BadFish
Huge Member
- Oct 19, 2003
- 17,904
A lot of the usual comments have surfaced I see. Just a few that I feel the need to 'bite back' on.
Firstly, the use of hindsight that many of you are using to validate your own arguments regarding the secure future that TB is providing for you. Whenever a Palace fan points out that the huge investment that Bloom is putting into the club is reminiscent of what Jordan or Goldberg did for Palace - it is met with the usual "but they were spivs" or "they were clueless and Bloom is a very shrewd operator". In hindsight, yes, SJ and MG were plonkers who wasted the fortunes that they had amassed. Amazingly, while the times were good and players were arriving and the club showing intent by signing good players we thought that they'd be securing our future. Few Palace fans were questioning the source of the funds. Indeed we'd 'heard' that they were minted and they had investors etc etc.
The sad reality hit when part of the business model hit the skids (i.e. ITV digital not providing the revenue stream SJ was promised) or investors got twitchy off the backs of god-knows what and starting a chain reaction. Essentially, when a single-financed benefactor is paying for everything it takes a change in their personal financial situation to expose the house of cards for what it is. This is the point that I think is important.
What this leads onto is the next point that many throw up. Namely, "That's rich coming from a team who were twice in admin". But don't you see, that is the f***ing point!??! we've seen what can happen when the financing stops and the hangover starts. We are probably some of the more 'qualified' fans to actually show up some potential pit-falls along the way. Undoubtedly some of us Palace fans will be making the point about TB's wealth as a point-scoring subject. Not me. I am genuinely trying to point out that, in hindsight, do continue to question where the money comes from and try and get a good understanding of how much of a loss you run at (if at a loss at all).
I have no reason to doubt Bloom' wealth over any other chairmen in football - however, what should be slightly sobering is that even if all this £100m+ money has come from Bloom personally - then a) that'll have significantly dented his personal fortune b) that means that the club owe more than it is worth and c) the model is probably designed on Prem football within the next 2 - 3 years with a view to staying there long-term. If the last point is true, then this is where the hard yards start for you and Bloom. Does he continie to 'chase the dream' and fund promotion challenge after promotion challenge? If so he could find that he has skinted himself out, and then is looking to offload a club a cut-price - who knows where that'll leave you? Alternitively, does he spend what is left on trying to keep you in the prem should you get there? Conundrums that have baffled and skinted some of the most 'savvy' businessmen that have entered club ownership. If the £100m isn't all TB's, then you have other investors on board who will want repaying at some point. Again, directly linked to your 'success'.
Leading onto one of the final points - "because he is a fan and his family have a long-standing association with BHA, it makes it sure that our future is secured". Sadly, it doesn't work that way. In some ways the bigger the fan the more the heart rules the head and financial mismanagement can occur. As I said before, a change in Bloom's circumstances could mean that the funding stops, certain creditors to him personally start demanding moeny back and the spiral occurs again. How long his family have been associated with the club will mean naff-all.
Just to finally answer questions relating to our own chairmen - as I've said before, they came in with a view that the club was not to rely soley on their finances beyond the initial investment of purchasing the club and the ground. Perhaps each year a few hundred thousand they will absorb, but the aim is total self-sufficiency. That could be 10 years of treading water, that could be a gradual improvement (as is the plan with DF and co) but I'd take that over the SJ years any day of the week. It has been shown in a few cases that combined wealth is in the region of £1bn, but that really is irrelevant as they aren't going to dip into that very much at all. And on the point of not paying the creditors - that is a complete moot point. They purchased a business and (as any decent businessman will tell you) you try to acquire the product for the lowest possible price. Let me use this analogy one more time. If you bought a house at auction for a knock-down fee, would you feel that you should also pay-off the creditors of the houses previous owner? Thought not.
I'm sure you'll all shoot this post down in flames, but I am not trying to point-score here. Continue in your absolute belief that no harm can ever come to BHA now that their super-human fan TB is in charge. I promise that if it all goes t1ts up I won't say "I did warn you". Honest.
Thanks for this post, some of us appreciate what you are saying. I personally hope that The board keep the club running within its means (currently I think we are) and let that take us wherever it takes us. I think the Premiership has proven itself again and again to be a poison chalice that has caused problems for many clubs. I read an awful lot of blind faith on this board with regard to Tony Bloom (and will no doubt be vilified for posting this) and although I thank him for everything he has done for the club I think, as you say, it pays for us to keep asking questions and ask to be kept informed of what is going on at the club.
Was there talk of supporters being represented at board level? Did that happen? are the official supporters club in close contact with the board?
