£5M in the red and a loan against the stadium

[Durham Fox]

I notice uncle Mandy has managed to drop some bad news under the radar post the Forest win.

- We lost £5M last year
- He is financing all the losses
- He doesnt take out loans (apart from the £17M he borrowed against the stadium :icon_conf)

 

[homer]

Financing all the losses my arse


He doesn't need to take out loans

But I'm pretty sure the club are doing - to the bank of one M. Mandaric esq.

 

[bocadillo]

I notice uncle Mandy has managed to drop some bad news under the radar post the Forest win.

- We lost £5M last year
- He is financing all the losses
- He doesnt take out loans (apart from the £17M he borrowed against the stadium :icon_conf)

Is this any different from what was said in the Mercury last week before the F!"£$t game?

 

[cleefox]

When did we buy the Stadium?

 

[Darth Vodka]

When did we buy the Stadium?

good point

shouldn't that be a debt of trying to buy it back?? with Teachers Bank isn't it

 

[Babylon]

I notice uncle Mandy has managed to drop some bad news under the radar post the Forest win.

- We lost £5M last year
- He is financing all the losses
- He doesnt take out loans (apart from the £17M he borrowed against the stadium :icon_conf)

The way I read it was the the £17m is the same £17 million we have always owed for the ground. It was probably just switched to another mortgage.

 

[Dour]

Last set of accounts showed a £5million overdraft - wonder what's happened to that...

£5-6 Million isn't as bad as it could have been - guess we did all right out of Hume and Stearman.

 

[Babylon]

£5-6 Million isn't as bad as it could have been - guess we did all right out of Hume and Stearman.

That was about a year and a half ago , so I'd imagine that was already in the last set of accounts? We lost £14m+ last year didn't we?

What I did notice on companies house the other day was that it looked like we have handed over the rights to some or all of the training ground to T-C sports Ltd. I'm no expert though, so i'm not 100% sure what it was all about.

 

[cleefox]

The way I read it was the the £17m is the same £17 million we have always owed for the ground. It was probably just switched to another mortgage.

I get what you are saying, but I thought I remember reading that MM would not buy the ground at first and we would carry on paying rent to Teachers with an option to buy in the future. All seems a long time ago and I may be totally wrong. :icon_wink

 

[Babylon]

I get what you are saying, but I thought I remember reading that MM would not buy the ground at first and we would carry on paying rent to Teachers with an option to buy in the future. All seems a long time ago and I may be totally wrong. :icon_wink

You are correct, what I'm guessing they might have done is take out another loan (with more favourable terms) to pay off teachers. So really nothing has changed except the name of company we owe money too.

Like switching from Abbey to HSBC to get a better rate on your mortgage.

 

[Filthy Rich]

I notice uncle Mandy has managed to drop some bad news under the radar post the Forest win.

- We lost £5M last year
- He is financing all the losses
- He doesnt take out loans (apart from the £17M he borrowed against the stadium :icon_conf)

I actually think it is good news!

Good in the sense that thankfully we have someone like MM who can cover the loss we make each year we are outside the Premier League, just like almost every other club in the Championship (e.g. Cardiff).

 

[fox58]

interview with MM on the moan in tonight and also on the BBC late kick programme at 23.35pm

 

[Dour]

That was about a year and a half ago , so I'd imagine that was already in the last set of accounts? We lost £14m+ last year didn't we?

What I did notice on companies house the other day was that it looked like we have handed over the rights to some or all of the training ground to T-C sports Ltd. I'm no expert though, so i'm not 100% sure what it was all about.

Was it a charge over the training ground? I'll have to look next time I at a chance.

 

[Babylon]

Was it a charge over the training ground? I'll have to look next time I at a chance.

Yeah that was it... I've got the downloaded pdf at home somewhere.

 

[bocadillo]

You are correct, what I'm guessing they might have done is take out another loan (with more favourable terms) to pay off teachers. So really nothing has changed except the name of company we owe money too.

Like switching from Abbey to HSBC to get a better rate on your mortgage.

The stadium is owned by an American teachers' pension fund - just as it has been since it was built. All that happened was that there was a rearrangement of the terms relating to the payment of the debt where in circumstances the amount owed could actually increase.

The pension fund has a nominee in place as a director of the football club.

 

[4-4-2]

I notice uncle Mandy has managed to drop some bad news under the radar post the Forest win.

- We lost £5M last year
- He is financing all the losses
- He doesnt take out loans (apart from the £17M he borrowed against the stadium :icon_conf)

The interviews were all done before the game against Forest. Win, lose or draw, it would have been the same news in the papers and on the radio.

 

[Rich B]

Ever thought about going into administration and screwing any and all creditors......

 

[Miles Away]

Ever thought about going into administration and screwing any and all creditors......

Trolling. Nothing more. Fill your boots mate.

 

[Cate Fox]

Ever thought about going into administration and screwing any and all creditors......

 

[drummindefender]

what did he say then?