Chairman acts to cut costs.... | Page 6 | Vital Football

Chairman acts to cut costs....

80deg16minW said:
This has nothing to do with sensitivity although I see how it could be construed as being insensitive and the media have certainly taken that angle.

Levy is running a business where ALL revenues have stopped. Not just football. All the ancillary revenues that the stadium earns rely on large gatherings of people. There isn't ANY money coming in, just going out. He needed to act very quickly and as it stands I would imagine the cuts bought the organization a couple of extra months of operating capital. That is all.

His bonus aside, which happened almost a year ago and really isn't relevant except for making headlines, he acted reasonably equitably. And believe me when I say, this was just step one. He likely will have to do more if the TV revenues vanish and large gatherings are forbidden for an extended period of time.

A lot more.
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I just don't think some are grasping the enormity the PL will find themselves in. including us - if you hate us that much then you should have jogged on already, but protecting your business is whether fans/the public like it or not a fiduciary duty - that's a legal obligation for those who don't understand the term. And if you end up in court the corporate law courts will wipe you out and chuck away the key if you haven't kept to it as an officer of a public company - which we still are.

Sometimes, I'd like to grab fans by the throat and make them learn all the angles, all the dynamics, but I know they've never run a public company and probably never seen the legal rulebook you have to keep to in company law.

This is an unprecedented catastrophe. And we are still some way off of understanding all the fall-out and what knock-on effects this may yet cause.

Half the clubs in the Premier League may yet be fighting for their very survival., and we could easily be one of them with the debt load we are now carrying - for us, this could not have happened at a worse time in our history; bondholder and debt holders aren't nicey nicey in the corporate syndicated loan World and they wouldn't give a toss about the club or the players if they moved to cease control if they won't give a repayment holiday, it's more likely that they see it as a chance to cease control, force us into administration, cover their debts and sell us and we'd end up back in the lower league with no hope of recovery - this is a real and present danger.
 
Spursex said:
I just don't think some are grasping the enormity the PL will find themselves in. including us - if you hate us that much then you should have jogged on already, but protecting your business is whether fans/the public like it or not a fiduciary duty - that's a legal obligation for those who don't understand the term. And if you end up in court the corporate law courts will wipe you out and chuck away the key if you haven't kept to it as an officer of a public company - which we still are.

Sometimes, I'd like to grab fans by the throat and make them learn all the angles, all the dynamics, but I know they've never run a public company and probably never seen the legal rulebook you have to keep to in company law.

This is an unprecedented catastrophe. And we are still some way off of understanding all the fall-out and what knock-on effects this may yet cause.

Half the clubs in the Premier League may yet be fighting for their very survival., and we could easily be one of them with the debt load we are now carrying - for us, this could not have happened at a worse time in our history; bondholder and debt holders aren't nicey nicey in the corporate syndicated loan World and they wouldn't give a toss about the club or the players if they moved to cease control if they won't give a repayment holiday, it's more likely that they see it as a chance to cease control, force us into administration, cover their debts and sell us and we'd end up back in the lower league with no hope of recovery - this is a real and present danger.
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That's why asked how the club is placed with the stadium debt.
 
Spursex said:
I just don't think some are grasping the enormity the PL will find themselves in. including us - if you hate us that much then you should have jogged on already, but protecting your business is whether fans/the public like it or not a fiduciary duty - that's a legal obligation for those who don't understand the term. And if you end up in court the corporate law courts will wipe you out and chuck away the key if you haven't kept to it as an officer of a public company - which we still are.

Sometimes, I'd like to grab fans by the throat and make them learn all the angles, all the dynamics, but I know they've never run a public company and probably never seen the legal rulebook you have to keep to in company law.

This is an unprecedented catastrophe. And we are still some way off of understanding all the fall-out and what knock-on effects this may yet cause.

Half the clubs in the Premier League may yet be fighting for their very survival., and we could easily be one of them with the debt load we are now carrying - for us, this could not have happened at a worse time in our history; bondholder and debt holders aren't nicey nicey in the corporate syndicated loan World and they wouldn't give a toss about the club or the players if they moved to cease control if they won't give a repayment holiday, it's more likely that they see it as a chance to cease control, force us into administration, cover their debts and sell us and we'd end up back in the lower league with no hope of recovery - this is a real and present danger.
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What rankles most is the TV companies not stating a position. I did some digging based on these two links

https://www.statista.com/statistics/273696/sky-annual-profit/
https://www.ibc.org/monetise/bt-spo...cancelled-sports-during-covid-19/5647.article

Knowing they went from £13.6 to £17.7b revenue (18 to 19) It feels like Sky can go from a steady run-rate of >£1b profits back to break even if they don't pay the 9 games. That's about £800m. That's also absorbing the 3-4 free months of Sky Sports and their installed base of subscribers reducing.

I think any fan could be frustrated that the company that has milked this cash cow for so long probably remains pretty much intact and lives to milk that cow again as things eventually recover. In the mean time there will be carnage all around as clubs go under.

I clearly want the players to play their part but they are the effect in the cause and effect model. Rather than Levy stating they should step up he should also be equally saying that the upstream causes should also be stepping up. It doesn't feel they are doing anything other than holding football to ransom.

I hope Matt Hancock gets that perspective even though he went for the easy optics and talked about the players.
 
muttley said:
What rankles most is the TV companies not stating a position. I did some digging based on these two links

https://www.statista.com/statistics/273696/sky-annual-profit/
https://www.ibc.org/monetise/bt-spo...cancelled-sports-during-covid-19/5647.article

Knowing they went from £13.6 to £17.7b revenue (18 to 19) It feels like Sky can go from a steady run-rate of >£1b profits back to break even if they don't pay the 9 games. That's about £800m. That's also absorbing the 3-4 free months of Sky Sports and their installed base of subscribers reducing.

I think any fan could be frustrated that the company that has milked this cash cow for so long probably remains pretty much intact and lives to milk that cow again as things eventually recover. In the mean time there will be carnage all around as clubs go under.

I clearly want the players to play their part but they are the effect in the cause and effect model. Rather than Levy stating they should step up he should also be equally saying that the upstream causes should also be stepping up. It doesn't feel they are doing anything other than holding football to ransom.

I hope Matt Hancock gets that perspective even though he went for the easy optics and talked about the players.
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I honestly believe that PL football as we knew it is finished.

As I said a while back , the bubble hasn't just burst, it's exploded, nothing will be the same after this.
 
Big Chiv said:
I honestly believe that PL football as we knew it is finished.

As I said a while back , the bubble hasn't just burst, it's exploded, nothing will be the same after this.
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It's as popular as ever in my mind. There will alway be ways to monetise it long term but the near term will be very ugly.

I might start watching my local Hellenic league team next season. Getting thoroughly pissed off with the upper echelons of the game nowadays and was only saying today that I can't wait to see the local sports fields full of football and cricket again.
 
muttley said:
It's as popular as ever in my mind. There will alway be ways to monetise it long term but the near term will be very ugly.

I might start watching my local Hellenic league team next season. Getting thoroughly pissed off with the upper echelons of the game nowadays and was only saying today that I can't wait to see the local sports fields full of football and cricket again.
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With the summer on the horizon I'm now more fed up that there's no cricket to look forward to .

How many people are still hanging on to every utterance a PL player makes, I really don't want to hear what these dullards ( or more likely their representatives ) have to say anymore. Look at that 2 faced lecturing **** Grealish.

When Joe Public has no money he wont be interested in wasting what he does have on ridiculously priced match tickets or TV subscriptions, the billions washing around top level football has been suddenly amputated, and like any amputation, it ain't growing back.
 
Nick Real Deal said:
That's why asked how the club is placed with the stadium debt.
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Everything depends on the attitude of our debt holders, and to be honest I wouldn't hold my breath for a good outcome - I spent half my life in the city and when they aren't getting their payments, the self-interest policy will become the defacto behavior.

As ridiculous as it sounds, depending on how long this goes on for, I wouldn't be entirely surprised to see us forced in administration.
 
Spursex said:
Everything depends on the attitude of our debt holders, and to be honest I wouldn't hold my breath for a good outcome - I spent half my life in the city and when they aren't getting their payments, the self-interest policy will become the defacto behavior.

As ridiculous as it sounds, depending on how long this goes on for, I wouldn't be entirely surprised to see us forced in administration.
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With hindsight staying in the old stadium was the thing to do.
 
Ex what was the yearly salary of the 550 people who were put on Furlough? I doubt they were earning more than minimum wage.

You know as well as I do between the chairman and players they can cover their wages with ease.

There is no chance in hell that would bankrupt the club.

As this is a different situation to the norm surely Premier league teams can take matters into their own hands?

You keep saying it's a legal obligation yet many ex players are saying they can do it voluntary.

Hundreds of players in the lower leagues have done it. Talksport reported yesterday some Bournemouth players have taken 50% cuts voluntary.

These are murky waters.

Agree with Mutters companies like BT and Sky need a kick up the ass. They have taken the piss for decades.

Sky upped their prices a few weeks ago. Sums them up.
 
Real Deal said:
Ex what was the yearly salary of the 550 people who were put on Furlough? I doubt they were earning more than minimum wage.

You know as well as I do between the chairman and players they can cover their wages with ease.

There is no chance in hell that would bankrupt the club.

As this is a different situation to the norm surely Premier league teams can take matters into their own hands?

You keep saying it's a legal obligation yet many ex players are saying they can do it voluntary.

Hundreds of players in the lower leagues have done it. Talksport reported yesterday some Bournemouth players have taken 50% cuts voluntary.

These are murky waters.

Agree with Mutters companies like BT and Sky need a kick up the ass. They have taken the piss for decades.

Sky upped their prices a few weeks ago. Sums them up.
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In true Spurs style, the 2019 accounts aren't even transparently shared yet through their website
https://www.tottenhamhotspur.com/the-club/investor-relations/annual-reports/

You can see them on Companies House though
https://beta.companieshouse.gov.uk/company/01706358/filing-history
 
Real Deal said:
I'm guessing most are only part time as that looks very low.

Great find Mutters.
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Yeah, I'll let Ex comment as he's way more on top of this stuff than I am. It's really hard to tell how many are full time staff and how many are part time or even temp staff for match days only. You'd only furlough certain groups.

I always encourage fans like us to read their club accounts even if a lot of it goes over our heads :-)

Ultimately if you take the following 4 numbers and ask yourself what do you think they will be in the next year and the next year etc, you have your "oh shit" moment in life

Match Receipts = £82m
UEFA Prize Money = £94m
TV and Media = £150m
Commercial = £135m

That WAS our £460m revenue.
 
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