http://www.guardian.co.uk/football/2013/apr/08/swansea-halo-owners-windfall Forgive me for being a little naive but I was under the impression that it was always agreed at the time these creditors donated Swansea money around 2002, that because of the little chance of the club making mega money they would instead receive special privilege for free advertising space within the stadium on Swansea games? In the article St John's ambulance have even told the Observer that they have made more than their contribution back from this arrangement and too this day, despite the money they gave us being repaid in full through this model, the Swans are still honouring that agreement by allowing St John's Ambulance to have advertising space free of charge. We still the others with their signs as well, such as the council even though it is certain that their contribution will have been paid back via the additional revenue from their website address being shown across the world. I think the Observer has been extremely harsh, these directors and owners have not been paid in 11 years instead of the two seasons they stated to make it seem worse. Mr Morgan, the biggest benefactor with 22.5% of the club and £450,000 payment really translates to £44,500 per year for his part in our journey. That would be one of the lowest dividend payouts in Premier League history... surely?!
I agree the work put in I think the 2m shared between all director is fair for the good management of our special club
Yea I read that yesterday, and it annoyed me a bit...The way they are turning it on the directors. I'm happy for the board that they can get a bit of money out of it...They aren't harming the Swans. It's a profit and they deserve it. Lets hope there are many more opportunities for them to take dividends in the years to come.
I think it would be worth reporting if we where running at a loss but we're set to have yet another record profit season!
The Observer can go forth and multiply. You clubs is run at a profit so as most good busniess pay out dividens and profits, why shouldn't the board share in the success of the club. The players get nice bonuses, so the board are entiltled to as well. On anoter note, wait for Dai to see this!!! I'd take cover one and all, and get a tin hat on!! INCOMMING!!!
They (the board) took the financial risk at the time ,and as a business (thats what we are) then there should be rewards for good steward ship.I've no complaints , a question though does this mean that the trust members are entitled to any money ? if so then thats 15.000 members .myself personnally I'd rather it stay within the clubs accounts .
The clubs trust has deemed it necessary to invest the money in two ways: 1 - Funding for local grassroots football 2 - Safe keeping in a bank for Swansea City FC investment if more shares are ever made available This is pretty much exactly what you say want it to be spent on. Swansea has somewhat of a monopoly on it's youth talent, because of the 50 mile radius rule. Cardiff can only hope to get their hands on some of the youngsters that falls into our catchment area. But anybody living west of Swansea is there for the Swans only. Improve our kids before they even get to trials and in time it will improve the club with a better choice of talented youngsters to introduce into our academy. The other one is for cash to be ready to buy future shares when/if they become available and thus increase the fan ownership. The money should work for itself in a bank account, you don't get the low 1% interest deals when talking about the best part of £250,000 cash. With that sort of money banks approach you with interest rates of 5% and above.
Hatchet job on the Swans guys! nobody has taken anything out of the club put they have put alot into it. I dont care that they are giving themselves a dividend, its well deserved . Many clubs are paying their board millions per season, including many clubs in the championship!! this story smacks of sour grapes to me and to anyone moaning about our board taking money just have a look at where we were 11yrs ago!! the money these people defered enabled us to buy players that made us better, the likes of Ferrie bodde,Ash Williams and many more. Pay no attention to the story, what the **** will they say when we post our final season figures?? we will be pushing £25m quid !! i beleive the accounts dont take into account the DG money,the prem prize money and the prem payments from december to may !! It is important that the money raised is invested wisely, our board will be the people to do it, they are all swans fans first and formost so we are in as safe a pair of hands as possible, those who moan about it are probably Jealous IMO.
According to the statements, it doesn't account for the TV Revenue for the entire season neither!!!! That is £29.7M alone!
I'm not a financial genuius but you don't have to be to see that a quarter of a million investment @ 5% interest is a great return .that could provide a substantial pot for future investments or projects
You should see what the banks offer winners of the Euromillions.... wow! One winner explained they auctioned their offers to him, he ended up with a few accounts giving him just under 10% every single month of the year! So I do hope the profits continue, and the dividends keep coming, because the Trust would eventually have a lot of cash and we hope would get simular high monthly interest accounts and that would work a treat come the day shares are made available again.
I have no problem with the dividend. If there are people who were owed money by the previous administration I would like to see them repaid.
St John's Ambulance have revealed that they made more than their handout to the Swans back via the advertising in the Liberty, I suppose they track where people found the web link to donate and people said it was in the stadium. Observer/Guardian did mention it but you could see they didn't want to dwell on such non-controversial matters, good news stories don't make money lol
This for me is the point, and why the Guardian ran the article, poor decision making by our board, who are made to look rightly short of moral judgement! you don't go paying yourselves this dividend when you still have £300,000 outstanding to creditors, yes it was a different management team back then, but it's the clubs name and reputation, and I think the supporters trust should raise this issue with the rest of the board, after all there are no poor men on our board! Get it sorted Jenkins, you've just made a 6 months profit of £16 million for goodness sake!......................
It's not as simple as just giving them money though, they accepted pennies in the pound, so have had tax breaks to reflect this, they have written this debt off and the inland revenue has allowed them to do this. Added the fact that legally the club can't just give money away without justification, and if they did how would they account for this ? And how would companies that wrote the debts off a decade account for money ? And some of these companies may not even exist any longer. I don't think the swans should pay anything towards these debts that are not outstanding any longer. If they can donate money legally that matches what was lost that would be fine IMO , but this would mean that whatever was given would be declared
Oh yes it is! Nothing complicated about it at all, the payment of £300,000 would be shown on the accounts as such, whether the debt was written off or not, is not the point, they have the funds to pay this, and should, for the sake of the Clubs good name, it's not about the technical issues, it's about the morality of it, and who the debtors were!................
