I know, but we were never actually in trouble. Trouble is a theoretical construct that was hinted at but never actually approached. Not trying to restart the Cortese Wars, but these accounts were always going to be the evidence of whether he was leading us down the path to ruin, as has been hinted, and they suggest the opposite.
Accountants move in mysterious ways...I think things were coming home to roost and outstanding debts had to be cleared at some point. Rather like an average person may have money in the bank and a decent income, but have a mortgage to clear at some point.
The Vibrac loan is a hint how close it we were to getting back into it. Reading got into a mess from taking a loan from them.
Reading got in trouble because they didn't pay it back, heh. Taking out loans to cover cashflow, whether from ownership or private companies, is not in the least uncommon, because cashflow and payments owed often don't match up...much of the former happens during the season, much of the latter during the summer.
I was concerned when I heard it was ViBrac. Basically a 'payday loan' style deal, but cut with large companies. Everton have used them too.
Was definitely cause for question, but it doesn't appear in retrospect like it was a longterm hole in cashflow.
I think we were just spending too much on players too quickly, hence why we took out the ViBrac loan. I can see why Katharina would want to have a bigger control over the club if she saw that loan.
The fact is that KL had to put in 20 million to cover a hole in the finances...she wouldn't do that for fun. Presumably if nothing was done, Saints would have had to borrow more from a less benevolent source...like borrowing from your Mum rather than Wonga.
She did it so we could pay back the ViBrac loan. Which made it become a owner loan instead of a outside company loan. ViBrac seem kind of like a last resort loan company (to me anyways).
How much of that loan was taken up with Osvaldo and Ramirez - I mean in wages and transfer fees they must be a pretty hefty percentage!
I seem to remember Markus Liebherr famously saying that as long as his family [he] owned SFC, the club would never need to go cap-in-hand to a bank. So, basically Katarina is only doing what her father would have done, what Abramovich does for Chelsea, etc...
There's a difference between heading towards trouble and being in trouble. Perhaps Cortese *wanted* to spend more, and KL wouldn't allow it and that was the reason for the friction. It seems like KL may have been keeping track of finances this entire time. Have to say, I kind of like KL's style. All last summer-- how much crap did she take accusing her of asset stripping? And she actually put 20m INTO the club... and never said a thing about it. Not that the asset stripping thing ever made much sense anyway. No one sinks that much money into a training facility if they are asset stripping, that's pretty much the definition of long term investment.
I like to imagine the conversation went like this: KL: "Nicola, why this loan from Vibrac?" NC: "listen love, we a have a little cash a flow blip, that is all" KL: "So why didn't you come to me" NC: "Your Dadda let his money people do the money things. I am that money man" KL: "But Nicola, you should have spoken to me, not a money shark" NC: "love, I am the money man, I know how to deal with money things. Why would I come and talk to you?" KL: (opens office vault and stares at 10 feet square James Bond style block of bank notes) "Because, my little Italian employee, I am the money man now!" KL: (looks at red button on desk) "Your services are now longer required Mr Cortese... Ha ha ha ha ha ha (evil laugh) NC: (falling through trap door) "Aaaarrrggghhhhh"
Match Day Income hasn't gone up much, the only way it will, is to increase the size of the ground or increase the entry price, not a popular solution with most.
Or entice people to spend more in the concourse. The food is expensive and poor quality, so I don't buy it. I buy a cup of coffee sometimes.
Broadcast revenue has increased to £79.4m from £46.9m. How does that fit in with the other figures and where would we be without it?
I go to the football to experience the game, not to eat and drink, I could go to a pub and watch it on the telly if that was the better thing to do!
I agree, but I would buy my food there if it was better. I travel from Northampton to the home games and they could take my money as I have to eat lunch, but they won't by serving garbage. Expensive garbage.
