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Bury

NottyImp said:
I've just read a book about the South Sea Bubble (1720 investment disaster). it's amazing what you can achieve with "financial instruments" and a shit-ton of unsustainable credit...

... and a high degree of mendacity.
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If you haven't read "The Big Short" then do so, the parallels are uncanny (or watch the film but that inevitably lacks the detail)
 
Tulips are always a good investment.

My favourite con, however, was that concerning the South American country of Poyais, owned in the 19th century by Gregor McGregor, who auctioned plots of land, raised investment through the LSE and sold ship transport to hundreds of fellow Scots (exchanging their pounds for Poyais' currency before they left, of course). Most died en route, and those who got there found it didn't actually exist, and died soon after. He managed that scam three times, IIRC.
 
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graemetheexile said:
Keep denying that modern football as a whole has brought us to this point, and keep denying that every club does the same thing to a degree, and I'll continue to wonder which of those three things you are.
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Ditto, whilst you continue to ignore that each club can decide not to spend the money. Maybe if more do so then some sanity might just begin to reappear.
I'm not denying your points, I know they are correct.
 
So another club is getting away relatively lightly in the courts. I hope the EFL throw the cheating fecker's out. CVA approved in the main because of the amount of money owed to Dale. So while the players and other clubs get 100% of what they are owed the tax payers once again shafted. It really is a business plan for some clubs overspend write the debt off through a CVA and start again, it eventually pays dividends.
 
NottyImp said:
I've just read a book about the South Sea Bubble (1720 investment disaster). it's amazing what you can achieve with "financial instruments" and a shit-ton of unsustainable credit...

... and a high degree of mendacity.
Click to expand...

Yes i spotted that one in the WH Smiths top ten sellers !
 
Although it's probably off topic, because it's been brought up on the thread as an example of how financial non-compliance is treated elsewhere, the Spanish League today announced that Granada (1st Div) and Malaga and Las Palmas (2nd Div) will not be permitted to register any new players.

All clubs have to prove that they will be able to meet their financial obligations to their players, other clubs and the tax office.

The only way the League will now allow them to sign any more players will be if they sell players already on their books, or inject fresh capital.

This pro-active approach is the way forward for the lily-livered, ineffectual, passive EFL.
 
Brendan Bradley said:
Although it's probably off topic, because it's been brought up on the thread as an example of how financial non-compliance is treated elsewhere, the Spanish League today announced that Granada (1st Div) and Malaga and Las Palmas (2nd Div) will not be permitted to register any new players.

All clubs have to prove that they will be able to meet their financial obligations to their players, other clubs and the tax office.

The only way the League will now allow them to sign any more players will be if they sell players already on their books, or inject fresh capital.

This pro-active approach is the way forward for the lily-livered, ineffectual, passive EFL.
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Aren't Barcelona and Real Madrid billions of euros in debt?
 
Brendan Bradley said:
Although it's probably off topic, because it's been brought up on the thread as an example of how financial non-compliance is treated elsewhere, the Spanish League today announced that Granada (1st Div) and Malaga and Las Palmas (2nd Div) will not be permitted to register any new players.

All clubs have to prove that they will be able to meet their financial obligations to their players, other clubs and the tax office.

The only way the League will now allow them to sign any more players will be if they sell players already on their books, or inject fresh capital.

This pro-active approach is the way forward for the lily-livered, ineffectual, passive EFL.
Click to expand...
A few top Spanish clubs seem to be building up nice big medium/long term debts, loans etc etc ...to cover the short term financial obligations? Which is where bury kind of went titsup, just on a smaller scale. Spain is probably not a great example even for the passive efl.
https://www.essentiallysports.com/fc-barcelona-owes-a-debt-of-nearly-888-million-euros/
https://www.90min.in/posts/6076027-total-debt-of-top-seven-clubs-in-the-spanish-la-liga
 
NottyImp said:
Being in debt doesn't necessarily mean you can't meet ongoing costs. Uber trade quite happily and they lose billions every quarter.
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Well yes debts are not a problem until you can't pay them.
Anyone who gets a mortgage is probably saving loads compared to someone renting and paying most of it to themselves for the future.
The debt which may be several hundred thousand these days is huge as such but not a problem so long as repayments are met.

On a bigger scale, the UK has now gone way past £2 trillion in debt. Again, if the interest can be paid, then its doable (apparently!!!!).

If you're Greece though with a much smaller amount of debt but you can't pay those much smaller amounts, it suddenly becomes a problem.

And as for USA, UK's two trillion is probably loose change...!
 
buckielugger said:
Well yes debts are not a problem until you can't pay them.
Anyone who gets a mortgage is probably saving loads compared to someone renting and paying most of it to themselves for the future.
The debt which may be several hundred thousand these days is huge as such but not a problem so long as repayments are met.

On a bigger scale, the UK has now gone way past £2 trillion in debt. Again, if the interest can be paid, then its doable (apparently!!!!).

If you're Greece though with a much smaller amount of debt but you can't pay those much smaller amounts, it suddenly becomes a problem.

And as for USA, UK's two trillion is probably loose change...!
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But you have to address debt at some point whether you are an individual or a country. At least our national debt is actually coming down as a percentage of GDP ( about 85% now down from 89% at its peak ) whereas the French keep spending money they don't have on lavish pensions and a bloated civil service they can't afford and their debt to GDP ratio will pass 100% in the next few months as a result their borrowing costs will go up further. Italy is getting even worse than that 127% so even countries stick their heads in the sand!
 
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