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Open Letter To Ellis Short/Petition

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TradingPlaces said:
Maybe Laurel and Hardy should try communicating and tell us all exactly what the situation is then.
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Coleman said that the club was up for sale. almost immediately there were similar press reports. No-one is going to say exactly what is going on; the same way as no-one ever says exactly what their transfer budgets are or what the monthly management accounts say. We have a lender to whom we owe £68m. They have the power to start insolvency procedures the minute their buttocks clench over whether or not they'll be paid. That requires a certain amount of discretion in what is said.
 
TradingPlaces said:
No he hasn't. Bain claimed in June that the club was "no longer for sale".
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More likely thinking 'this club is unsaleable' .... which is probably spot on.

Which is the very last thing the people who are owed money want to here.

Anyone suggesting Short should 'come clean' and be transparent with the supporters has never been in business.
 
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Scotty 1978 said:
So someone to buy the club needs, £50 million to Short, £68 million to pay the debt off and a few quid for a new team
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I believe there is a £20m bond on the £68m, so it's £48m we owe. However as we have perhaps £20-30m coming in from sales at the end of the season, that could be used to get the debt down to c£25m and it can then be refinanced over a new term.

In theory -and perhaps @Grumpy Old Man can assist with this - you could buy the club and pump in £30m for £80m. The debt can just be kicked down the line as long as a new long can be agreed.
 
Hank Scorpio said:
I believe there is a £20m bond on the £68m, so it's £48m we owe. However as we have perhaps £20-30m coming in from sales at the end of the season, that could be used to get the debt down to c£25m and it can then be refinanced over a new term.

In theory -and perhaps @Grumpy Old Man can assist with this - you could buy the club and pump in £30m for £80m. The debt can just be kicked down the line as long as a new long can be agreed.
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@Grumpy Old Man ?
 
Hank Scorpio said:
I believe there is a £20m bond on the £68m, so it's £48m we owe. However as we have perhaps £20-30m coming in from sales at the end of the season, that could be used to get the debt down to c£25m and it can then be refinanced over a new term.

In theory -and perhaps @Grumpy Old Man can assist with this - you could buy the club and pump in £30m for £80m. The debt can just be kicked down the line as long as a new long can be agreed.
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The club's had external debt for at least the last twenty years. It's a normal part of business. So long as it is at a level which can be periodically refinanced and the interest can be serviced comfortably it's not a problem. Our problem is that it's got out of hand in relation to where we are.
 
Grumpy Old Man said:
The club's had external debt for at least the last twenty years. It's a normal part of business. So long as it is at a level which can be periodically refinanced and the interest can be serviced comfortably it's not a problem. Our problem is that it's got out of hand in relation to where we are.
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With all due respect, you haven't answered the lads question.
 
GinoBartali said:
I love the fact people are prepared to mobilise themselves, and with specific reference to the fans group, take time out from work/family and try to do something here.

People do need at the same time, to have a sense of perspective.

It’s not the fans club. That’s perhaps the first, and most difficult thing for people to accept. It’s a private limited company owned by a private individual(s).

They have to answer nothing to us as fans. I don’t like that, but it is the case. Whilst I share their passion, some of the things that people on here are demanding answers to are ridiculously naive.
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I don't completely agree there. Yes, of course they don't have to answer to the fans but they'd be very daft not to. This isn't some massive business with millions of customers. If some customers get pissed off they can't just release a new range and try to appeal to a different demographic. It's pretty unique because we've just got them and they've just got us.

At this stage they've got maybe 30000 people who regularly buy tickets and merchandise, if they treat them with contempt and don't take their concerns seriously then they'll go, and there's no one to replace them. I actually think fans have a lot of power, especially away from the Premier League where their impact on a clubs turnover is significantly increased
 
Grumpy Old Man said:
Coleman said that the club was up for sale. almost immediately there were similar press reports. No-one is going to say exactly what is going on; the same way as no-one ever says exactly what their transfer budgets are or what the monthly management accounts say. We have a lender to whom we owe £68m. They have the power to start insolvency procedures the minute their buttocks clench over whether or not they'll be paid. That requires a certain amount of discretion in what is said.
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So Short has mortgaged the future of the whole club and fucked off, leaving the big decision to the main external creditor? Class.
 
Father Jack Hackett said:
So Short has mortgaged the future of the whole club and fucked off, leaving the big decision to the main external creditor? Class.
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He hasn't fucked off yet, that's the point, if he did it would leave the external creditors wondering how they would get their money back and they would almost certainly call in the administrators. (Unless Short left through an orderly sale and they were happy the new owners could repay the debt and interest)

The clubs always had external debt and this latest debt was taken out to pay off the bank overdraft and make cash available to the club.

The problem is we've been awful at player trading (Looking at most football clubs accounts this seems to be the difference between profit and loss - good transfers seem to be able to hide a load of bad financial management in other areas because the numbers are proportionally much higher than most other club income/expenditure)

The money spent kept us in the PL all of these years, which is what we all wanted and we are now seeing the result of not spending the money, we were between a rock and a hard place.
 
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