http://www.twtd.co.uk/ipswich-town-news/24135/town-announce-�9.8-million-loss better to be down to under 10 mill, more like 7.7 with the interest Evans is serving. Have a feeling next years financial loss could make for much better reading. We're loaning far less players which can only be a good thing, and I'd imagine our wage bill again will be a reduced figure too.
Yes its good that our losses have come down but then again if they hadn't we'd be completely screwed and would most probably end up with a transfer embargo. To pass FFP we have to get losses down to £3m (quite a way to go). If they are between £3-8m the Marcus Evans will have to cover any loss over £3m. If not, we get a transfer embargo. So if were only able to get our losses down to say £7m, would Evans pay the £4m excess? I don't think we will get into that sort of trouble but I do think it will restrict us from spending much in January. To buy we might well have to sell Cresswell unfortunately. Also, our debt is still worryingly high in my opinion. ALthough one of Evans' cronies has stated that other clubs have greater debt, ours was 4th highest in 2011/12 (it has increased by £10m since then). We also had the second highest net interest payable per year (3.5m). Yes a move in the right direction but if we don't get promotion this season I unfortunately think it will just get harder and harder to compete
The thing that REALLY annoys me about our debt is that 100% of it is payable to divisions of the Marcus Evans empire. If he really cares about us he could make debts interest free or only payable when we reach the premier league. I know that is what a lot of owners do. THE ME group seem a lot happier making money out of ITFC debt rather than making money promoting the club. B*stards!
The hit to the accounts probably (or at least I hope) includes part of the multitudinous contract payoffs to Keane/Jewell megadud signings. Sorting out the chaos from two of our worst managers ever will have these horrible consequences. As for the inter-company debt – ME companies aren’t, I suspect, Marcus Evans’ personal fiefdoms. These companies will have their own owners (I.E., shareholders) apart from Evans himself; even the ultimate holding company registered, apparently, in the Bahamas. I hardly think they’d appreciate gifting money to us, which is what some seem to think is feasible. Or even market-bucking low interest loans. Quite apart from that, there are laws governing competition (commercial, not sporting) matters that preclude such favourable treatment. Companies may be part of the same group and even ultimately presided over by the same entrepreneur, but they are nevertheless separate legal entities and have to comply to the same company and tax law as the rest. This free money just won’t happen.
It has been discussed on here many times and it is pointless going over old ground again. All I will re-iterate is that in my personal POV the ME empire doesn't always act in a way that is favourable or fair to ITFC, even when business practice is taken into account. Everyone else is welcome to their POV and as we have no way of proving any point to be correct or incorrect then it is probably better to leave it at that.
Then lay out what that is - in which case we can all get the raving hump about it and take any necessary steps. As it is, acting astonished that “duhhh dey lend us money to bail us out and then ask for interest on the loans” gets us nowhere apart from marking us out as economic dunces or naïve fools.
