Says a "Marquee" signing would of put the club into there o/d therefore hinting that it would of been the wrong thing to do! Then says that they made 2 or 3 bids for players that would of put them into this so called o/d. The mans a fucking idiot that can't remember what he said in a previous sentance. As for taking us into an o/d, what a load of fucking bollocks. :83:
Pardew addressing the wonga brigade again...
- Thread starter Cooney999
- Start date
Toon_Demon
Vital Football Hero
That's exactly what I thought when I saw the headline. Absolute crap. Ok we don't get the money from the new tv deal till the end of the season, that hasn't stopped other clubs spending it so it shouldn't stop us. Then there's the question of what happened to the TV money from last season, as that appears to have vanished into the ether.
tylerdurden
Vital Squad Member
….and the fat fucker is the 4th wealthiest in league so surely could've covered this o/d until a time when the tv money came in! Load of old shit as usual!
poisoned_monkey
Vital Champions League
And i thought one of the first things he did was clear the overdraft? I thought that was part of the orginal £130 million he put in to cover debts?
Chief_Brody
Vital 1st Team Regular
It was during the relegation season he paid off the Barclays overdraft
Toon_Demon
Vital Football Hero
I vaguely recall them going on about the overdraft facility when we were in the championship (was a limit of 40 million on it i think) We don't use it now, but we still have it there if needs be. Find myself agreeing with plats here, we made a profit in 2011-2012. While our costs went up last season so did income so there's gotta be money going out somewhere. Ashley could have taken that 18 million of his loan that was secured against broadcasting rights. Problem is we won't know for sure until the next set of accounts is published
Chief_Brody
Vital 1st Team Regular
He stopped himself paying interest and put the debt as a lump sum around our neck...he bought the club, it was his debt....if he was the benefactor some seem to think he'd have written "his" debt off.
Not really. There was debt against the club when he bought it. He just added to it (because of the absolute mess that Shepherd left us in)through personal loans. He could easily have leverage more debt through banks, and we would be paying £15million a year in interest.
Obviously it was in his personal interest, but Man united are paying £60milion a year in interest. That could be us, albeit on a smaller scale.
It's pretty much irrelevent now, as the money saved by not paying interest is not being used to further the team anyway.
Tomfoolery
Vital Squad Member
It's his Invoice free levy, which is charged against the club via Sports Direct in the form of advertising, where no money passes between one or the other..
Apologies, have been away since Tuesday - an interstingn experience including bumping into half the Dutch national squad at Schipol.
I think I can happily confirm that Pardew might have been right on this occasion. Has we matched Real's bid for Bale, we could indeed have been overdrawn. With the sort of prices quoted for Rooney, had we bid at that level, there should have been enough in the kitty unless Mike has been taking pocket money for Aspers.
I think I can happily confirm that Pardew might have been right on this occasion. Has we matched Real's bid for Bale, we could indeed have been overdrawn. With the sort of prices quoted for Rooney, had we bid at that level, there should have been enough in the kitty unless Mike has been taking pocket money for Aspers.
tylerdurden
Vital Squad Member
:14: :59:
Toon_NoMatterWot
Alert Team
I don't think anyone takes notice of what Pardinoccio says anyway but for arguments sake, just say there was the slightest inkling of truth in his shit talk, we can work out the basic figures from the last few seasons.
A net spend of £26 million since promotion back coupled with an advertised wage increase as a whole. The wages are the bit that baffles but we'll find out better in April/May one would think. regardless of this, our turnover has increased year on year.
All shite aside, the TV cash increase should easily see us able to strengthen in January and every season onwards without wrecking the current accounts.
However, the top, middle and bottom of it is this statement from Ashley a few years ago in which he was as honest as he'll ever be in which he blamed Shepherd for future 'non spends'
Like any business with assets the club has debts. I paid £134 million out of my own pocket for the club. I then poured another £110 million into the club not to pay off the debt but just to reduce it.
The club is still in debt. Even worse than that, the club still owes millions of pounds in transfer fees. I shall be paying out many more millions over the coming year to pay for players bought by the club before I arrived. But there was a double whammy. Commercial deals such as sponsorships and advertising had been front loaded. The money had been paid upfront and spent. I was left with a club that owed millions and part of whose future had been mortgaged.
Unless I had come into the club then it might not have survived. It could have shared the fate of other clubs who have borrowed too heavily against their future. Before I had spent a penny on wages or buying players Newcastle United had cost me more than a quarter of a billion pounds.
I knew that the club would cost me money every year after I had bought it. I have backed the club with money. You can see that from the fact that Newcastle has the fifth highest wage bill in the Premier League. I was always prepared to bank roll Newcastle up to the tune of £20 million per year but no more. That was my bargain. I would make the club solvent. I would make it a going concern.
I would pour up to £20 million a year into the club and not expect anything back. It has to be realised that if I put £100 million into the club year in year out then it would not be too long before I was cleaned out and a debt ridden Newcastle United would find itself in the position that faced Leeds United.
That is the nightmare for every fan. To love a club that overextends itself, that tries to spend what it can't afford.
My plan and my strategy for Newcastle is different. It has to be. Arsenal is the shining example in England of a sustainable business model. It takes time. It can't be done overnight. Newcastle has therefore set up an extensive scouting system. We look for young players, for players in foreign leagues who everyone does not know about. We try and stay ahead of the competition. We search high and low looking for value, for potential that we can bring on and for players who will allow Newcastle to compete at the very highest level but who don't cost the earth.
This is a long term plan. A long term plan for the future of the club so that it can flourish.
Also one of the reasons that the club was so in debt when I took over was due to transfer dealings caused by managers moving in and out of the club. Every time there was a change in manager millions would be spent on new players and millions would be lost as players were sold. It can't keep on working like that. It is just madness.
I have put Newcastle on a sound financial footing. It is reducing its debt. It is spending within itself. It is recruiting exciting new players and bringing in players for the future."
A net spend of £26 million since promotion back coupled with an advertised wage increase as a whole. The wages are the bit that baffles but we'll find out better in April/May one would think. regardless of this, our turnover has increased year on year.
All shite aside, the TV cash increase should easily see us able to strengthen in January and every season onwards without wrecking the current accounts.
However, the top, middle and bottom of it is this statement from Ashley a few years ago in which he was as honest as he'll ever be in which he blamed Shepherd for future 'non spends'
Like any business with assets the club has debts. I paid £134 million out of my own pocket for the club. I then poured another £110 million into the club not to pay off the debt but just to reduce it.
The club is still in debt. Even worse than that, the club still owes millions of pounds in transfer fees. I shall be paying out many more millions over the coming year to pay for players bought by the club before I arrived. But there was a double whammy. Commercial deals such as sponsorships and advertising had been front loaded. The money had been paid upfront and spent. I was left with a club that owed millions and part of whose future had been mortgaged.
Unless I had come into the club then it might not have survived. It could have shared the fate of other clubs who have borrowed too heavily against their future. Before I had spent a penny on wages or buying players Newcastle United had cost me more than a quarter of a billion pounds.
I knew that the club would cost me money every year after I had bought it. I have backed the club with money. You can see that from the fact that Newcastle has the fifth highest wage bill in the Premier League. I was always prepared to bank roll Newcastle up to the tune of £20 million per year but no more. That was my bargain. I would make the club solvent. I would make it a going concern.
I would pour up to £20 million a year into the club and not expect anything back. It has to be realised that if I put £100 million into the club year in year out then it would not be too long before I was cleaned out and a debt ridden Newcastle United would find itself in the position that faced Leeds United.
That is the nightmare for every fan. To love a club that overextends itself, that tries to spend what it can't afford.
My plan and my strategy for Newcastle is different. It has to be. Arsenal is the shining example in England of a sustainable business model. It takes time. It can't be done overnight. Newcastle has therefore set up an extensive scouting system. We look for young players, for players in foreign leagues who everyone does not know about. We try and stay ahead of the competition. We search high and low looking for value, for potential that we can bring on and for players who will allow Newcastle to compete at the very highest level but who don't cost the earth.
This is a long term plan. A long term plan for the future of the club so that it can flourish.
Also one of the reasons that the club was so in debt when I took over was due to transfer dealings caused by managers moving in and out of the club. Every time there was a change in manager millions would be spent on new players and millions would be lost as players were sold. It can't keep on working like that. It is just madness.
I have put Newcastle on a sound financial footing. It is reducing its debt. It is spending within itself. It is recruiting exciting new players and bringing in players for the future."
Toon_NoMatterWot
Alert Team
Just adding on to that and maybe one for Rex.
Do future 'bills' show on the account sheet? Also it would be interesting to see if we still have outstanding 'debts' as in transfer fees.
Do future 'bills' show on the account sheet? Also it would be interesting to see if we still have outstanding 'debts' as in transfer fees.
poisoned_monkey
Vital Champions League
I did some digging & noticed that in the championship our overdraft facility was £20 million.As Barry Moat couldn't afford to cover that & buy the club.
What Parnocchio should have said was that Yohan Cabaye is a quality player & to replace him would take 2 or 3 players & thats something that we'd pull the trigger on if we had an offer for Yohan that was in the best interest of him & the club.
What Parnocchio should have said was that Yohan Cabaye is a quality player & to replace him would take 2 or 3 players & thats something that we'd pull the trigger on if we had an offer for Yohan that was in the best interest of him & the club.
Scalpatraz
Vital Youth Team
http://www.true-faith.co.uk/thru-black-white-eyes-magic-numbers-15sep13/
I found this bit interesting
A case in point is the NUFC Direct online operation. This is a company which appears to be owned completely by Sports Direct and operates from its HQ in Mansfield. The club and indeed Sports Direct need to be transparent about how this arrangement works. If a supporter buys Newcastle United merchandise from NUFC Direct, where does the money go?
I found this bit interesting
A case in point is the NUFC Direct online operation. This is a company which appears to be owned completely by Sports Direct and operates from its HQ in Mansfield. The club and indeed Sports Direct need to be transparent about how this arrangement works. If a supporter buys Newcastle United merchandise from NUFC Direct, where does the money go?
Yes they do, TNMW. If they are due to be paid this year, they appear as current liabilities (creditors due within the next financial year), if in the next financial year or beyond, as long term liabilities/creditors. This was totally transparent in the accounts when Ashley took over.
As far as what gets known now, the detail does not have to be as explicit as a private company as when we were a PLC but the Fair Play rules mean that we should be able to see that sort of detail in the future.
Not too far off, Decka. He bought the club with the overdraft. It was a condition of change of ownership that the debt to SJH for ground redevelopment also has to be paid off, about £85m.
What he paid for was the brand and the assets. The overdraft was about £40m I think which had to be reduced when we got relegated. By that time, haye had already sold N'Zogbia and Given which reduced the debt a bit more, then sold the likes of Beye, Martins, Duff, Bassong etc to reduce the debt a bit more before putting in more of his own cash to fit in with Championship regu8lations. Af5ter the Carroll sale, the rest is history.
What he paid for was the brand and the assets. The overdraft was about £40m I think which had to be reduced when we got relegated. By that time, haye had already sold N'Zogbia and Given which reduced the debt a bit more, then sold the likes of Beye, Martins, Duff, Bassong etc to reduce the debt a bit more before putting in more of his own cash to fit in with Championship regu8lations. Af5ter the Carroll sale, the rest is history.
