Bbc

[Ox Fox]

With the loss of the parachute payment, we can "assure" you the club is nowhere near a break even point, if only.......

So the board saying they are running the club in a prudent and sensible manner to work within realistic budgets is complete and utter guff?

 

[Durham Fox]

we must have some hideuosly overpaid players

 

[drew]

So the board gambled on the future then. What makes them different from MM?

 

[Hammond Organ]

At least it explains the hurry to get new finance in and possibly the restructuring of the deal by MM.

 

[newtonfox]

At least it explains the hurry to get new finance in and possibly the restructuring of the deal by MM.

plus the fact MM people found all that hidden debt ,was it bad book keeping or are our board doggy sods

 

[Dour]

Latest info - not expected until w/c 15th Jan, can't provide more details, only to say both parties are responsible.

Thanks FT.

 

[OldGit]

plus the fact MM people found all that hidden debt ,was it bad book keeping or are our board doggy sods

All what hidden debt? The quote was "certain legal and financial issues".

 

[Hammond Organ]

plus the fact MM people found all that hidden debt ,was it bad book keeping or are our board doggy sods

Now now Newton, suggesting that the board are involved in Sir Stanley of Collymore's favourite pastime could get you into trouble...:icon_wink

It does make you wonder. Seems like the idea was to make 2005/06 season figures look good to attract investment, then have 06/07 to take the hit... You may find (And this is pure speculation on my part) that they moved certain costs into 06/07 to post said profit, making us look all the more attractive with the knowledge that they would be playing with the shareholders' value should they get someone in to do DD.

 

[Melton Fox]

With the loss of the parachute payment, we can "assure" you the club is nowhere near a break even point, if only.......

Thanks FT, I think that is something we were all aware of, but then somebody will post in a tone as if they are "in the know" and says everything is rosy in the garden of LCFC.

If this deal, or another similair one doesn't go through, can the current board save us from serious financial trouble?, or are they adding fuel to the fire?

 

[bocadillo]

With the loss of the parachute payment, we can "assure" you the club is nowhere near a break even point, if only.......

I can't be alone in being absolutely fed up of the club chuntering on about 'the loss of the parachute payment'. The parachute payment is exactly what the label says - a payment from the Premiership (clubs) to ensure that relegated clubs land safely in the lower division. It is supposed to cover the extra costs that are left over from a club's parachute days and give a club a chance to reorganise its finances to meet its new surroundings/division.

The trouble is that too many clubs treat it as a 'booster rocket back to the premiership' payment rather than getting their house in order. If they don't get back to the premiership they become severely unstuck. This is exactly what has happened in our case; we didn't get our house in order whilst we had the parachute payment. Bad management is to blame, not the loss of the parachute.

 

[Hammond Organ]

I can't be alone in being absolutely fed up of the club chuntering on about 'the loss of the parachute payment'. The parachute payment is exactly what the label says - a payment from the Premiership (clubs) to ensure that relegated clubs land safely in the lower division. It is supposed to cover the extra costs that are left over from a club's parachute days and give a club a chance to reorganise its finances to meet its new surroundings/division.

The trouble is that too many clubs treat it as a 'booster rocket back to the premiership' payment rather than getting their house in order. If they don't get back to the premiership they become severely unstuck. This is exactly what has happened in our case; we didn't get our house in order whilst we had the parachute payment. Bad management is to blame, not the loss of the parachute.

Totally right Boc. From the decisions made from the people still here in the boardroom to Adams' choice of OAP players after relegation we have been hamstrung ever since.

 

[glyn]

The trouble is that too many clubs treat it as a 'booster rocket back to the premiership' payment rather than getting their house in order. If they don't get back to the premiership they become severely unstuck.

Very well described Boc.

 

[Steven]

So the board gambled on the future then. What makes them different from MM?

Agreed and it seems to me that MM is being held to higher standard than the current board.

 

[Melton Fox]

Agreed and it seems to me that MM is being held to higher standard than the current board.

Maybe that's because we set our own standards through our actions :icon_wink

 

[OldGit]

Agreed and it seems to me that MM is being held to higher standard than the current board.

No, the concern is that the amount of debt will be increased, increasing the risks. Nothing to do with "standards".