Wayne.Kerr
Vital Champions League
No accounts for the holding company filed
GFC Accounts yet again overdue - nothing new there then
- Thread starter Wayne.Kerr
- Start date
NathanH_GFC
Vital 1st Team Regular
Or anyone with the credentials to log into the Companies House account. Of course, the charge has to actually be satisfied to file the satisfaction notice.
Wayne.Kerr
Vital Champions League
Scally announced that the club is now debt-free. This announcement was made after the period covered by the last set of accounts [for the year to May, 2018]; however, there are still charges on the company and the one by Barclays is a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. If the debt [not on GFC's books] was cleared then surely there would be a post balance sheet event recorded in the Directors' Report to this effect. There was a post balance sheet event recorded in the previous accounts regarding the Centerplate settlement, which was for a much smaller amount.
nibbles
Vital Football Hero
Really!!??
I’ll hold my hand up and admit I know little about what constitutes sound business practice but this doesn’t sound like something that should be happening?
You are right to hold your hand up.
It’s a director’s loan. Perfectly normal practice. It will need to be repaid within a certain timeframe, else additional taxes will be incurred - s455 if I recall correctly.
Taking the piss if true..
You’re suggesting that it’s too low?
Compared with other similar sized businesses, it doesn’t seem outrageous.
And, when you consider that the highest paid player might be on £4k a week (£200k per year), it doesn’t seem crazy for the owner to be rewarded like this for risking his capital and putting up with a torrent of abuse from fans.
markinkent
Vital Football Hero
I'd just like it to be tangible to the progress of the club.
Sales of the core product down 24% doesn't feel like success that warrants a 30% increase to me.
This is a bit like Brexit though. Peoples views are polarised so I don't think many will change their views on this topic either.
nibbles
Vital Football Hero
What capital of his own is Scally risking?
The quid he bought the club for.
Billy_Bleach
Vital Squad Member
What has he done to earn the increase? Attendances are down, the football at home is awful, the club yet again isn't marketed well. What capital is he risking? Torrent of abuse? From who?
Trev_GFC
Vital 1st Team Regular
The previous accounts were said to be “the going CEO & Chairman rates for a business with that turnover” too. I don’t doubt that.
However, didn’t those figures put him in the top 20 highest-paid directors in BRITISH football?!
Now a further £100k increase?
It gets me that we always want to compare our revenue, our attendances, our turnover and most importantly our playing budget with the others in the league, so how about we compare the directors’ salaries too.
£300k of a turnover of £6 million is a fair chunk, not to mention we have the Anderson issue looming large over our heads.
However, didn’t those figures put him in the top 20 highest-paid directors in BRITISH football?!
Now a further £100k increase?
It gets me that we always want to compare our revenue, our attendances, our turnover and most importantly our playing budget with the others in the league, so how about we compare the directors’ salaries too.
£300k of a turnover of £6 million is a fair chunk, not to mention we have the Anderson issue looming large over our heads.
bathnightattheminogu
Vital Reserves Team
What the notes to those accounts show is the football club owes Mr Scally rather a lot of money.
He is one of the Three Directors mentioned in the notes.
The club owes Three Directors Ltd £1,800,000.
Assuming (and it is only an assumption) that the £1.8m is split evenly between the three then the club owes Mr Scally in excess of half a million quid.
I wonder why that note was not highlighted?
He is one of the Three Directors mentioned in the notes.
The club owes Three Directors Ltd £1,800,000.
Assuming (and it is only an assumption) that the £1.8m is split evenly between the three then the club owes Mr Scally in excess of half a million quid.
I wonder why that note was not highlighted?
Captainreblue
Vital 1st Team Regular
Clearly his 30% pay increase was reward for him securing the companies two most valuable playing assets on long deals. After all we had the spare cash laying around to pay 400k+ for a new pitch (up front) and to reward the chairman with a 100k pay increase so having the money to secure two of our biggest potential players wasn't a problem at all............. oh hang on.
Wayne.Kerr
Vital Champions League
The corporate veil applies here. GFC owes the Company, Three Directors, £1.8m not Scally nor anyone else. It's the rules.
You guys who bring up the £1 argument time and time again need to look beyond the headline.
£1 was probably more than what the club was worth but it is necessary for the sale of share in the club to be legally binding. Ask yourself why there wasn’t a queue of potential buyers in ‘95. Ask yourself why you didn’t buy the club for a quid... ...you can afford a quid, right? Maybe you could have outbid him at £2 to seal the deal?
Scally bought a club that was in administration. That means the clubs assets were insufficient to cover its liabilities. That’s effectively the capital that Scally would have risked.
To draw a parallel, it’s like you buying the mortgage agreement on my house for £1 when there is no equity in the property and house prices are falling.
I’m not a Scally lover - but it’s boring listening to some of these bollocks arguments that come up every year from the same posters.
Or you could compare his pay to that of other League 1 directors. The last survey that did put him 2nd behind the Sunderland Chairman.
I’d love to know which players you think we have who are on £4K a week!
The only ones who might be close to the figure would be the loans signed in January, and I’d expect we would only be paying half their wages anyway.
