for fun if I won euro millions
- Thread starter gills4prem
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brb
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I do not know the answer to your question but it is one I have been asked before. My response then and my response now would be that I would not buy the club. Shock, horror, as a passionate supporter why would I want to get involved in spoiling the dream. Part reason why I have respect for what Chairman Paul Scally has done for our club.
If I won the Euro Millions, I would probably make a contribution to it instead. A substantial contribution that allowed me to have a future say in its destiny. Basically that would mean no club name change and no moving outside of Medway. Oh and of course the freedom of Priestfield. Other than that could I resist the temptation to not get involved further with money burning a hole in my pocket, well unless I win the Euro Millions I guess I will never know.
If I won the Euro Millions, I would probably make a contribution to it instead. A substantial contribution that allowed me to have a future say in its destiny. Basically that would mean no club name change and no moving outside of Medway. Oh and of course the freedom of Priestfield. Other than that could I resist the temptation to not get involved further with money burning a hole in my pocket, well unless I win the Euro Millions I guess I will never know.
Do you want an economic calculation or an emotional one? An economic calculation is the right one from a business point of view and it would produce a low number. Running costs are the various income streams (Gate money/sponsorships/TV rights/league handoutsetc) less the annual costs (mainly wages). This is likely to show an approximate breakeven. Then take the assets (mainly the ground) and deduct the debt. Again about a break even position likely but the debt must have plunged this year with the Gazza/Jarvis/Bertrand money. So in economic terms the business is worth nothing at all but Scally would want a sweetener to go, after all he did pay err um nothing for the club back in 1995. In reality he would only be tempted if he fancies retirement and his logic would be to demand the net present value of his personal fees which would probably be a couple of million.
The real dilemma for a buyer is how to keep the club in league 2. League 1 would mean higher wage costs but hardly any more income.
The real dilemma for a buyer is how to keep the club in league 2. League 1 would mean higher wage costs but hardly any more income.
Difficult to say exactly without knowing the current situation of the financing of the ground. The last accounts available are those to 31st May 2011, and the transfer in ground ownership back to GFC was after that. The 2012 accounts probably won't be available publicly until Feb / Mar 2013.
In the 2011 consolidated accounts (covering all PS companies relating to GFV) there was a net debt of about £13.5m, of which £10.1m was apparently a loan taken out against the ground, which was valued at £10.1m. So whatever deal was done to return teh ground to GFC will probably be significant in establishing the current actual debt of GFC.
I seem to remember somewhere PS saying that he would sell the club for £1 to the right person, but of course that person would take over responsibility for the debt. So assuming the situation isn't a great deal worse than reported in 2011, £14m should be the most you'd need to buy the club and pay off the debt.
Recent annual losses have been up to £500,000, so as a rough guide reckon on that as an annual excess of expenditure over income and you probably won't be disappointed.
In the 2011 consolidated accounts (covering all PS companies relating to GFV) there was a net debt of about £13.5m, of which £10.1m was apparently a loan taken out against the ground, which was valued at £10.1m. So whatever deal was done to return teh ground to GFC will probably be significant in establishing the current actual debt of GFC.
I seem to remember somewhere PS saying that he would sell the club for £1 to the right person, but of course that person would take over responsibility for the debt. So assuming the situation isn't a great deal worse than reported in 2011, £14m should be the most you'd need to buy the club and pay off the debt.
Recent annual losses have been up to £500,000, so as a rough guide reckon on that as an annual excess of expenditure over income and you probably won't be disappointed.
Agree with BRB, I have thought about it loads before now and if I won the big Euromillions I would drop a few million into the club and want a pair of seats for life and the use of a box from time to time plus stuff like invites to the end of season awards etc but thats about it.
I would want the money to be used as best helps the club and I believe PS would know where to spend it most wisely, I am a fan and would want a star player or something which probably would be an awful waste of my cash.
I would want the money to be used as best helps the club and I believe PS would know where to spend it most wisely, I am a fan and would want a star player or something which probably would be an awful waste of my cash.
Throwoff. For far less than a few million you could have a seat in the Directors Box and one in the dugout and the Awards ceremony would be organised at your house. As for PS knowing how to use your money he would tuck it up safely in Dubai.
At least in Dubai it is safe from the draconian UK tax system which frankly discourages effort and investment.
Erm.......stay here and get clobbered 40-50% tax or in Dubai and pay nothing to the UK to fund whatever is the ridiculous scheme of the moment. Knightsbridge housing for Somalian refugees anyone?.......And no I'm not a racist. Cynic...(I prefer the term objective realist)...........you bet.
Those that have to 'phone a friend on this one............take a good hard look at your wage packet and ask what you would do if in PS's shoes. I personally would be on a beach in Dubai and fly back for home games.......Business Class!
Erm.......stay here and get clobbered 40-50% tax or in Dubai and pay nothing to the UK to fund whatever is the ridiculous scheme of the moment. Knightsbridge housing for Somalian refugees anyone?.......And no I'm not a racist. Cynic...(I prefer the term objective realist)...........you bet.
Those that have to 'phone a friend on this one............take a good hard look at your wage packet and ask what you would do if in PS's shoes. I personally would be on a beach in Dubai and fly back for home games.......Business Class!