November 9, 201015 yr Jeepers this came as a bit of a shock. I guess big money transfers are off limits for a while at least ..... Link Edited November 9, 201015 yr by Thorpey
November 9, 201015 yr The club owes ?133m before June 30, 2011 Is that actually true? If it is true, and I'm not convinced it is, the fact that the club turned over ?55M with a ?35M loss is a pretty magnificent effort!
November 9, 201015 yr I thought we used the bank of ED or did I imagine Garty saying that when coyle first signed. 55m turnover and 35m losses, really???
November 9, 201015 yr Is that actually true? If it is true, and I'm not convinced it is, the fact that the club turned over ?55M with a ?35M loss is a pretty magnificent effort! The numbers seem BS to me. I thought that Eddie Davies was providing all the debt at the mo. Can't see that he would increase it from ?62m in the last accounts to ?133m. That's ?71m increase in one year. A bit much even for Eddie.
November 9, 201015 yr Gartys quote at the fans forum when we got Coyle was we don't owe a penny to the banks.
November 9, 201015 yr Why would some hack come out with something like this if it's a load of bollocks? Where do they get these figures? We seem to get one of these threads every year.
November 9, 201015 yr Why would some hack come out with something like this if it's a load of bollocks? Where do they get these figures? We seem to get one of these threads every year. Habitual liars? In any event, don't worry, it's not your money (unless you're Eddie)
November 10, 201015 yr Why would some hack come out with something like this if it's a load of bollocks? Where do they get these figures? We seem to get one of these threads every year. The accounts are due out about now. They'll be available on the Companies House website before long. It looks a bit grim, but that ?133 million figure doesn't make sense. We have debts of ?87 million with ?133 million due within the next year. Eh?
November 10, 201015 yr http://www.bwfc.co.uk/page/General/0,,1004~2214167,00.html http://www.bwfc.co.uk/page/General/0,,1004~2214183,00.html According to Gartside "a small percentage of our debt is owed to the bank".
November 10, 201015 yr I'm not convinced any of those figures are true, there also doesn't appear to be any indication where they have been acquired from either - I'llk go along the lines of it's all bollocks until somebody proves otherwise
November 10, 201015 yr I've received the accounts (for year ended 30 June 2010) today. Headlines are:- Total revenue ?61.7m (2009 ?59.3m) Cost of Sales ?60.75m (2009 ?60.77m) Admin expenses ?16.5m) (2009 ?15.7m) Operating loss ?15.4m (2009 ?17.1m) Player trading (?15.5m) Total Loss ?35.441m (2009 ?13.230m) Creditors: amounts falling due within one year ?125,163m (includes ?24m of accruals) Net debt ?93,086,000 Burnden Leisure have a loan facility of ?85m with Moonshift Investments (Eddie Davies company) Conclusion. If you ever bump into Eddie Davies - Be nice to him!
November 10, 201015 yr Jesus. Doesnt mean that, if you went down, you could be fucked ??? I thought relegation meant payday these days?
November 10, 201015 yr I thought relegation meant payday these days? For 2 years ?? then what if you dont come up.....or do a Leeds / Soton and go down again ?? Could you survive on crowds of 5-7k ???? Just asking, I know it wont happen. Edited November 10, 201015 yr by Pablo
November 10, 201015 yr I've received the accounts (for year ended 30 June 2010) today. Headlines are:- Total revenue ?61.7m (2009 ?59.3m) Cost of Sales ?60.75m (2009 ?60.77m) Admin expenses ?16.5m) (2009 ?15.7m) Operating loss ?15.4m (2009 ?17.1m) Player trading (?15.5m) Total Loss ?35.441m (2009 ?13.230m) Creditors: amounts falling due within one year ?125,163m (includes ?24m of accruals) Net debt ?93,086,000 Burnden Leisure have a loan facility of ?85m with Moonshift Investments (Eddie Davies company) Conclusion. If you ever bump into Eddie Davies - Be nice to him! this is the key point here. fact that he has an 'interest' in both camps kinda makes the accounts a bit of a nonsense. although theres little real data above, i wouldnt worry about it. i wonder where Moonshift Investments is based? quick google http://www.independe...ght-572519.html Isle of Man companies do not have to file accounts publicly and so Strix's financial size is unknown but is clearly successful. Details of shareholders, disclosed at the company registry in Douglas, reveal that Strix Group, which ultimately owns the company alongside Davies and Taylor, is based in Bermuda. The Bermudan Government's website is admirably clear about the advantages offered to money deposited and companies registered on the island: "Bermuda is a tax neutral environment. There are no income taxes... capital gains taxes... estate duty or inheritance tax payable in Bermuda." The vehicle Davies has used for the takeover of his hometown Lancashire club, is the E Davies Trust, set up for his and his family's benefit, and Moonshift Investments. Both are administered by the Bermuda Trust Company, which is owned by The Bank of Bermuda. "The E Davies Trust," documents issued by Bolton make clear, "does not publish financial information." lets put it this way, his accountant will be earning a fortune. Edited November 10, 201015 yr by HomerJay
November 10, 201015 yr I've received the accounts (for year ended 30 June 2010) today. Headlines are:- Total revenue ?61.7m (2009 ?59.3m) Cost of Sales ?60.75m (2009 ?60.77m) Admin expenses ?16.5m) (2009 ?15.7m) Operating loss ?15.4m (2009 ?17.1m) Player trading (?15.5m) Total Loss ?35.441m (2009 ?13.230m) Creditors: amounts falling due within one year ?125,163m (includes ?24m of accruals) Net debt ?93,086,000 Burnden Leisure have a loan facility of ?85m with Moonshift Investments (Eddie Davies company) Conclusion. If you ever bump into Eddie Davies - Be nice to him! The wife did, literally, in the main reception when we were in the Platinum Suite once. He was trying to walk her when she backed up and nearly pushed him into the glass. Her First and last time. Edited November 10, 201015 yr by Gonk
November 10, 201015 yr http://www.bwfc.co.uk/page/General/0,,1004~2214167,00.html http://www.bwfc.co.uk/page/General/0,,1004~2214183,00.html According to Gartside "a small percentage of our debt is owed to the bank". At the last 'meet the fans Q & A evening' Gartside categorically said that BWFC owe money to one person only - Eddie Davies
November 10, 201015 yr The way I read into it - The fact that we have lost so much is not a good sign but as long as 90%+ of our debt is owed to Eddie Davies then we should be OK, he would not benefit from us going into administration and as such has no reason to call his debts in even if we where to go down. Pompey owed money to banks, butchers, builders and more importantly HMRC who where the creditors that applied for the winding up order.
November 11, 201015 yr How much did did it cost to pay off the last management team and the likes of Danny Shittu.Is it 3 years of wages in the space of a 12 month period?
November 11, 201015 yr How much did did it cost to pay off the last management team and the likes of Danny Shittu.Is it 3 years of wages in the space of a 12 month period? Yes these accounts contain a number of one offs I suspect so aren't comparable to previous years in that sense - investment and restructure is what gartside is quoting so it sounds to me like we spent for the future in some ways which is good but restructure could also mean severence payments etc etc obviously garty will be putting the positive spin on it - if we stay in the prem there's nowt to worry about if we don't there is plenty to worry about but that covers most prem clubs
Jeepers this came as a bit of a shock.
I guess big money transfers are off limits for a while at least .....
Link
Edited by Thorpey