Club Statement | Page 4 | Vital Football

Club Statement

FatherKnowsBest said:
In general, I'm a supporter of King Kev like yourself and Rod, Chips. I'm grateful to him for his safe stewardship of the club, but his day has been and gone and he didn't have the fight and vigour to take the club forward. We'd be just marking time. All the signs were there. We have a fabulous opportunity ahead of us, and we have to take it and latch on to the next wave of success. Spending nowt and seeing the parachute money as a good return for 12 months at the top table isn't good enough for me. I am preferring the more ambitious view of HRH. I am still a bit nervous about how much money he has in the kitty, but I'm enjoying it so far..
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I'm more of a non hater(someone who appreciated him keepin our club goin through some tuff times) than a BIG supporter of Mr McCabe's Pops.I've said many times he med plenty of mistakes and obvs 6 seasons in league one was far too long but i will give him credit when he deserves it unlike some of our fanbase .:yes: For myself i want my club to be around as long as it's possible for em to be,if that's in the top league brilliant,if it aint i still want my club to be playin football a long time after i've passed away so mi sons and mi Grand daughter can still go to games. UTMPB
 
Chips1889 said:
Obviuosly I disagree. The Prince might be the best owner we have ever had but
we have a debt now that we didn't have before the Prince joined....that's all Bully.
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The debt was always there but it was to mccabe he was never going to write it off whoever he sold to had to pay him what he had used to keep us afloat it’s only cos he ballsed it up that he lost out on a bigger pay day we’re goin to have to a agree to disagree we’re beginning to sound like rod and TT :wagging::blah:
 
Bulmer1889 said:
The debt was always there but it was to mccabe he was never going to write it off whoever he sold to had to pay him what he had used to keep us afloat it’s only cos he ballsed it up that he lost out on a bigger pay day we’re goin to have to a agree to disagree we’re beginning to sound like rod and TT :wagging::blah:
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Don't flatter yourself Bully, someone won't like it!
 
Bulmer1889 said:
The debt was always there but it was to mccabe he was never going to write it off whoever he sold to had to pay him what he had used to keep us afloat it’s only cos he ballsed it up that he lost out on a bigger pay day we’re goin to have to a agree to disagree we’re beginning to sound like rod and TT :wagging::blah:
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I agree we disagree Bully and I really do hope we progress with the Prince.
UTPB
 
Unfortunately its not yet over. KM still owns the Kop Land sites the two pieces of Land at both ends of the Kop. They were originally part of an Agreement to be included in a sale of all the Assets in January but KM moved the goal posts and started to demand silly money against a future sale of the ground. Whether him retaining these two pieces of Land impacts on ground redevelopment remains to be seen.

As for the argument the Club is incurring debt by purchasing the remaining Assets it doesn't stand up. The Assets were previously the property of Scarborough Group owned by KM not the Club. They were required to pay rent on them to KM.

The fact the Club now has the Assets as part of its structure means they are able to sensibly obtain loans against them as any good business would. The Club made a loss of £21m when we had two owners. It hasn't been debt free for years.

The monies from the EPL TV deals will swell the Clubs coffers for the next four years guaranteeing revenue that we could never have imagined in the Championship. Improvements to training facilities appear to be on the horizon and will help attract quality players.

The acid test for the Prince is not to dwell on where we are now but to plan incremental improvement steps on and off the field to cement us as an EPL Club for years to come. That will require improved sponsorship and investment in addition to TV revenue so no time to rest on laurels.
 
Longshortandtall said:
Unfortunately its not yet over. KM still owns the Kop Land sites the two pieces of Land at both ends of the Kop. They were originally part of an Agreement to be included in a sale of all the Assets in January but KM moved the goal posts and started to demand silly money against a future sale of the ground. Whether him retaining these two pieces of Land impacts on ground redevelopment remains to be seen.

As for the argument the Club is incurring debt by purchasing the remaining Assets it doesn't stand up. The Assets were previously the property of Scarborough Group owned by KM not the Club. They were required to pay rent on them to KM.

The fact the Club now has the Assets as part of its structure means they are able to sensibly obtain loans against them as any good business would. The Club made a loss of £21m when we had two owners. It hasn't been debt free for years.

The monies from the EPL TV deals will swell the Clubs coffers for the next four years guaranteeing revenue that we could never have imagined in the Championship. Improvements to training facilities appear to be on the horizon and will help attract quality players.

The acid test for the Prince is not to dwell on where we are now but to plan incremental improvement steps on and off the field to cement us as an EPL Club for years to come. That will require improved sponsorship and investment in addition to TV revenue so no time to rest on laurels.
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I stand corrected because I cannot argue these figures....so we were in debt and now we are in more debt but have the ground we had before? I get it now.
 
FatherKnowsBest said:
We spent a lot of money last season, and now on the assets, and the break for Covid. There were lots of comments about HRH not having that kind of dollar in his wallet. I just want to feel like the money is there, and we can look forwards to a successful second season.

So far, I know some faces have changed but we still have players regularly contributing who were in our L1 campaign. I think the challenge is how we get beyond that, and whether we can find the quality that wants to or is capable of playing CW's way. I know Duffy was a bit of an idiot, but how many games could we have done with a bit of that 'unexpected' in the last 20 minutes? We've seen with Berge how a talented young player has struggled with pace and system for what a dozen games or so, and he's still not there.

No wonder the second season is harder than the first.
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I was sorry Mark Duffy didn’t tell his agent to do one!!! As you say he would have been a great asset.
 
Bulmer1889 said:
I could always hold out for the last word
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Hold out for the last word? Not a chance if your havin a debate wi Beany and even less chance with the Bolton know it all,AKA King of the Stayaways Bully.:yes: There's more chance me votin Tory at the next election.:LOL: UTMPB
 
Chips1889 said:
That's OK and we have all to do this now but I hate the fact we start with a big mortgage for a club that was debt free (thanks the Mr McCabe).

There no saying he wouldn't and I see why some want the Prince over Mr McCabe.
We are no longer debt free and that is a concern. (And I know we used to have loads of debt before Mr McCabe cleared them).
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We've never been debt free. I think we invented football club debt because we've constantly cried poverty for a hundred years.

There's a difference between debt free and no assets and asset rich albeit with a debt. Asset rich wins every time and is more attractive to future investors.

Since the assets were divorced from the club it was always going to cost the club a lot to get them back.

If the Prince bought them back himself we'd be in the same position we were in with McCabe. The club now owns its assets again and it's bloody fantastic
 
Magnetnotmaggots said:
We've never been debt free. I think we invented football club debt because we've constantly cried poverty for a hundred years.

There's a difference between debt free and no assets and asset rich albeit with a debt. Asset rich wins every time and is more attractive to future investors.

Since the assets were divorced from the club it was always going to cost the club a lot to get them back.

If the Prince bought them back himself we'd be in the same position we were in with McCabe. The club now owns its assets again and it's bloody fantastic
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The club owns the assets again but with a big MORTGAGE...that's the difference.
 
Chips1889 said:
The club owns the assets again but with a big MORTGAGE...that's the difference.
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So we have a bigger number in Assets, and an equally bigger number in long term debt. So what really changed? Unless Kev, and in time his estate, was going to hold the assets in perpetuity for the use of the club, or gift them back, both highly unlikely, this day was bound to come.
 
Bulmer1889 said:
:arrghh:
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I feel the same about your comments Bully

I looked back to the annulal reports for 2013 and 2014 and there was a stark difference. In 2013 we had debts of £43m but these had been converted to shares (owned by Mr McCabe) and debt was reduced to £3m. The debt was in the share capital and not on a Mortgage at high interest. Now we have a high interest mortgage of money owned by the club. And you say we are better off, that may be the case but not yet proven.
 
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