Trust meeting with Levy, Cullen & co transcript | Page 2 | Vital Football

Trust meeting with Levy, Cullen & co transcript

I couldn't careless about him not having a home life. That's what happens when you are the highest paid chairman in the league.

Most fans don't care and see the money angle as free rein to criticize him regardless of what he does; which is why he has to manage his own time and disregard what others may think.

I have and would have done the same.
 
I don't mind him leaving early. I'd imagine as you say Ex that he had to work around the trust members schedules too hence it being after work hours. In a way I'm surprised he attends at all when DMC & co can handle all requests.
 
I understand there are variables but we were told there was money. So is it still there ? How much has been added to the kitty ? What is the projected kitty and if we can't add value in Jan, how much will be available in the summer ? It could be a x 3 kitty but of course it won't be. To even make a token dent against our rivals we are battling for a top 4 place with , how much should we be spending each window. 50 mil per window probably wouldn't cut it. So will 150 mil in the summer keep us nipping at the big boys heels ?
 
I don't mind him leaving early. I'd imagine as you say Ex that he had to work around the trust members schedules too hence it being after work hours. In a way I'm surprised he attends at all when DMC & co can handle all requests.

His non sociable attitude is not conducive to cordial negotiations. Small talk, showing an interest in other people's lives and project's. Having a laugh and some banter helps relax the tension and atmosphere. I give it plenty banter in my business dealings before the serious stuff starts.
 
I understand there are variables but we were told there was money. So is it still there ? How much has been added to the kitty ? What is the projected kitty and if we can't add value in Jan, how much will be available in the summer ? It could be a x 3 kitty but of course it won't be. To even make a token dent against our rivals we are battling for a top 4 place with , how much should we be spending each window. 50 mil per window probably wouldn't cut it. So will 150 mil in the summer keep us nipping at the big boys heels ?

The transfer budget has absolutely nothing to do with project spend - it is effectively 'ring fenced' although 'events' can and do change that e.g. new player contracts and Significant impact comes from player sales and write-downs.

As for the amount that was set aside for this years total player budget, we can only speculate; but inside the current existing financial year, I do not expect it to have changed from the current financial year; June 1st until end of June 2019. As a rough average around 10-15% of revenues is a guide to total available funds per annum (excluding 'events' and adjustments). Of course in recent years, we've sold well, so the net impact has been as big, partly because we've taken big leaps in the committed salary payment contracts with key players as well as bonus payments.
 
Exactly it's ring fenced. They must project player spend per window, so what do we need to spend to even stay close to our rivals per window ? Where is the proof that the money was available and where is it now. What's going to be added to it if it does exist ?
 
Why should we have to speculate ? How much was in the kitty ? How much for the next window. ? One part of the answer is history, we don't need to speculate on that one and this window should be projected pretty well. So what is our Jan kitty, 80, 100, 150 mil ?
 
As it stands NRD I doubt it is above 30m. Until we sell some players I can't see it being any higher.

Looking through our transfer history we normally break even or make a bit of profit. The times we have gone over budget tends to be linked with CL.
 
As it stands NRD I doubt it is above 30m. Until we sell some players I can't see it being any higher.

Looking through our transfer history we normally break even or make a bit of profit. The times we have gone over budget tends to be linked with CL.

I sort of agree.

Back in the day, when we sold Bale and Caulker, it was probably still zero net spending when we bought the famous 7.

When we sold Walker and bought Sanchez, that was positive net spending. 2 years of CL was probably the biggest difference whilst the new TV deal and better sponsorship deals by Levy and co helped.

I do think we will be geared up for positive net spending in the future, but also know that if we consume all that extra money on salaries it could still be zero net spending.
 
Why should we have to speculate ? How much was in the kitty ? How much for the next window. ? One part of the answer is history, we don't need to speculate on that one and this window should be projected pretty well. So what is our Jan kitty, 80, 100, 150 mil ?
Does anybody seriously expect the club to advertise there transfer budget.
 
I sort of agree.

Back in the day, when we sold Bale and Caulker, it was probably still zero net spending when we bought the famous 7.

When we sold Walker and bought Sanchez, that was positive net spending. 2 years of CL was probably the biggest difference whilst the new TV deal and better sponsorship deals by Levy and co helped.

I do think we will be geared up for positive net spending in the future, but also know that if we consume all that extra money on salaries it could still be zero net spending.
If I remember correctly didn't we spend somewhere around £120m when we sold Bale, I don't know if someone can confirm.
 
Does anybody seriously expect the club to advertise there transfer budget.

They wouldn't be advertising it because it's in the past. They said money was available and the stadium had no impact. So how much was available? It's not advertising what will be in the kitty for Jan, although it will be a percentage of the kitty supposedly. I'm sorry just saying there was money and we tried to buy is no proof.
 
They wouldn't be advertising it because it's in the past. They said money was available and the stadium had no impact. So how much was available? It's not advertising what will be in the kitty for Jan, although it will be a percentage of the kitty supposedly. I'm sorry just saying there was money and we tried to buy is no proof.
I have no proof NRD, but my understanding is that offers were made on a number of players. Again that is not definitive proof but it certainly a strong indication, I also accept that it is also possible that those offers were dependant on sales.
 
Let's go back to basics with all this.

When we first played in the CL , we all knew we could never win the competition, but the carrot being dangled was that it raised big money, raised the club's profile and therefore helped us sign a better class of player.

So we eventually became the first club ever to sign no one.

I will not tire of telling it as at is, we will never win anything again with these money grabbing shysters in charge.

ENIC and LEVY OUT.
 
I have no proof NRD, but my understanding is that offers were made on a number of players. Again that is not definitive proof but it certainly a strong indication, I also accept that it is also possible that those offers were dependant on sales.

We offered 15 mil for Grealish when Villa wanted 30. I could go and offer 3 k for a 6k Porsche Boxster down the road knowing damn well they won't take it but it makes it seem I have 3k to spend.
 
Let's go back to basics with all this.

When we first played in the CL , we all knew we could never win the competition, but the carrot being dangled was that it raised big money, raised the club's profile and therefore helped us sign a better class of player.

So we eventually became the first club ever to sign no one.

I will not tire of telling it as at is, we will never win anything again with these money grabbing shysters in charge.

ENIC and LEVY OUT.

My stance on this is that the stadium could have eroded our transfer budget. Either directly due to the loans or indirectly through increased costs.
 
NRD why do you think Jan budget will be significantly bigger than the summers? We haven't guaranteed CL qualification (far from it) or even looked like we'll get out the group stage so I can't really see where the extra would come from apart from the small amount saved on wages by not buying in the summer or raising Toby & co's wages.
 
My stance on this is that the stadium could have eroded our transfer budget. Either directly due to the loans or indirectly through increased costs.

Historically, You'd be wrong.

Read the last three sets of accounts; factor in the new higher media payments and our increase in commercial rev's - look at our transfer spend over the last 7 - 10 windows. And calculate the merdian. Then project out new higther revenues from the stadium (around 150 mill p.a. and increase year on year from year 3).5

As for what *might* happen - no one can tell the future - but the info I orginally posted on the financial roadshow that put the syndicated project finance in place led by Rothschild, with a clear intention to replace it with long term finance and my bet is our actual transfer budgets will grow beyond contracted media income increases; most especially - if as I expect - we see a share placement that contributes significant capital to the balance sheet.

We're building from a solid base; not from sand, not from oil money, not from crooked Russian state pilfering - the legacy that Levy and Co might actually leave could be one of the greatest the football world has ever seen; the question should be when is the tipping point that will bring all this together to allow us to be financially competitive ? - Because this is what this game, this business is all about now - a pure play financial competition that expresses the advantage itself on the pitch.

We have a near £1.5 billion capital shortfall over most of our neighbours/peers to make up - in the absence of a crooked Russian, a disgusting oil dictatorship, owners that saddled the business with massive debt (a la ManUre), or ownership by billionaires that don't put money in (like le arse and us) - all we can do from a business perspective is to continue both our on-field and off-field performance improvement (we've seen many a billionaire owner blow his brains out and fail in the PL over the years - even though some fans still believe this is the panacea that cures all ills) - of course most sensible fans acknowledege that nothing improves in a straight line and that we're coming from a lower base than our other top 6 rivals. (You can blame whoever you like for that, pre- Scholar, Sugar, Enic and on and on)

People blame Levy for this, but he was never the billionaire owner who had a billion (or anything even remotely like it) at the business - only Uncle Joe could do that, and he simply never choose to. Joe invested first and foremost in ENIC, not Tottenham.

That's the reality, we can all bitch about it all day and night long, or we can appreciate what's been and is being achieved.

Long overdue ? Of course it is - but that's the hand we've been dealt and the restrictions Levy and the board have had to work within; some will understand that, most won't.

I still believe we could end up being one of the most stable, most successful clubs in the land and that the promised land really isn't that far away.

But each to their own !!
 
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NRD why do you think Jan budget will be significantly bigger than the summers? We haven't guaranteed CL qualification (far from it) or even looked like we'll get out the group stage so I can't really see where the extra would come from apart from the small amount saved on wages by not buying in the summer or raising Toby & co's wages.

It's a silly contention; I wish I could get people to read and understand the accounts and our free cashflow.