The Debt.

Where fellow sufferers gather to share the pain, longing and unrequited transfer requests that make being a Wanderer what it is...

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clapton is god
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The Debt.

Post by clapton is god » Tue Dec 31, 2013 8:11 am

Its getting considerably larger!

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newcarsmell
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Re: The Debt.

Post by newcarsmell » Tue Dec 31, 2013 8:25 am

Freedman Everyone Out !

boltonboris
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Re: The Debt.

Post by boltonboris » Tue Dec 31, 2013 8:27 am

How the feck has Burnden Leisure lost £50.7m?
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Re: The Debt.

Post by bobo the clown » Tue Dec 31, 2013 10:09 am

With Parachute Yr2 being pissed against a wall by Mr DF and this we are looking at the abyss.

We're domed. Utterly domed.
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Re: The Debt.

Post by ChrisC » Tue Dec 31, 2013 10:24 am

It cost us 2.3 million to get shut of Coyle and bring in Freedman according to Iles. Don't think that is mentioned in the article.

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Re: The Debt.

Post by jaffka » Tue Dec 31, 2013 10:28 am

There is definitely a clear out on the way then.

No wonder Gartside is giving the impression he has lost interest.

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Re: The Debt.

Post by bobo the clown » Tue Dec 31, 2013 10:30 am

ChrisC wrote:It cost us 2.3 million to get shut of Coyle and bring in Freedman according to Iles. Don't think that is mentioned in the article.
It cost us a fckg site more by keeping him !! 8)
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Re: The Debt.

Post by Worthy4England » Tue Dec 31, 2013 10:33 am

Interesting that the slashing of the wage bill, under the previous manager, which was often cited for the plight he was in, didn't actually occur. But seems to be occurring now.

This also shows why some of the alleged Premiership level squad needed moving on.

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Re: The Debt.

Post by Gravedigger » Tue Dec 31, 2013 10:54 am

There's statistics, lies and Burnden stories. Good job they haven't got a brewery. 8)
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Re: The Debt.

Post by Worthy4England » Tue Dec 31, 2013 11:03 am

Gravedigger wrote:There's statistics, lies and Burnden stories. Good job they haven't got a brewery. 8)
Speaking of which, is there anything particular you're rather obliquely referring to?:-)

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Re: The Debt.

Post by Loyal White » Tue Dec 31, 2013 11:08 am

I'd love to know how much money Eddie Davies has actually put into the club and how much has been added on in interest and the like.

We're doomed though right? Eddie won't give us any more money, no one will pay him £150m for a low-championship club and we'll never have enough money to pay it off...

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Re: The Debt.

Post by LeverEnd » Tue Dec 31, 2013 11:09 am

Does anyone know what other championships clubs' wage bills are? There's been a lot of argument on here about resources, some saying we have one of the highest wage bills, others that we can't compete with the big spenders. I can't find a proper comparison, but from what I have seen in 2012 only West Ham in this division had a bill higher than our current reduced level of £32.7million.
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Re: The Debt.

Post by boltonboris » Tue Dec 31, 2013 11:10 am

jaffka wrote:There is definitely a clear out on the way then.

No wonder Gartside is giving the impression he has lost interest.
Not as much revenue coming in for him to cream off now. Robbing bastard
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Re: The Debt.

Post by Hoboh » Tue Dec 31, 2013 11:14 am

Actually I just do not believe the debt figure, anything can be manipulated, If true though I would not let Gartside near a model railway or subuteo (or whatever) he's a total liability.

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Re: The Debt.

Post by Lennon'sEleven » Tue Dec 31, 2013 11:42 am

Hoboh wrote:Actually I just do not believe the debt figure, anything can be manipulated, If true though I would not let Gartside near a model railway or subuteo (or whatever) he's a total liability.
Anything can be manipulated, but these are the club's accounts. If they're manipulated, it'll be to make them look as good as possible I'd have thought.

This is a big reality check. How we got £160m in debt I don't know, but with Gartside's quote about us no longer being a Premier League team but a Championship one, I sense a change in the rhetoric.

With E Davies, we have always been able to justify the debt - but usually based on the fact that we could get back up to the big league. If that's no longer the case, we're in for some years of famine I suspect. I just hope the fans remember the years of feast, and keep showing up for games. A near 30% drop in attendances is perhaps to be expected when you stop playing Arsenal and start playing Doncaster, but still; it hits the tiller as well as the atmosphere pretty hard.

Worrying news. Let's hope Dougie gets his mojo back, because I don't think he's going anywhere in the short term, and another relegation might be a step too far. For the record, I don't think relegation is on the cards this year - but it will take a clever manager to build a team for next season if there's nothing to spend.
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Re: The Debt.

Post by scotty » Tue Dec 31, 2013 12:00 pm

Those figures are frightening!! We're losing £140,000 each and every day and have a wageroll of 125% of turnover. (To turn a profit it should be about 60% of turnover. )

Remember, these are the figures for 2012-13, and 2013-14 results are likely to be similar as many of the high earners are still on the wageroll this year. That would take the debt to over £200,000,000.

Expect a mass clearout in the summer when contracts are due to expire. (Although given the drop in the parachute payments in year 3 in the Championship, revenue is going to reduce by several million too.)

The most worrying aspect for me is that I cant see any way out of this mess in the foreseeable future. We're so far off making a surplus that the debt is going to keep going up and up.
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boltonboris
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Re: The Debt.

Post by boltonboris » Tue Dec 31, 2013 12:04 pm

Not to mention the "management" that increases as a percentage when the debt goes up. So the more debt we get, the higher our fee to Davies

The cynic in me might actually feel that the 2 top boys are merely using our club as a cash cow now and only have a self-interest...
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Re: The Debt.

Post by Athers » Tue Dec 31, 2013 12:31 pm

It was always going to look horrible when you half the revenue overnight of a company which made a £22m loss on revenue of £58m.

Interestingly in the 'subsequent events' section, it says we have spent £7.3m on player acquisitions and received £0.5m in

I don't understand this at all when Spearing and Hall add up to about £2m. Perhaps the rest refers to old transfers we're paying off, but then wouldn't they also be reflected in the liabilities for this year so already count? I'm no accountant.

On Phil Gartside watch he has gone from £858k total remuneration (inc. benefits, pensions etc) in the Premier League to £408k last season.
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Re: The Debt.

Post by Lord Kangana » Tue Dec 31, 2013 12:38 pm

My first thought were:

I think you'd be right. There's practically no way of clearing such a huge debt in any easy way.

And it would piss me off less if I didn't have Gartside's hubristic "we've cracked this staying in the Premier League malarky" statement a couple of years back.

Nobody with solely the clubs interests at heart would allow our position to become so parlous, unless they were prepared to just write the whole lot off.

Then my second thought was:

Next Leeds or Portsmouth.
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boltonboris
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Re: The Debt.

Post by boltonboris » Tue Dec 31, 2013 12:39 pm

Do agents fee's come under player acquisitions?
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