going back a few days ago

[Dave the OAP]

Yorkie said on another one of these...its all doom and gloom threads that we were 12 million in debt!

Now I have been trying to work out if this could possibly be true or it is wild exaggeration

Anyone any idea?

 

[Trigger]

It is the official party line.

 

[Dave the OAP]

how can we possibly be 12 million pounds in debt?

 

[sir danny cullip]

Some other thread broke it down, we owe directors certain millions (about 6 i think) then tax people another lot it all added up to around 13 and a half million I think.

 

[BUTTERBALL]

I'd rather the £280k Kazim-Richards cash went to servicing that debt rather than the club going out of business.

 

[Brighton Breezy]

Do we owe Dick Knight the £1.3m he has ploughed in more than a DECADE..?

 

[Barrel of Fun]

how can we possibly be 12 million pounds in debt?

We have missed out on approximately £30m* revenue over the last 10 years.



* That is a figure based on an attendance of 12,000 at Falmer Stadium (I believe).

 

[Dave the OAP]

Some other thread broke it down, we owe directors certain millions (about 6 i think) then tax people another lot it all added up to around 13 and a half million I think.

So basically, this comes from the board who have been telling us that we are running the club on an even keel and there is funds available for such things as a transfer kitty.

This is way more than the debt Archer paid off when he sold the ground which was I seem to recall 6million!

So lets say hypothetically we owe 13 million....falmer is a Yes.....3 years later we are what...18 million in Debt...then what...50 million to build a stadium


And people seriously thinking we will be paying £20 a ticket at Falmer....

 

[Dave the OAP]

We have missed out on approximately £30m* revenue over the last 10 years.



* That is a figure based on an attendance of 12,000 at Falmer Stadium (I believe).

Which is bollox.

You could use the argument that we have lost out on 100's of millions because we are not in the Champions League......or 100's of millions because we are not in teh premier league....or 100's of millions because we are not manchester United.

 

[Barrel of Fun]

So basically, this comes from the board who have been telling us that we are running the club on an even keel and there is funds available for such things as a transfer kitty.

This is way more than the debt Archer paid off when he sold the ground which was I seem to recall 6million!

So lets say hypothetically we owe 13 million....falmer is a Yes.....3 years later we are what...18 million in Debt...then what...50 million to build a stadium


And people seriously thinking we will be paying £20 a ticket at Falmer....

The debt can be serviced and we cut our cloth accordingly. We can't spend any less on the team otherwise we would be in freefall! The money owed to the taxman is minimal and thankfully a large proportion of our debt is owed to the Directors and they are unlikely to call that in.

 

[Uncle Buck]

However are the debts to directors ones that they will not get back, they will simply be converted into shares (I think), once the new ground is built.

 

[Dave the OAP]

However are the debts to directors ones that they will not get back, they will simply be converted into shares (I think), once the new ground is built.

which is how it happens ...so therefore quoting a figure of 12 or 13 million in debt to justify not spending money is total bollox.

 

[Barrel of Fun]

Which is bollox.

You could use the argument that we have lost out on 100's of millions because we are not in the Champions League......or 100's of millions because we are not in teh premier league....or 100's of millions because we are not manchester United.

www.clubsincrisis.com/ It was on here somewhere, but I cant find it again.

The 12,000 figure makes sense as that is the projected attendance needed to service our Falmer Stadium mortgage repayments.

 

[Uncle Buck]

which is how it happens ...so therefore quoting a figure of 12 or 13 million in debt to justify not spending money is total bollox.

But you know how it works, that figure is used by apologists to justify lack of action every summer.

 

[Brighton Breezy]

Is the debt not a fictional one based on how much we WOULD have earned if playing in a decent stadium etc and on loans from directors which, as Uncle B says, will be cashed in for shares once we reach Falmer?

It is just something the club can throw at the Falmer debate which I guess is effective.

Just a shame they also use it to justify lack of investment in the squad.

 

[Trigger]

which is how it happens ...so therefore quoting a figure of 12 or 13 million in debt to justify not spending money is total bollox.

Oi, get back on that official party line, NOW!

 

[Beach Hut]

Not convinced this is actual debt owed as previously stated it will be converted to shares.

Also some of it is conjecture over lost revenue which is pointless as it is lost therefore not worth arguing the toss.

 

[Barrel of Fun]

Also some of it is conjecture over lost revenue which is pointless as it is lost therefore not worth arguing the toss.

Handy to strengthen your agrument for the real need of a stadium. Even though Prezzer said that there was no tangible evidence to suggest we would go out of business if we did not get Falmer.

 

[Lord Bracknell]

Yorkie said on another one of these...its all doom and gloom threads that we were 12 million in debt!

Now I have been trying to work out if this could possibly be true or it is wild exaggeration

Anyone any idea?

These are the figures posted on the other thread ...

According to the accounts, we have creditors who are owed £13.4 million, which include:

Overdraft £335k
Season ticket holders payments in advance £1.3m
Suppliers £506k
Tax £494k
Group company (i.e. the directors) £5.4million
Directors current accounts £530k
Bank loan £4.4million

 

[tedebear]

which is how it happens ...so therefore quoting a figure of 12 or 13 million in debt to justify not spending money is total bollox.

No but having a £335k overdraft which you have to service every month, all throughout summer, is a little disconcerting?

could you service that much interest each month?