Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers....

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Why do clubs keep appointing him. He has to be one of the most over-rated managers of all time.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Media darling...

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Do you understand what a debt for equity swap is, if not then I suggest you look into it. Because as of this moment the only money Leicester City owe to anyone is the 16m the owners spent in paying off the ground from the American financiers who technically had control of since it was first built.

Every other penny spent has been gifted to the club, it does not owe the owners anything, or a bank or anyone else. They cannot call in those debts, they no longer exist.

Yes we spent idiotically for the first season under Sven, and unfortunately we are still paying for that financially. Thankfully almost all the remaining players he brought in will be gone at the end of the year, and the stupid contracts handed out will be a thing of the past (they already almost are).

The attitude of the club has changed dramatically since the return of Pearson thankfully, and they have been very much aimed at complying with FFP. (I hear the scoffs of derision from here). Most of the players Sven brought in were released or sold, and the money raised from that paid for the squad you faced yesterday. Pearson has spent about 10/11m and raised about £7m of that through player sales (yes I know it's still good money, I'm not denying that), but he has actually turned a transfer profit in the last two seasons!!

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Well here is the thing, if you want to download our financial details you will start to see that these headline grabbing articles in the media are not always what first first meets the eye.

For instance, in the last accounts that show a loss of £34m, £7.2m was interest on the money the owners loaned to the club, we didn't pay that out, it was just added to the "loan"... a loan which was then converted to equity. So whilst the accounts show a £7.2m loss in interest, that money was never paid out, and never will be paid out, it was just accounting paper shuffling.

Similarly the £5.2 loss the club showed was due to revaluing the playing squad, again more paper shuffling and not actually money going out the bank.

Then you have the £16m they paid for the stadium (our only debt), that's not a new debt though it's a historic one. They have purchased that from the bank so that we no longer have to pay the bank £1m a year in interest!.

You have £4m spent on training facilities, millions spent on gaining Cat 1 youth status, millions more spent upgrading the ground facilities, millions spent clearly other historic debt before they arrived.

.......................

So, whilst you might not agree with money being in football (I'm not going to argue with you on that point). The facts are, our owners own the ground rather than a bank now. We have a team sat at the top of the league, with good young players who have value, a cat 1 youth team, top class training facilities that can match most premier clubs, a decent manager and a new outlook from the club of responsible more spending, and most importantly we are 100% debt free other than that stadium debt (which dates back to when it was built).

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Yes, it means the debts were so large they could never be paid and this was the only alternative to bankruptcy. You have an owner who has no historic connection to the club and has absolved a debt which is greater than the value of the club. You will be promoted and receive the riches that comes with that, less a substantial fine from the football league for violating FFP laws. The owner could then if he so wished, pocket the premier prize money, fulfil the obligations of the premier league, relegate the club, wind it up and there is f all anyone can do about it. He would be out of pocket I suspect, but there is still the real estate value, no that there is much premium in Leicester.

If you want to follow a football club under that situation fine, live the dream!! We'll see you again in a couple of seasons, if you still exist.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

You see, once again your just show your utter ignorance. "The only alternative to bankruptcy", how exactly do you work that one out? The owners club, owed the owners money, what do you think they are going to do, issue a winding up order against themselves?

"A large fine for violating FFP" well first and foremost perhaps you should perhaps wait and see if we fail. As I have already posted lots of the stuff in the last accounts is nothing more than paper shuffling and not actual money out of the bank. £7.2m interest on a debt that no longer exists, £5.2m one off squad revaluing "loss", £5m in costs on youth team and other things that do not count under FFP, plus costs for players signed before FFP agreement being shifted into this years accounts, the list goes on.


"The owner could then if he so wished, pocket the premier prize money fulfil the obligations of the premier league, relegate the club, wind it up and there is f all anyone can do about it. He would be out of pocket I suspect, but there is still the realestate value, no that there is much premium for that in Leicester."

And what is stopping your owner from doing any of that?

If that was their plan they wouldn't have turned their debt to equity, they could have just left it as it was and then called in the debt at any time they wanted.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

It amazes me that fans fall all this guff. We are debt free other than the stadium. No up you're not financial jiggery pokery has hidden your debt. We are living within our means. No you are not even within your own reckoning you spent 4 million quid on transfer fees that you clearly cannot afford. Players wages are more than your entire revenue a ridiculous situation.

You are QPR just a couple of years behind. After your promotion and eventual relegation ypu will be just like them scrambling to get on the gravy train looking for even more creative ways to hide your debts. Clearly you are shitting yourself about the implications of FFP otherwise you wouldn't be threatening legal action. I look forward to the 26 million quid. Fine you'll be dished out or whatever ridiculous figure if is. I'm sure the relevant charities will be very greatful.

I used to have some sympathy with clubs that went out of business didn't want to see it. Now the crash and burn economics of the madhouse that teams like yours use to subvert the competition are ruining football so when the inevitable happens I wouldn't go looking for sympathy.

No criticism of you on the pitch you are a good team but so you should be for a 100 million quid.

It saddens me really my best mates a Leicester fan and sees things a little differently to you. Happy for the success fearful of the Victor Tan future.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

In terms of FFP you are clearly trying to manipulate your accounts to attempt to hide the real state of your finances. I suspect the Football League will see through this but who knows they often give in to financial bullies.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

You pay out more in wages than you collect in football income. That means you have players you can't afford. It also means you'll get heavily fined if the FPP rules are implemented properly. The way your club is run is a disgrace to football and to business in general, and causes people like me to think seriously of giving football a miss altogether.

Not just having a go at you by the way, the above description could be applied to dozens of clubs. Football is f****d.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Hidden the debt, how exactly do you think that has been managed then? And what exactly does anyone benefit from that.

Hope you don't do your own books!!

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

"Manipulate your accounts" perhaps you should do some research?

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

I am sure we will spend years in the Premier League. I am sure our owners will stick around for the long term. They could have just left after the disastorous Sven period, the real period you should be moaning about because that was what you lot are describing now.

You are a bunch of very bitter little people. A very small meaningless club in the middle of horrible housing and disgusting smelly yorkshire people. Enjoy League One. Talk about us going in debt? You'll never play in the Championship again. Bunch of ****s

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

I can only refer you to the remarks already detailed on this thread. The difference in ownership between ourselves and Leicester is this. Cryne is a a local businessman and a lifelong supporter. He has managed the club into a self sufficient, debt free business over the last 10 years and has protected BFC against any future unscrupulous owners by establishing a shared ownership of the Oakwell complex with the local authority. Meaning, it can never be sold and can never be anything other than a football club. Even if we fell out of the league, we will still have a club.

As I said at the top of the thread - the little Barnsley fans appear to know about Leicester City than it's own supporters. And I'm so glad it's not us. I've done now, but I'm sure there will be other members more than happy to point out the shortcomings of your club. Enjoy the promotion party.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Interestingly I'm an economic researcher so I know just how easy it is to massage financial reports. Most companies do it to an extent or other for example Starbucks and the way they make losses to avoid taxes. And I'm sure with your owners wealth he has a team of very clever financial people doing all they can to make it appear that you are doing all you can to meet FFP.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Enjoy your next administration and extinction.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Chill out fella. I know all this must be touching a nerve, but there is no need for that. You think we've never been to glamorous little Leicester?

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

One day you owe 100 million quid the next you owe nothing of course that's manipulation. You lose 34 million in a year oh no we didn't. Again manipulation. Get real.

You and your bedfellows QPR and Bolton are all that is wrong with modern football

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Look, no matter what the other bloke above would like you to believe we are not in debt. I'm not sure what his accountancy credentials are but you cannot "hide" a debt like that. It was converted to equity end of story, the players have been bought and paid for and we don't owe a penny to anyone for them. Much of the spending was done by them before FFP existed (made a transfer profit last two summers), since it has come in they have been doing a lot to get within the limits, as I have tried to point out the accounts headlines don't tell the full story.

Secondly, again I suggest you perhaps do some digging with regards FFP, our last accounts and what the club has been doing to try and comply for the last two years if you are going to slaughter us for them. The club are very confident of reaching FFP this season, whether you want to believe it or not.

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Showing your true colours DebtFreeFox!! Great behind the Keyboard like Vardy last night behind the protection of Stewards etc. Horrible club Horrible city and Horrible Fans. We might go down but we wont have to worry about the amount of money we owe Sugar daddy. Good luck at the bottom of the prem when your arrogance will be laughed at

 

Re: Solvent, debt free, well ran club : 0 - 3 : £100m Debt ridden, baled out chancers

Classy.