just read on google news that SD has manage to drop our overall debt from 50 mill to under 25 mill, great news well done lads keep up the good work, Im impressed good signings and dropping the debt
Overall debt reduced
- Thread starter Makemstine Roger
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no mate actual he managed it by cutting loads of running costs and a rate reduction from the council , the story comes from a local paper the Shields gazette i think
This was talked about in the most recent podcast. SD, not the group, had to show that he had access to £50 million when took over the club. That requirement then fell to £25 million, and subsequently lower than this even. That 72 minute podcast was very illuminating, discussing finances, current and future, the january window, losing maja and replacing him.
But he took the club on debt free 6 months ago.how on earth can we build that much debt and the cut it in half with out a shrewd of published financial information in the meantime? Sound like complete bs to me mate
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So nowt to do with debt then? All to do with the efl agreement of keeping finances in line, so he's reduced running cost to the point he needs less surplus?
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Yeah he's brought our operating costs down
If I remember right
50m running costs when he took over, 11m in revenue.
Now 25m running costs, and increased revenue (don't think actual revenue was stated, let's say 15m), so he only has to prove he can cover the 10m difference. I think.
Yep, we are still running at a loss, but it is sustainable for now, and less than was projected when SD bought the club
Hopefully a promotion, receipt of parachute money, and less legacy payments will move us closer to being in the black next year - fingers crossed
Hopefully a promotion, receipt of parachute money, and less legacy payments will move us closer to being in the black next year - fingers crossed
It was only the money owed to the banks that were written off.. Other debts were still outstanding..
He halved the running costs just getting rid of that parasite Rodwell!
...he says tongue in cheek
...he says tongue in cheek
Still had to pay of some Ellis debt and there was a bunch of transfer fees outstanding, wasn't there? Stewie doing a decent job and we're bloody lucky to have him. He'll get his when the club goes up the leagues and the money starts rolling in, but by then he'll have bloody earned it!
