Andy_S
Member of the Barry Corr Fan Club
If I told you that I would have to kill you.....
It was in today's Echo in truth mate!
I'm an out of towner, go easy on me. ;)
If I told you that I would have to kill you.....
It was in today's Echo in truth mate!
So is £1.8m enough to finance a club for a season???
So is £1.8m enough to finance a club for a season???
What would we do without Sainsburys?!
No news of a repayment to the Trust then?
if we were aviable business we would be in the conference.. actually nearly everyone would be in the conferenceIf we were a viable business we'd need £0m as we'd be generating enough income to cover our costs, so after having had a chance to start again on more realistic wages, I bloody hope so.
RM said at the Q&A that he needed a £3m injection to cover cashflow for two seasons, but presumably that was on the assumption that existing debts would need to be paid off. As it is he's managed to find £5m. If the budget is strictly adhered to then there's no reason at all why we should come into any cashflow problems now.
This loan is fantastic news. It enables us to fully restructure our debt and obligations and represents a guaranteed form of income, if needed, to budget against.
The playing staff wage budget for the year is around £1.3m, so if RM defers the debt to his companies for at least this year (And I imagine he will as some kind of a goodwill gesture to get a portion of the fans back on side) then that £1.6m should, in theory, cover at least 95% of the entire company wage expenditure for the year.
Other expenses, with any luck, will be covered by match day related revenue, although there'll probably be a shortfall for the season.
Am I right in thinking that this is InsureandGo's last season sponsoring the club? Whilst they'll probably retain sponsorship of matchdays and a handfull of hoardings, I imagine Sainsburys will have first refusal on shirt sponsorship next Summer, with maybe Rank Casino's as a shirt-back sponsor?
Looks like we have 1.8 million as the 5 million includes previous money lent.
In the Echo the other day, Rank said they were now looking at other site's for the new casino as they basically said time and their patience had run out in regards to Fossetts.
In the Echo the other day, Rank said they were now looking at other site's for the new casino as they basically said time and their patience had run out in regards to Fossetts.
True. But the important thing is that it's cleared the previous debts and will provide a pool of cash to cover wages/taxes without having to rely directly on our income coming through the turnstiles. Our problems last year came about due to having a lot of empty bank balances accross the group.
Ironically, the drop in season ticket holders this season should help our cashflow too, presuming that some of these fans buy tickets for some of our home games and don't just abandon the Club.
Still very positive news,