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Post by bluegas on Jul 15, 2021 11:20:07 GMT
Serious question, why do we spend more than we make ? I assume because all other clubs do, in an attempt at success. It's been the same as long as I've been following football. Rich owners looking for aggrandisement.
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Post by baggins on Jul 15, 2021 12:07:07 GMT
Serious question, why do we spend more than we make ? Do you mean why do we bother, or how come?
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Post by Deleted on Jul 15, 2021 13:27:11 GMT
Can confirm I was/am a Wael basher and am pleased with these accounts. The conversion to shares last year put the football club in a much safer position (as there's is no obligation to repay shares at any point - there was an obligation on the director's loans), as long as the figures spoken about were true. They are. The tangible assets doubling in value is also extremely pleasing to see (that'll be mainly the training ground, and will rise further as it's completed).
We're owed £750k by other clubs, and the JCH transfer went through in August so that's now closer to £2m.
The £1m in the bank also serves as good financial preparation, something this football club can historically (and rightly) be accused of considering an alien subject. £1m in the bank either offsets the £2m+ operating loss by a further million - or as is more likely, will have been used as an emergency fund to pay wages in the event COVID became what it did. This is a MASSIVE gear change to our previous owners' ability to forecast.
I was sceptical last year about Wael running the club, and I'll be honest I still am. These accounts only show 4 months of COVID, as other posters have mentioned.
The accounts also don't tell you that the training ground was forced on them as they let the lease expire at Cribbs, it doesn't tell you how bad our summer recruitment was last year (and has been for four years) and it doesn't include any of the relegation season and the sacking of two managers.
What they do show you is Wael is willing to put his money where his mouth is and seems to be a custodian that cares about his asset surviving (though tanking the value of it with a poor board and a terrible football team is an interesting strategy). Please take the bracket with the tongue in cheek tone it is so clearly meant - I'm not looking for a fight.
With all that said, Wael has gone a very long way to rectifying 50 years+ of this football club being ran terribly and as a "Wael basher" I'm more comfortable with the idea of giving him the benefit of the doubt to rectify the on-the-field and in-the-boardroom mistakes he has undoubtedly made.
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