Latest Championship Relegation Odds

[BUTTERBALL]

Coventry and Crewe in particular are tempting.

Forest are appaling odds at 4/9. I think they will stay up. Might have to lay a bit of 4/7 on betfair.

 

[jonogulls]

It's got to be Crewe!

8-1 for a team that hasn't won since New Year's Day?! And they've lost Ashton.

*off to the bookies*

 

[The Laughing Bluebird]

I'm confused. I thought Hammam had loads of money - why does he need to sell players to keep the club going and retain control?

Come on Bwian, you don't honestly think he's been spending his own money on Cardiff City all this time, do you?

Hammam's company has borrowed something like £30 million from the banks over the last few years, and has then loaned that money on to the football club at a 6% higher interest rate. That's how he's been buying players and paying the wages ever since he got here. He's also been taking out what are described in the accounts as 'management service charges' from the club each season. His wages last year were £583,333.

What's reportedly happened recently is that his company, Rudgewick Holdings, has reached its borrowing limit with the banks, so he can't borrow any more dosh to pay the wages. Due to the ridiculous salaries some of the players are on, the number of staff we've got (140 at the last count) and the interest on the loans, there is obviously far more going out each month than there is coming in. Therefore, the vice-chairman has been paying the wages since Christmas.

Now there is a power struggle underway, with the vice-chairman allegedly demanding more power and a bigger stake in the new stadium project if he is going to continue to pay the wages. Hammam apparently wants to retain control of the club and his large stake (something like 85%) in the stadium project, so he's flogging off the players to reduce the wage bill and cover the running costs until the project gets underway.

The accounts published on Saturday show that the club was in debt to the tune of £28,787,128 at the end of May last year. The annual wage bill was £9,781,123. Both are believed to have risen sharply since then.

The players and the staff got paid this month's overdue wages today thanks to Saturday's gate money and the cash the club got from Wigan for Graham Kavanagh on Friday, so there's no need to pass the buckets around at the Withdean just yet.

 

[Fluffster]

Fancy a flutter on Crewe to go down.

 

[Bozza]

My reading of things, LB, was that yes there is a loan from Rudgwick Ltd to CCFC (Holdings) Ltd last season of £1.68m and as you say was charged at 6% over base. But that is only £1.68m when in fact the accounts reveal that of that c£29m debt only £2.3m was owed to Rudgwick. Who the hell do you owe the rest to?

(And it's not Rudgewick Holdings - it's Rudgwick Ltd. It is, however, CCFC (Holdings) Ltd)

 

[Stumpy Tim]

I remember this being discussed when Cardiff started splashing the cash a few years ago. Cardiff fans buried their heads in the sand back then as two promotions were on offer. This was always going to happen. I imagine Chelsea will have the same problem when the Russian gets bored of his new toy

 

[C1 BHA]

Reading, Leeds and Cardiff for the drop.......hey, I can dream can't I?

 

[The Laughing Bluebird]

My reading of things, LB, was that yes there is a loan from Rudgwick Ltd to CCFC (Holdings) Ltd last season of £1.68m and as you say was charged at 6% over base. But that is only £1.68m when in fact the accounts reveal that of that £29m debt only £2.3m was owed to Rudgwick. Who the hell do you owe the rest to?

Most of the rest was owed to Citibank last season, but since then (in September 2004) the club has paid off that debt and has taken another loan of £24 million from another unnamed lender, believed to be Rudgwick again. That info was in today's Echo.

 

[Bwian]

Most of the rest was owed to Citibank last season, but since then (in September 2004) the club has paid off that debt and has taken another loan of £24 million from another unnamed lender, believed to be Rudgwick again. That info was in today's Echo.

And we lost the Goldstone for debts that by comparison to CCFC's are paltry

 

[Bwian]

so there's no need to pass the buckets around at the Withdean just yet.

Shit-with your debts we'd need a skip!