Resignation | Page 3 | Vital Football

Resignation

You could equally argue Chris, no Scally, no GFC.
Cast your mind back to those dismal days when we were minutes from winding up.
Without Scally, we may well have become AFC Gillingham.
As it could have done when we were 13 million in debt.Or however much it was.Bury's debt is probably smaller.
 
But there is a difference between serviceable and non serviceable debt. Scally could argue that our debt was always going to be cleared as he "had a cunning plan" which the bank was happy with, which, although somewhat mysterious, is what turned out to be the case.
Bury obviously have no cunning plan or the EFL would not be chasing them up.

Guess what, I don't really know much about this stuff so I've somewhat paraphrased in layman's terms.?
 
But there is a difference between serviceable and non serviceable debt. Scally could argue that our debt was always going to be cleared as he "had a cunning plan" which the bank was happy with, which, although somewhat mysterious, is what turned out to be the case.
Bury obviously have no cunning plan or the EFL would not be chasing them up.

Guess what, I don't really know much about this stuff so I've somewhat paraphrased in layman's terms.?

Same Nobby. I know Jack-shit about our finances except according to published figures we are ok, solvent and even making a few quid each year.

Looking at those tables of club losses each season that was posted recently and I’m glad we are in our position rather than that of probably 60 or 70 other clubs.
 
But there is a difference between serviceable and non serviceable debt. Scally could argue that our debt was always going to be cleared as he "had a cunning plan" which the bank was happy with, which, although somewhat mysterious, is what turned out to be the case.
Bury obviously have no cunning plan or the EFL would not be chasing them up.

Guess what, I don't really know much about this stuff so I've somewhat paraphrased in layman's terms.?
Think the timing with the bank crash was very fortunate.Banks buried a lot of debt including possibly some of Gills Paul Scally's debt .As a result it is likely that he can't extend our credit even if he wants too.After all if the bank did write off his debt they are unlikely to allow him to build up a new one.
 
Hopefully he will, I will Believe it when I see it. I wonder why the £311k consultancy fee wasn’t enough?

The money he’s taken out of the club over the years is far at odds with the general budget and size of the club. Only the Sunderland Chairman paid himself more in our league.

How is it at odds with the budget? The club is in the black. And as has been stated on another thread, Scally is working in a FT capacity unlike many other chairman.

What do you think other executives at similar sized businesses earn!
 
Think the timing with the bank crash was very fortunate.Banks buried a lot of debt including possibly some of Gills Paul Scally's debt .As a result it is likely that he can't extend our credit even if he wants too.After all if the bank did write off his debt they are unlikely to allow him to build up a new one.
Yeah, that big bank crash was really convenient, phew ?
 
Ok Chris, I get it, you don't like the man and won't be turned. That's fair enough but surely you must accept that we have a solvent club with a comparatively decent ground (yes, a reason for a large slice if the old debt but there you go) and a chairman who, by hook or by crook (No pun intended) has kept us in the FL in his own somewhat quirky way, when others haven't been quite so lucky (I've just counted 10 national league clubs that were in the FL in recent times and don't look like coming back any time soon).we've had three Wembley trips under him, something I dreamed of for years, and a decent run in the Championship, gaining our highest ever league position. That in itself makes me smile because that was another cause factor in our big debt and all we've heard since is people moaning that he doesn't spend enough on the team. Right, so now we WANT to go into debt to pay our way to promotion?
I'll agree with those that say we shouldn't celebrate the fact that, "ok, he's not THE WORST But that doesn't make him the best", I totally get that too but ffs, in a world where teams are looking like dropping by the wayside on a yearly basis, he's made £112,000 profit (IIRC from a previous thread) and (again if I've remembered that table correctly), that was in a year when we hadn't had a big transfer going out that he says we need every year to stay afloat (I think it was the season AFTER Bradley went but I'm happy to stand corrected)
Now, please don't brand me as the new Durham, I accept the man has his flaws and has probably taken us as far as he can. A new owner with shed loads of cash is what we need right now, but until he (or she ?) arrives I think that even if you can't give him your full support, at least lay off the constant dripping and moaning and be careful what you wish for!!!!!

Francesco Becchetti anyone???
 
Ok Chris, I get it, you don't like the man and won't be turned. That's fair enough but surely you must accept that we have a solvent club with a comparatively decent ground (yes, a reason for a large slice if the old debt but there you go) and a chairman who, by hook or by crook (No pun intended) has kept us in the FL in his own somewhat quirky way, when others haven't been quite so lucky (I've just counted 10 national league clubs that were in the FL in recent times and don't look like coming back any time soon).we've had three Wembley trips under him, something I dreamed of for years, and a decent run in the Championship, gaining our highest ever league position. That in itself makes me smile because that was another cause factor in our big debt and all we've heard since is people moaning that he doesn't spend enough on the team. Right, so now we WANT to go into debt to pay our way to promotion?
I'll agree with those that say we shouldn't celebrate the fact that, "ok, he's not THE WORST But that doesn't make him the best", I totally get that too but ffs, in a world where teams are looking like dropping by the wayside on a yearly basis, he's made £112,000 profit (IIRC from a previous thread) and (again if I've remembered that table correctly), that was in a year when we hadn't had a big transfer going out that he says we need every year to stay afloat (I think it was the season AFTER Bradley went but I'm happy to stand corrected)
Now, please don't brand me as the new Durham, I accept the man has his flaws and has probably taken us as far as he can. A new owner with shed loads of cash is what we need right now, but until he (or she ?) arrives I think that even if you can't give him your full support, at least lay off the constant dripping and moaning and be careful what you wish for!!!!!

Francesco Becchetti anyone???
I have always sat on the fence on Scally but now I feel his time is up.He can't get us higher and despite years of trying nobody is going to invest in Paul Scally time he realised that. I get the fact there are worse out there.But given the facts as I see them Scally has had that massive debt.That means that there is no way he is getting that Scally dome.Even the improved Priestfield is nowhere near big enough for the championship even if we could fill it.That leaves us under Scally going nowhere unless we go down.OK it is a risk I except that but if Scally hangs on crowds will continue to fall year on year.The only way forward is developing our own side from youth.And that has been well and truly disbanded this season by the looks of things.
 
Nobby I agree with a lot of what you write, but there is also the other side of the coin. Financial mismanagement got us into the £13m of debt in the first place. Overspending on the Medway stand and RE rebuilds added to that. Yes the debt appears to be cleared somehow, but the fact remains that during that time we came pretty close to administration.

If you've had any first hand dealings with GFC and PS you'll know he is not the easiest to deal with. Having known people that work at the club and seen how it operates from the top, you will never change my opinion of PS.

If Simon Jordan or MacCantony want to spout how tight a ship PS runs that's fine, but now we have a club that maybe solvent and own its own ground, but could it be more solvent and profitable with better management? One thing is certain the playing side has suffered over recent years because of not balancing the books in the past.

Now we have to live by our means, and under PS IMO we will not move forward as a club, because he doesn't have the financial wherewithal to compete at this level, let alone the next level.

And yes this has been done to death.:sorry:
 
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I think the thing with our debt, it was for the ground. To a bank, that's a great asset to borrow against. It seems clubs are spending too much money on players, and players aren't an asset. Apart from Dack if course!
 
Ffs a a loan is not an income. He’ll have to pay it back! How many times?
Expected you to jump on that!
When will he have to pay it back by? Whenever he feels like it? And at what rate, £50 a month?
Perhaps not until he finally sells the club?
 
How is it at odds with the budget? The club is in the black. And as has been stated on another thread, Scally is working in a FT capacity unlike many other chairman.

What do you think other executives at similar sized businesses earn!

As I said he pays himself the 2nd highest of any Chairman or director of a football club in our league, second only to one at Sunderland.
Sunderland have the highest budget by far in the league, and last season still had players on Premier League level contracts.

By contrast we have a bottom 4/5 budget according to Evans, and must be frugal in all transfer dealings, but not when it comes to paying our own leader it appears. I wonder what the top paid directors earn at Accrington, Wycombe and AFC Wimbledon ?

We now have Tom Lawrence as Chief Exec who takes care of the day to day running of the club, perhaps his salary will be revealed in future accounts, but I’d be amazed if he got anything close to what Scally takes out.

I don’t think it’s relevant what other small business directors earn in other industries as we are talking about a football club, not a photocopier company, you should compare like for like.
 
But there is a difference between serviceable and non serviceable debt. Scally could argue that our debt was always going to be cleared as he "had a cunning plan" which the bank was happy with, which, although somewhat mysterious, is what turned out to be the case.
Bury obviously have no cunning plan or the EFL would not be chasing them up.

Guess what, I don't really know much about this stuff so I've somewhat paraphrased in layman's terms.?
Scally performed a cunning stunt; the Bury chairman could be similarly described........well almost.
 
There are some - mainly those who reside on another forum - who would still class PS as a demon even if he was beatified by the Pope. There are others who are dewy-eyed about his stewardship of the Club; some of them reside on this forum as evidenced by some of the posts. Overall. I'm reasonably happy with our Chairman but it hasn't happened overnight - more over time - but I am critical of certain aspects of his running of the Club. First, I don't believe he has ever put the fans first unless, of course, he needs something. Second, I believe he could be far more innovative when it comes to selling tickets. People say that he should not jeopardise the Club's financial position; well, hang on a moment. He built a brand new Medway Stand with state of the art facilities that he would have been prepared to knock down in quick time had he got permission to build a new ground. Plus, that stand led to a quantum leap in the Club's indebtedness. He jumped on the ITV Digital band wagon with gusto when all around new it could not work and the debt increased as a consequence. Last but not least, the massive debt on the Club's books mysteriously gets forgiven without explanation. No person or institution is prepared to forgo millions of Pounds without some conditions attached; conditions that might come back to bite us. As a shareholder, I believe I should have been informed. As for his fees and loans, I'm not really that fussed; if he feels it's justified then so be it. As I said, the fans never come first and, yes, ticket prices for that Cardiff match were a poke in the eye to fans. Other than that, he's doing OK.
 
Expected you to jump on that!
When will he have to pay it back by? Whenever he feels like it? And at what rate, £50 a month?
Perhaps not until he finally sells the club?

It depends on the terms agreed. But It’s in his best interests to pay it back within 9 months of the following company year end to avoid s455 tax.

But hey - don’t let facts get in the way of a bit of old fashioned Scally bashing.