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Post by blueridge on May 25, 2019 8:10:18 GMT
Shocking! Obviously this is unsustainable. As were 12mths further down the road with attendences falling the debts must now be over 14mill... Probably nearer £16m - eye watering!!!
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Post by Antonio Fargas on May 25, 2019 8:13:09 GMT
At least we're not gonna get a summer of loads of posters insisting the board need to push the boat out and sign expensive players coz they're not putting any money into the club,... oh wait.
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Post by Fetch on May 25, 2019 8:48:24 GMT
The people who are angry at our £3.3m losses p/a are the same people who tweet “spend sum money” at Wael and complained DC wasn’t given enough to spend
Darrell was right in that this club will always be unsustainable without an injection of £40m in cash to build something that generates revenue
I think the owners know this and that’s why it’s going to take time to find the right site to build on - no point building any old ground or building up the Mem with a hotel no one will stay at etc
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Post by Topper Gas on May 25, 2019 8:50:01 GMT
At least we're not gonna get a summer of loads of posters insisting the board need to push the boat out and sign expensive players coz they're not putting any money into the club,... oh wait. Isn't that the problem, they aren't putting even a penny into the club hence the run away debts.
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Post by gasheadpirate on May 25, 2019 8:50:40 GMT
Hani will cover the costs of running the club for the next 12 months (from the signing of these accounts). What happens after that? That is my immediate worry.
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Post by Antonio Fargas on May 25, 2019 8:52:32 GMT
At least we're not gonna get a summer of loads of posters insisting the board need to push the boat out and sign expensive players coz they're not putting any money into the club,... oh wait. Isn't that the problem, they aren't putting even a penny into the club hence the run away debts. Debts affect equity and they own the equity, so they are effectively paying for the money we lose.
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Post by Topper Gas on May 25, 2019 8:54:46 GMT
The people who are angry at our £3.3m losses p/a are the same people who tweet “spend sum money” at Wael and complained DC wasn’t given enough to spend Darrell was right in that this club will always be unsustainable without an injection of £40m in cash to build something that generates revenue I think the owners know this and that’s why it’s going to take time to find the right site to build on - no point building any old ground or building up the Mem with a hotel no one will stay at etc Dream on if you think are owners are going to invest £40m+ on a new stadium, I do wonder what planet some posters/mods on here live on.
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Post by Antonio Fargas on May 25, 2019 9:02:18 GMT
The people who are angry at our £3.3m losses p/a are the same people who tweet “spend sum money” at Wael and complained DC wasn’t given enough to spend Darrell was right in that this club will always be unsustainable without an injection of £40m in cash to build something that generates revenue I think the owners know this and that’s why it’s going to take time to find the right site to build on - no point building any old ground or building up the Mem with a hotel no one will stay at etc Dream on if you think are owners are going to invest £40m+ on a new stadium, I do wonder what planet some posters/mods on here live on. To be honest, you're the one on the strange planet with your 'they haven't put any money in coz it's only debt' nonsense.
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Post by Fetch on May 25, 2019 9:12:57 GMT
The people who are angry at our £3.3m losses p/a are the same people who tweet “spend sum money” at Wael and complained DC wasn’t given enough to spend Darrell was right in that this club will always be unsustainable without an injection of £40m in cash to build something that generates revenue I think the owners know this and that’s why it’s going to take time to find the right site to build on - no point building any old ground or building up the Mem with a hotel no one will stay at etc Dream on if you think are owners are going to invest £40m+ on a new stadium, I do wonder what planet some posters/mods on here live on. Well, we were so say close to agreeing a deal with UWE. With no agreed sale of the Mem that would have cost £15m, so the intent to spend is there if the deal is right. Do I think we will spend £40m? No. Surely their plan is to get a concept for a sustainable and revenue generating stadium in bristol and get investment/sponsors for it to help fund it, I can’t really see them going 100% in on it.
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Post by peterparker on May 25, 2019 9:40:25 GMT
Hani will cover the costs of running the club for the next 12 months (from the signing of these accounts). What happens after that? That is my immediate worry. That has been in the accounts for the last 3 years, it just so the accounts can be signed off as a going concern. The reality is they could pull out whenever or never
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Post by peterparker on May 25, 2019 9:42:14 GMT
At least we're not gonna get a summer of loads of posters insisting the board need to push the boat out and sign expensive players coz they're not putting any money into the club,... oh wait. Isn't that the problem, they aren't putting even a penny into the club hence the run away debts. Topper. The money is owed to them, so unless the club starts making money or someone pays them off, it has cost them
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Post by Officer Barbrady on May 25, 2019 9:47:49 GMT
Isn't that the problem, they aren't putting even a penny into the club hence the run away debts. Topper. The money is owed to them, so unless the club starts making money or someone pays them off, it has cost them So without some significant investment that makes this project commercially viable (which is potentially a speculative accumulation gamble) they continue to lose which may he tolerable up until the point in which the debt outweighs the assets. At that point if they keep the club running I would agree they are putting in their own money but whilst they could still sell off the assets I'm hesitant to recognise this as a show of commitment. Time will tell but it's not far off now.
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Post by poorblue on May 25, 2019 9:56:07 GMT
We’d almost be better doing a new club and starting again as otherwise we are never going to be able to afford to get anywhere bar huge investment of about 40 million! What do a Bristol City 1983 deal you mean? Sack the players refuse to pay suppliers and go down 3 divisions playing in the same stadium with only a date added to the name? Sound a good idea lets follow the team on the other side of the river no thanks
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Post by burnthewitch on May 25, 2019 10:09:23 GMT
Isn't that the problem, they aren't putting even a penny into the club hence the run away debts. Topper. The money is owed to them, so unless the club starts making money or someone pays them off, it has cost them "The money is owed to them (Dwane Sports)". Correct. "so unless the club starts making money". Very very very unlikely. "or someone pays them off". I thought they were in it for the long run? Let's pray there is a super rich buyer out there. "it has cost them". Incorrect. Incorrect. Incorrect. They have loaned BRFC money at 6%. This money is loaned against collateral (The Memorial Stadium). It hasn't cost them a penny. They can (in theory) call in the loan. The only way BRFC can pay that - is by selling the Memorial Stadium. As it looks like assets must now roughly equal debts - then in the future we may see Dwane Sports actually invest money to keep us going. Let's see. Alternatively they run the Club on an even keel and we inevitably drop a division. I'm not against that, if it's unsustainable, it's unsustainable. What I am against is gross incompetence and the fact that the equity of the Football Club has been squandered by people we initially trusted, but turn out to be cretins.
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Post by Jomo on May 25, 2019 10:14:10 GMT
I'd be interested in what swissgas has to say about this.
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Post by poorblue on May 25, 2019 10:14:18 GMT
But that covers a period when we played at Twerton, it's hardly been just plain selling, the issue now is the owners don't seem to have any grasp of debt, they've simply sucked all the equity out of the club we built up when we first got the Mem. It's hard to believe these clowns run an investment bank. Here we go again.... Bristol City owner ran the largest financial firm in the UK. He retired a BILLIONAIRE because of his understanding of finance. Several years ago after many years of losses running City he wrote off £50m of debt by issuing shares to himself. The Al Qadi family run a successful bank. 60% of English football clubs are in debt including Rovers so the club is in "good" company there then! Lansdown's City are again massively £35m in debt even after the previous £50m debt write off. So what is your grasp of debt
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Post by peterparker on May 25, 2019 10:21:28 GMT
Topper. The money is owed to them, so unless the club starts making money or someone pays them off, it has cost them "The money is owed to them (Dwane Sports)". Correct. "so unless the club starts making money". Very very very unlikely. "or someone pays them off". I thought they were in it for the long run? Let's pray there is a super rich buyer out there. "it has cost them". Incorrect. Incorrect. Incorrect. They have loaned BRFC money at 6%. This money is loaned against collateral (The Memorial Stadium). It hasn't cost them a penny. They can (in theory) call in the loan. The only way BRFC can pay that - is by selling the Memorial Stadium. As it looks like assets must now roughly equal debts - then in the future we may see Dwane Sports actually invest money to keep us going. Let's see. Alternatively they run the Club on an even keel and we inevitably drop a division. I'm not against that, if it's unsustainable, it's unsustainable. What I am against is gross incompetence and the fact that the equity of the Football Club has been squandered by people we initially trusted, but turn out to be cretins. Of course they could call in the loan at any time, but that could be said of anyone, like Barclays Bank for instance or Courages or whomever has loaned the club money in the past. Bare in mind there are still preferential shareholders from 20 years ago as far as I am aware in relation to the purchase of The Mem in the first place They may be charging interest. Still needs to be claimed and as it is their own money the club is losing.... Maybe they could clear it all tomorrow and not lose out, but i find it some what an unfair ctiticism that spending 13m in real time is not real. That doesnt mean the club cant be run better, it always can be and those criticisms are valid, but it still needs someone to finance it whatever the direction
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Post by peterparker on May 25, 2019 10:27:43 GMT
Bristol City owner ran the largest financial firm in the UK. He retired a BILLIONAIRE because of his understanding of finance. Several years ago after many years of losses running City he wrote off £50m of debt by issuing shares to himself. The Al Qadi family run a successful bank. 60% of English football clubs are in debt including Rovers so the club is in "good" company there then! Lansdown's City are again massively £35m in debt even after the previous £50m debt write off. So what is your grasp of debt 99% of debt at Rovers is internal debt. The fact that it is secured against The Mem is here nor there. The AQs own 92% of the shares. In theory they need not secure the money if they wanted to sell the ground and get their money back. The fact that it is secured, doesnt mean the AQs could not write it off if they so wished
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Post by Big Jock on May 25, 2019 10:28:15 GMT
Fucckin hell thats some quick response from WAQ on Twitter ta be fair!
Bristol Rovers Verified account @official_BRFC 24 mins
ℹ️ CLUB ANNOUNCEMENT: Martyn Starnes and Steve Hamer to leave the club with immediate effect, the club wishes to thank them for their hard work and wish them good luck for the future.
Chairman Wael Al-Qadi is pleased to announce and welcome new CEO Chris Grayling who will now oversee and organise the football club going forward..
#UTG
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Post by stuart1974 on May 25, 2019 11:06:18 GMT
Isn't that the problem, they aren't putting even a penny into the club hence the run away debts. Topper. The money is owed to them, so unless the club starts making money or someone pays them off, it has cost them I haven't seen the accounts, can you see what level of interest is being paid?
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