11pm or 7am. Which again is more than you'll get with a lot of premiership chairman.

I'd argue that he puts a lot more into the club than many other employees who will be being paid far more. I don't know how you'd value his job either to say whether he is overpaid or not.

Plus Garty has done a lot for this club that puts in the positive rather than the negative.

[William the White]

You would have to believe that the board directors were capable of addressing the financial issue, given that they are very comfortably rewarded for their efforts. Last year, the highest paid director (most likely Gartside) trousered a hefty £584,000, including a £156,000 bonus, while the other director (presumably Duckworth) received £483,000, including a £178,000 bonus. If they make this much money, when the company reports a record loss of £35 million, heaven knows how much they would be paid if the club actually made a profit. Nice work if you can get it.

You have GOT to be kidding me.

Musthapa Riga took home just shy of a Million

Someone - I'm not volunteering - but casting a sideways glance at W4E - should work out how much that is per first team minute...

I know English rather than Maths is your forte, but dividing anything by 1 results in the number you first had.

Far as I can see, he only came on in the Premier League against Liverpool at home in the 90th minute.

Do you have a record of how many times he kicked the ball? Maybe it was just shy of a million pound kick?

[H. Pedersen]

Plus Garty has done a lot for this club that puts in the positive rather than the negative.

I'm not arguing with that. At the very least though, bonuses should be based on current performance, not past performance. And the performance of BWFC, both financially and on the pitch, was dismal in 2009, mostly due to the manager Gartside appointed.

[Worthy4England]

Plus Garty has done a lot for this club that puts in the positive rather than the negative.

I'm not arguing with that. At the very least though, bonuses should be based on current performance, not past performance. And the performance of BWFC, both financially and on the pitch, was dismal in 2009, mostly due to the manager Gartside appointed.

Surely bonuses should be paid for performance against the target you've been set. If the target was set at 17th (stay up) then 14th would represent a significant improvement on that.

Given you have no notion of the target set, how can you evaluate it against performance?

[H. Pedersen]

True, I don't know the target, but I'm guessing losing £35 million in a desperate bid to prop up your poor managerial appointment wasn't part of it.

[Worthy4England]

Do you have a record of how many times he kicked the ball? Maybe it was just shy of a million pound kick?

Chalkboards seems to suggest he made one successful pass during his time in the game to Gretar Steinsson who put in a cross that Jamie Carragher cleared...

So I suspect the answer is still - 1

[Montreal Wanderer]

True, I don't know the target, but I'm guessing losing £35 million in a desperate bid to prop up your poor managerial appointment wasn't part of it.

I would guess Eddie and Phil consult quite frequently on these matters and are on the same page. Owing an individual money is quite different from owing a finance company (when you have repayment dates etc. The question to ask is 'Does Eddie need the 93 million?' I would guess the answer is no, at least not now. He may pay himself a reasonable amount of interest on the debt, so it is just as good as investing elsewhere - probably safer and a better rate. He may be quite content with getting a few million in interest each year to keep the chopper running and sufficient quantities of pie and chips. The debt may afford him a tax break. In addition he gets the enjoyment of owning a premier league team. Problems arise when banks foreclose on you and call in debts. Eddie would only sell the team if he really needed the cash for some other purpose which, atm, does not appear to be the case. So I am not quite so worried about the problem since we are putting a product on the field which should back the fans to the gate and generate higher revenues. Thanks for loaning the specs, Tango.

[Wandering Willy]

True, I don't know the target, but I'm guessing losing £35 million in a desperate bid to prop up your poor managerial appointment wasn't part of it.

This is a depressing number (as was the whole article ) but it is worth noting that it is an accounting profit. By that I mean that it is not all cashflow.

Take the example of a player x who cost 6 million in transfers and is on a 3 year deal. That 6 miilion, if I understand correctly would be amortised over 3 years at 2 million per year. If you had 10 player x's you would have an accounting expense of 20 million a year. This makes your bottom line ugly. However, let's say you sold player x for 9 million at the end of year 2 on his contract the accounting profit would show 9 - 2(book value) = 7 million. Do this for all 10 player x's and we would have a healthy bottom line that year. Problem is no player x's need replacing, hopefully for less cash - hence why we are a "trading" club not a selling club.

Point is it's hard to take a snapshot of the financials solely to judge Gartside by, though as I say, the financials themselves are a little worrying.

[Worthy4England]

True, I don't know the target, but I'm guessing losing £35 million in a desperate bid to prop up your poor managerial appointment wasn't part of it.

Yeah, because OC would be managing perfectly well with a 36 year old Campo and Stelios and a 41 year old Gary Speed, still in the squad.

I think your "guess" about the loss is actually an incorrect one. The Club and it's investor know they're going to make a loss and that it could be quite substantial.

The problem with the figure you're bandying about, is that Bolton's wage bill is about average as a percentage of revenue for a Prem side - or was in 2009 Deloittes report. That leaves £15m to run the Club and pay for all the financing we require. Knock off that, £6m in payments to Moonshift and £8m to run the hotel and we haven't made any transfers yet - oh and we're already at £0(ish).

I doubt anyone in the current cliamate could run Bolton in profit and keep them in the Prem...