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I thought we were out of debt?


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Not sure really but I thought we used the promotion money to clear our debts, even if the figures aren’t correct it doesn’t tally up with what i was led to believe and that’s a fair bit of debt for a club like us.

There must be some substance for the Mail to print it?

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I'm pretty sure that a few years back the vast majority of our debt was restructured in a way, where we now only owe Gibson himself. That's if I have recalled correctly?

 

I had a detailed look at our published accounts over the summer, and most/nearly all of the promotion money has gone. It was sunk into our Prem season.

 

I don't think we will pay our debts to Gibbo until we have spent a few seasons in the prem.

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I'm pretty sure that a few years back the vast majority of our debt was restructured in a way, where we now only owe Gibson himself. That's if I have recalled correctly?

 

I had a detailed look at our published accounts over the summer, and most/nearly all of the promotion money has gone. It was sunk into our Prem season.

 

I don't think we will pay our debts to Gibbo until we have spent a few seasons in the prem.

 

The Premier season where we hardly bought anyone and tried to stay up on the cheap? Jesus.

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I'm pretty sure that a few years back the vast majority of our debt was restructured in a way, where we now only owe Gibson himself. That's if I have recalled correctly?

 

I had a detailed look at our published accounts over the summer, and most/nearly all of the promotion money has gone. It was sunk into our Prem season.

 

I don't think we will pay our debts to Gibbo until we have spent a few seasons in the prem.

 

The Premier season where we hardly bought anyone and tried to stay up on the cheap? Jesus.

 

Yes, they all played for free.

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I'm pretty sure that a few years back the vast majority of our debt was restructured in a way, where we now only owe Gibson himself. That's if I have recalled correctly?

 

I had a detailed look at our published accounts over the summer, and most/nearly all of the promotion money has gone. It was sunk into our Prem season.

 

I don't think we will pay our debts to Gibbo until we have spent a few seasons in the prem.

 

The Premier season where we hardly bought anyone and tried to stay up on the cheap? Jesus.

 

Yes, they all played for free.

 

If I am remembering correctly our wage bill for that season was something like 50-70 million. I'm trying to find my post from the summer to pull up the figures.

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https://www.oneboro.co.uk/forum/showthread.php?tid=8883&pid=604365#pid604365

 

Found it. Follow it downwards and there is a bit about our debt too.

 

so turnover 121 mil - wages 70 mil, therefore the promotion money wasn't soaked up - or am I reading it wrong?

 

So that leaves 50 million (rough estimates) we had a net spend that season, we had spent a lot of money the two seasons leading up to promotion and we spent again when we were relegated. We even spent 5 million on stadium improvements.

 

The money has been quickly spent. I don’t think Gibson has pulled out a lot of money - and even if he had who can blame him. Looking at the numbers it was hugely important that we got promoted as I think we would have been in for massive cost cutting had we not gotten promoted.

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https://www.oneboro.co.uk/forum/showthread.php?tid=8883&pid=604365#pid604365

 

Found it. Follow it downwards and there is a bit about our debt too.

 

so turnover 121 mil - wages 70 mil, therefore the promotion money wasn't soaked up - or am I reading it wrong?

 

So that leaves 50 million (rough estimates) we had a net spend that season, we had spent a lot of money the two seasons leading up to promotion and we spent again when we were relegated. We even spent 5 million on stadium improvements.

 

The money has been quickly spent. I don’t think Gibson has pulled out a lot of money - and even if he had who can blame him. Looking at the numbers it was hugely important that we got promoted as I think we would have been in for massive cost cutting had we not gotten promoted.

 

Looking at just turnover minus wages, it does leave us with 50 million (roughly). But you then have to factor in that years normal running costs. You then have to factor in transfer fees (which are spread over the contract duration) so they don't appear as huge sums, but that does go both ways.

 

Plus like BD has said every year we have been in the championship we have made a loss. We made something like a 30 million loss the promotion season. The club is not flush with money. If we went up this season then went down, I would understand the frustration at our penny pinching.

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