DCCC Appeal for £6m

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The Colonel

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Pete Barron, Northern Echo reporter on Twitter. Front page tomorrow. :cry:

https://twitter.com/EchoPeterBarron

How has the County got themselves into this state?

Cant make the text out very well but it looks like they have some of the money pledged:

£2m/£3m loan from Durham County Council
£1m loan from the ECB
also the North East Local Enterprise Partnership is predicted to lend some

The question being asked is what they need the money for? Are they £6m in debt or what?

Disastrous TBH. It has been evident ever since they had to start selling Ashes tickets 18 months ago that there was trouble. How has this situation been allowed to develop into such a state?
 
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How?
1: Big money contracts for the likes of Harmison & Blackwell & T20 mercenaries
2: Little take up in the new function facilities built on the basis of the long term commercial success of the T20 cup (never going to happen) and regular England Tests.
3: Austins doing very little business except during matches.
4: Hotel, floodlight & stadium expansion plans falling through.
 
The Colonel said:
Pete Barron, Northern Echo reporter on Twitter. Front page tomorrow. :cry:

https://twitter.com/EchoPeterBarron

How has the County got themselves into this state?

Cant make the text out very well but it looks like they have some of the money pledged:

£2m/£3m loan from Durham County Council
£1m loan from the ECB
also the North East Local Enterprise Partnership is predicted to lend some

The question being asked is what they need the money for? Are they £6m in debt or what?

Disastrous TBH. It has been evident ever since they had to start selling Ashes tickets 18 months ago that there was trouble. How has this situation been allowed to develop into such a state?
Click to expand...

I find it disgusting if the council do give Durham this money particularly as we are owned by foreign investors. I'd rather see it go into administration and then go back into the hands of someone who can run the place properly.
 
Struts said:
How?
1: Big money contracts for the likes of Harmison & Blackwell & T20 mercenaries
2: Little take up in the new function facilities built on the basis of the long term commercial success of the T20 cup (never going to happen) and regular England Tests.
3: Austins doing very little business except during matches.
4: Hotel, floodlight & stadium expansion plans falling through.
Click to expand...
I have the accounts for the financial year ended 30 September 2008. The net debt at that time was £1.9m.

Since that time they have signed a deal with The Emirates, raked in money from The Ashes tickets as well as other international games.

They have made just 1 ground improvement in that time. The next accounts are due out in 3 months time. The wage bill must have killed them.

I'll try and buy a copy of The Echo tomorrow to get the full story.

eddyfinn said:
I find it disgusting if the council do give Durham this money particularly as we are owned by foreign investors. I'd rather see it go into administration and then go back into the hands of someone who can run the place properly.
Click to expand...
The Councillors are still discussing the loan. Difficult to comment further until we see what the article says. there is surely though an initial question mark over how Harker has allowed us to get into this state though.
 
The Colonel said:
Pete Barron, Northern Echo reporter on Twitter. Front page tomorrow. :cry:

https://twitter.com/EchoPeterBarron

How has the County got themselves into this state?

Cant make the text out very well but it looks like they have some of the money pledged:

£2m/£3m loan from Durham County Council
£1m loan from the ECB
also the North East Local Enterprise Partnership is predicted to lend some

The question being asked is what they need the money for? Are they £6m in debt or what?

Disastrous TBH. It has been evident ever since they had to start selling Ashes tickets 18 months ago that there was trouble. How has this situation been allowed to develop into such a state?
Click to expand...

So if I get made redundant by the Council - will I be owed my payoff by DCCC?! :eek:
 
This situatioin certainly requires some more explanation from the cricket club. A few points:

1. what exactly is the financial trouble? We know that they are in trouble but how have they arrived here?
2. What does "to secure the long-term future of international cricket at Durham – and without this it was difficult to see how the club could sustain its existing infrastructure" mean?
3. another example of the supposed shining beacon that is the private sector asking for a bailout from the public sector.
4. Why would the Indian co-owners be happy with the council running the business or having a bigger say? In fact where are the Indian financiers in all of this?
5. could this be a lever for the cricket club to ask the ECB for more internationals, similar to Cardiff/Glamorgan?

The website says virtually nothing about this - http://www.durhamccc.co.uk/news/county-council/ - in typical Durham Cricket style they reveal little.

I'll be interested to watch this situation develop but its a highly unsatisfactory situation.
 
& some people on here were whinging we should be spending money on an overseas player when it's obvious we're skint.

It's very concerning news indeed but I guess the best way to help the club is getting along to support them whenever possible (we have plenty weekend games).

People like Harmison are crippling the club, sooner the better he goes. That said the directors at the club need to take a good look at themselves, I've always thought Harker was out of his depth.

We've got a good crop of players, looking forward to the season.

Hopefully people can get behind the club and support them as much as possible

http://www.thenorthernecho.co.uk/news/10287407.Durham_s_plea_for_millions__months_before_Ashes_Test/

Article here
 
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eddyfinn said:
I find it disgusting if the council do give Durham this money particularly as we are owned by foreign investors. I'd rather see it go into administration and then go back into the hands of someone who can run the place properly.
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Agree with the point about bailing out the foreign investors but if the money they put in goes towards building a cricket school (and I don't know what it's for or what facilities already exist) or some other facility that's for the benefit and use of the whole community rather than just Durham CCC then I think it's fair enough.

If the debt was £1.9m last year then I can't for the life of me work out why they need £6m. I'm sure they've been very clear in their discussions with the various funding bodies as to what it's needed for but it would be interesting to know.
 
We're right in the shit and no no mistake.

Always thought the proposed £45m upgrade was a mistake. At the end of the day it's just a cricket ground which would only get to its capacity on international games, and then only the big ones.

We've been punching above our weight for a long time, and like the economy as a whole, it's coming crashing down big style.

I just hope those who bought five year memberships this year get their moneys worth out of them.
 
stretch said:
Surely going to make massive profit in the summer test
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You have to take into account the money that the cricket club will have to pay the ECB as a result of the bidding process to be granted an Ashes Test match.

And it's noticeable that tickets remain on sale for the first 3 days. I guess £80 a ticket seemed a good idea at the time...
 
The Boosh said:
And it's noticeable that tickets remain on sale for the first 3 days. I guess £80 a ticket seemed a good idea at the time...
Click to expand...

Considering the way things are going in the Aussie camp at the moment, £80 is an absolute fortune to watch us play an Aussie reserve team.
 
Aidan11 said:
I just hope those who bought five year memberships this year get their moneys worth out of them.
Click to expand...

Can't see that been much of an issue to be honest. I've bought a 5 year membership and don't forsee any problems. It may not be pretty to watch, but I'm fairly sure Durham CCC will still exist in the LVCC in the next 5 years
 
After reading the full report on this story it looks like the club is refinancing to be able to continue with the ground developments that will safeguard international cricket at the Riverside for the foreseeable future.

Of course, the papers and some observers will make a lot more out of it then there actually is, but refinancing is something that a lot of big businesses do from time to time.

Guarantees were made to the ECB when the bidding process took place for international matches and if Durham don't keep them then our chances of being awarded the important matches like the Ashes will diminish rapidly.

About ten years ago when we were getting beat week in week out a lot of supporters were critical that the club weren't spending enough money on big players, so then the club started bringing in bigger players from outside and rewarding the home grown players so as to keep pace with the bigger wages the recruits were getting, now many supporters (me included) are moaning about that, hindsight is a wonderful thing. If any professional sports club, no matter what the sport, want to have on-field success they have to speculate on players from time to time to reap the rewards, in Durhams case it brought one day success and two County Championships, worth the investment I think.

Like any other business, investment on its assets is crucial if it wants to survive and grow, more so in these tough times, and Durham are doing just that, it's investing in it's future to hold International matches which are themselves crucial if the club wants to generate income to spend on the playing side, which is really what most supporters are only bothered about.

So I for one don't think it's all doom and gloom, I think it's just another case of a business looking to the future to protect what it has and hopefully get through the tough economic times and come out bigger and stronger.
 
Who are the faceless goons that own the club?

About time they showed themselves
 
I agree you have to invest to accumulate but the quality of the investment is the key. Benks, Gibson and Divo were superb investments but a 4year contract to Harmison,whose never been known for his work ethic or commitment, renewal of Blacki and Plunkett's contracts,the former when not even recovered from shoulder surgery and the latter when he hadn't been capable of holding down a 1st team place for 3 years have to seriously questioned. The club has gone backwards i.m.o. since Martin Moxon and Gordon Hollins left the club-it was Moxon who formed the team that won the trophies.
 
The Boosh said:
You have to take into account the money that the cricket club will have to pay the ECB as a result of the bidding process to be granted an Ashes Test match.

And it's noticeable that tickets remain on sale for the first 3 days. I guess £80 a ticket seemed a good idea at the time...
Click to expand...

Tickets are still on sale where?
 
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