|
|
Post by tommym9 on Mar 27, 2020 14:26:16 GMT
AND ANOTHER ONE! Mets is joined by football finance expert Kieran Maguire to go over the latest accounts published by the club. The good news for the Gas is that revenues are up, but so too are costs which pushed the clubs losses to nearly £4m. Player sales of Ellis Harrison and Tom Broadbent have softened the blow, but the total debt sits at nearly £25m. Martyn Starnes expects a £1.7m reduction in costs to show in the next set of accounts, Kieran goes over how this can be achieved and he compares the clubs losses to other League One clubs. They discuss the disruption caused by Coronavirus and the ramifications for all clubs financially. The EFL have promised a £50m relief package and Kieran describes how that will work in practice. listen.gascastpodcast.co.uk/276671/3141664-a-chat-with-football-finance-expert-kieran-maguireSupport the show (https://patreon.com/gascast) |
|
|
|
Post by SleepyGas on Mar 27, 2020 14:29:25 GMT
Fair play to you chaps for keeping the pod going with such interesting content while there is no actual football (or anything really) going on.. it is a real welcome distraction to listen to this stuff while out on my 1 designated exercise per day.
Thanks!
|
|
|
|
Post by gregsy on Mar 27, 2020 14:55:24 GMT
£700'000 interest on the debt? I thought the whole point of the offshore accounting was to avoid interest?
|
|
|
|
Post by tommym9 on Mar 27, 2020 16:14:37 GMT
£700'000 interest on the debt? I thought the whole point of the offshore accounting was to avoid interest? Have to say that was a bit of a bombshell to me too! |
|
|
|
Post by gregsy on Mar 27, 2020 16:19:24 GMT
£700'000 interest on the debt? I thought the whole point of the offshore accounting was to avoid interest? Have to say that was a bit of a bombshell to me too! I don't like to sound to cynical (which I will) but isn't it therefore the case that the bigger the debt the more interest they charge? Just sayin like.... |
|
|
|
Post by knowall on Mar 27, 2020 16:25:52 GMT
£700'000 interest on the debt? I thought the whole point of the offshore accounting was to avoid interest? Come off it, the Al-Qadi family have to eat, and that interest means they are only earning about £3000 per home match, surely the real question for them is 'could they be earning more if their money was invested elsewhere? |
|
pirate
Forum Legend
Posts: 18,451 
|
Post by pirate on Mar 27, 2020 16:38:33 GMT
Wael is a lovely fella with a nice smile and a 'proper gashead' though. He once sat in the away end with the fans, don't you know!?
|
|
|
|
Post by Jomo on Mar 27, 2020 16:51:25 GMT
Wow great job guys for getting Kieran Maguire on the pod, I really enjoy his Price of Football podcast too, so this is like the podcast equivalent of a "super band" collaberation!
|
|
|
|
Post by WeAreTheGas on Mar 27, 2020 18:44:03 GMT
Great interview.
Kieran an impressive guy. Quite sobering take on our accounts, though!
|
|
|
|
Post by casey12a on Mar 27, 2020 20:57:49 GMT
A good if not depressing listen guys. Thanks for your hard work.
|
|
|
|
Post by Topper Gas on Mar 27, 2020 22:11:45 GMT
£700'000 interest on the debt? I thought the whole point of the offshore accounting was to avoid interest? Come off it, the Al-Qadi family have to eat, and that interest means they are only earning about £3000 per home match, surely the real question for them is 'could they be earning more if their money was invested elsewhere? So how much interest have the ALQ's taken directly out of the club and paid to themselves? As far as to your question, why ask it when it's pretty obvious most financial institutions could earn more than 5(?)%? |
|
|
|
Post by tommym9 on Mar 28, 2020 11:00:07 GMT
Have to say that was a bit of a bombshell to me too! I don't like to sound to cynical (which I will) but isn't it therefore the case that the bigger the debt the more interest they charge? Just sayin like.... Yeah that makes sense. Just assumed the loans would be interested free as its thier money they are lending? |
|
|
|
Post by gregsy on Mar 28, 2020 14:21:38 GMT
I'm absolutely bloody certain that the debt was to be interest free, yet after searching I can find no evidence of this....
More Mandela effect than C3-P0's leg....
|
|
|
|
Post by Topper Gas on Mar 28, 2020 15:14:53 GMT
I'm absolutely bloody certain that the debt was to be interest free, yet after searching I can find no evidence of this.... More Mandela effect than C3-P0's leg.... Wael or Hamer have said in the past that whilst interest is being charged the ALQ's have never taken any payments out of the club. Strip interest payments out of the overall debt and matters may look a bit healthier? |
|
|
|
Post by fanboy on Apr 2, 2020 8:20:40 GMT
Good job getting this one! Very interesting, short and snappy report
|
|
|
|
Post by peterparker on Apr 2, 2020 8:37:08 GMT
Come off it, the Al-Qadi family have to eat, and that interest means they are only earning about £3000 per home match, surely the real question for them is 'could they be earning more if their money was invested elsewhere? So how much interest have the ALQ's taken directly out of the club and paid to themselves? As far as to your question, why ask it when it's pretty obvious most financial institutions could earn more than 5(?)%? nothing will have been paid. It's a liability on the balance sheet and is accruing. It is always possible it could be written off or paid at a later date if the club is sold. Currently the AQs would otherwise be paying themselves just to put it back via the credit facility into the club to keep it going. |
|
|
|
Post by biggles on Nov 22, 2020 21:56:23 GMT
scollopes
|
|
