in simple terms how our finances now stand. I know I could trawl through the pages of documentation that have been published but I think some of you have already done that. If possible please stick to facts. How much money did Bassini put in to purchase the shareholding? What level of debt was in the club when he took over? What form was that debt - ie how much was Bonds, General Creditors,Inland Revenue etc I am just trying to get a picture of where we now stand. We have a shareholder who owns the entire club - other than himself how much total money would he have to shell out if he won the lottery and today decided to clear every other debt.
I believe that the total debt which is in the form of bonds owed to Ashcroft etc is £10.1m. Not a clue about other debts though I know we have an overdraft with Barclays.
Strange that you were thinking about that as it had me wondering about an hour ago. Apart from the fact that he provided £3.5m to see us through from February to now, put £1m up for the first payment to LA and paid out for millions of shares at 1p each generally,like you I would have to go back to the last accounts and offer documents as well. There must have been costs in the shareholder purchase and the delisting, but how much I don't know. There are still people hanging on to their shares until the end of the month. Although the company is now private, will the plc have to provide accounts to end of it's control?
The thing is figutres of £5m and £10m have been bandied about - somewhere in the previous accounts will be the debt set out - I thought the bonds were £5m - I might have to start reading the accounts myself again
The restructured payments were 10.1million which will end up being about 13 if paid across the period. I think Barclays was a million, other creditors would be a guess at time of takeover but probably about 2 million so total debt about 13 million at date of takeover reduced by a million as first installment. 1,5 million is on deposit as second instalment and 3.5 million was made available for cashflow but we don't know how much of that was drawn down.Nett cash in since takeover has been about 3.5 million after the sell on fee deductions plus whatever compo for malky which I reckon would be the value of his contract so around 400k. Other costs were the shares at just under half a million plus I reckon about 200K in legal and delisting fees.
Err ...... you what? That looks like some hard work there. Let's try and keep things simple, the debt to Ashcroft was approx £15m a month ago after LA had "consolidated all of the debt up". Clearly there has been a load of cash in over the last few weeks (the Graham and Buckley transfers were both cash upfront), how much of it has gone to pay off what is where the real mystery starts! I've worked with forensic accountants before, and it's a bit of a laugh how things come together, but rest assured Baz has no money. Tales of him "putting £m's in" are wide of the mark. I will let you guys pick over the detail, all I know is when the club have to go to opaque organisations like Ticketus Services (pick a number) Ltd for an advance its because no-one else wants to know.
The bond debt was £11m too various creditors- thhe largest being ashcroft.- all set out int the takeover docs. The russos got rid of the overdraft. And lets not forget the ticketus desl was under winter/ashcrofts reign. Bas lent the vlub £3.5 to take us to end of season but that CANNOT be repaid till every single little penny of the bonds is paid (and he cant pay himself or anyone more than the current directors) if he atempts either ashcroft gets the club back immediatly. So how do we sit? £4.8+ recieved in comp, season ticket sales the same as last season- ellington and sadler off the wage bill(plus graham would be a high earner for our current wage structure) Therefore knocknoff the £1.5m to pay ticketus &£1m bond payment due. (which will reduce the total bond by £1m so the club have a reduced wage bill and approx £2.3m (please dont assume we have £2.3m to spend in the transfer market!) most will go on operating exspenses. So to sum(pun not intended) up we are reasonably secure tillvthe next bond payment next summer as long as we invest a little in a few cheap gems and apoint a good manager
At 31st Dec Current Liabilities 364 Day Secured Bonds 2010 10,145000 Bank overdraft - 1,058 727000 Directors' loans 500000 Other loans 1,999000 TOTAL £12,644000 Non-current liabilities Other loans £753000 Against that we had 1.8 million receivables. So 11.6 million nett total 10.2 of which was simpson ashcroft and fransen, should be down a bit now or looking at cash position 4 million ish in nett + 3.5 million + 1 million + 1.5 million only about 2.1 million to find and then repay bassinis 3.5 it really is not a bad case!!!
Aberdeen fair shout on the overdraft- was paid off but has crepted back this year- important to remember though the bonds are structured debt not immediatly repayable on demand. Plus basini cant put us in administration or remove gt
I guess the 2 million was the ticketus liability, million overdaraft so our player trading and yes the season ticket sales I hadn't whacked into my thoughts about cash position, will have got rid of those. Our cash position should be looking pretty good, now if we can pick up 10 free transfers of very promising youngsters with a view to offloading 3 to 5 players profitably next summer to be replaced by 5 more promising we really could be in a very very good position very shortly. academy, soliod player trading model, great club captain, great scott we're class leading in this division, just need the announcement that Dyche has taken the reins and I'm a happy hornet.
Thanks everyone - I know it was a lazy post but I really did not want to have to trawl all through the documentation when I knew some of you had been through it several times
