From a usually reliable chap on SaintsWeb who doesn't claim to know a lot all of the time: "Cortese was sacked, his resignation story was just a smoke screen the head of security was given his marching orders of Friday 31st Jan as he was to close to Cortese. Rogers was working his 3 months notice and was also due to leave the club on the 31st Jan as well, KL talked him into staying and taking the CEO position on a temporary basis the staff had even made a collection for a leaving gift for Rogers. One of the reasons KL arrived at St Marys is that she and her team had received letters and emails from staff and suppliers with complaints about Cortese and decided that they had to be investigated."
It will be a matter of time to find out if this has done us any favours, too early to make statements of fact either way.
The payments for the construction of the training ground would be paid as the work is progressed, but the actual cost of the training ground would be considered a capital expense. So in the clubs accounts it wouldn't have to show costs of £30 million over two years. Instead it would show the training ground as an asset which is part of the overall worth of the business along with the stadium etc The value of the training ground will then be depreciated over an agreed rate (say 3% a year) and that cost will be part of future profit/loss. Hope that makes sense. From a cash flow point of view the £30 million is very much an issue for the here and now as that will of course need to be paid. This along with the large transfers from the last couple of years and £27m still to be paid will mean that the club will have little disposable income. The sums are vast but so is our income. The reporting of this news and the interviews is very much a show that we won't be spending another £30m this window and we will be keeping those costs low as we don't want to add to the burden. I think that's good news as the plan sounds like we want to hold what we have for this year and any purchases would have to be funded by the sale of Osvaldo/Fox/Sharpe/Mayuka. We will just have to do our shopping in Asda for a year or two
Found that very interesting as it is easy for laymen to focus on one figure or another without understanding the overall picture. I was reassured by Hans saying that selling players to cover debt was not the right way forward. And that they were in a position to act quickly if needs be....presumably if a weakness is highlighted by Mauricio and the team, some money is available.
Totally agree Fran and a nice start to the new open and honest era. They were not obliged to reveal the clubs current Transfer debt which has grabbed much of the media attention as it's not officially part of the 2012/13 accounts. They've done it and now as supporters when it's August 31st we won't be complaining about the total lack of spending compared to the Cortese regime (I don't believe that either)
So it seems that due to the new open and honest policy, we cannot expect a summer of spending like the last one... On the one hand this is disappointing, but surely the last thing any of us wants is to overreach and end up in trouble. So if we can keep hold of our players, make a couple of low-budget but significant signings to keep the current squad on its toes and provide some back-up in key areas, then perhaps we can hope to maintain the current level of success. It's hard to see us progressing beyond that, but our transfers so far have not been massive in improving us to the level we're at now - it's mostly been home grown. So if that can continue then maybe we can hope for more in the future.
Just to add to the other details released through the accounts. Cortese's wage... Per Day - £5,400 Per Week - £37,800 Annual - £1,965,511
Don't know whether that is good, bad or indifferent compared with other chairmen, but we must bear in mind 1) the wages he was on before he took the job and 2) what he achieved whilst in the job. Suspect it was money well spent if you consider the increase in value of Saints under his watch.
Also, it has come out that the commercial revenue of Saints is worse than that of 5 non-PL clubs. Those five being... Leeds Brighton Watford Wolves Leicester
That was the problem highlighted by Krueger. Seems to be Nicola's blind spot...notably he couldn't improve on aap3 as a shirt sponsor and there were rumours he fell out with commercial sponsors at SMS. Needed to schmooze more and compromise and he wasn't good at that. However, our profile has improved dramatically, so Krueger may find it easier than NC did.
http://www.goal.com/en-gb/news/2896...manchester-uniteds-david-gill-is-highest-paid Not found anything more recent, but based on 2010 figures, Cortese would've been the highest earning director in the Premier League. More so than David Gill at Manchester United.
As I said though...look at what he earnt for the club. He was also in a highly paid job before (if you consider bonuses)....Markus talked him into taking over at Saints (though I bet he didn't need his arm bent). SFC is privately owned...what ML chose to pay him is nothing to do with us. He did a lot for us...now we have to hope that the new board does the same....presumably there is a fairly large wage bill for the increased number of board members.
Nobody should be paid that much a day. Outrageous. This is not just Cortese, in my opinion, £5,400 a day is awful considering how many people get barely 3 times that in a year. If you look at it in comparison to money in Football, then it isn't excessive, but we know Football is on a different planet financial wise.
Not saying that it isn't a massive wage, but a lot goes into the government coffers via tax...so indirectly the public get their hands on some of Katharina's money.
The thing is, it's not the wage which annoys me the most, its that he organised the club to revolve around HIM and he seemed to think he was all powerful, when it wasn't his money he was playing with. Actually surprised now that Katharina didn't act sooner.
I agree with this. The payment is excessive, in my opinion as I have already stated above, but like you say, he is paying himself effectively what he wants with someone else's money. It isn't great practice and maybe we are seeing why Katharina wanted more of a say of what goes on in her club.
I suppose she was tied up with a lot of business decisions after Markus died. I suspect something happened to alert her that it was time to step in at the time she did....boy, would we like to know!...there has been something brewing for a while with Nicola disappearing to Switzerland several times. There had to be a reason why he started a rumour mill about everyone loving him at the club and threatening to walk out if he left.
