How are SISU paying wages? (1 Viewer)

[NTFC]

etc for the general running of the club. Their cash flow must be abysmal.

 

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[mark82]

etc for the general running of the club. Their cash flow must be abysmal.

They're not skint.

 

[sky_blue_up_north]

Its a good question, no shirt sales, no sponsor, no season ticket... just wish they would feck off

 

[RPHunt]

That is the $64,000 question.

On top of wages, they have to find about £150k a month for the administrator and legal fees. Tell Cardoza not to accept any cheques!

 

[jimmyhillsfanclub]

Magic beans.

 

[theferret]

Their cash flow is non-existent. They are currently funding everything from their own resources. Still doesn't stop some people accusing them of 'milking the club dry' though! (I'm not defending them by the way).

It's an absurd situation. Why didn't they just bloody agree to the reduced rent deal. They may not have liked it, but the alternative is this, and this = no income at all. Madness the whole thing.

 

[jimmyhillsfanclub]

Their cash flow is non-existent. They are currently funding everything from their own resources. Still doesn't stop some people accusing them of 'milking the club dry' though! (I'm not defending them by the way).

It's an absurd situation. Why didn't they just bloody agree to the reduced rent deal. They may not have liked it, but the alternative is this, and this = no income at all. Madness the whole thing.

correct.

 

[skyblueiom]

Just because theyre a 'Mayfair based hedge fund' doesnt mean theyre rolling in cash....if their other investments are anything like the CCFC trade then they wont be earning any money at all! So maybe there is a chink of light in that they cant keep bank rolling the lawyers forever.

 

[LastGarrison]

It is an odd, odd situation and everyones belief that sooner or later SISU will have to cut their losses and run doesn't seem to be playing out.

I still don't understand what is "in it for them" and if it is just to distress ACL and get hold of the Ricoh you would have to imagine ACL are going to have to be pretty desperate to even consider selling to them at any point.

I was speaking to someone Saturday night who said (and I was a little worse for wear so don't take this as verbatim) that he believes it is a great vehicle for being able to write off tax from within SISU and the related companies (or something to that effect) so although they may be losing money on the football club they are actually saving more money elsewhere thus making it profitable for them. Fuck knows if that is even plausibe though.

 

[honestken]

etc for the general running of the club. Their cash flow must be abysmal.

will be about due payments from Newcastle and Derby for Bigi and Keogh and are more than likely touting the likes of Christie around clubs hoping to sell so they can put that towards the wage bill.

 

[CJ_covblaze]

Steve Brookfield mentioned at one of the forums that the club had only turned over 20k since the end of the season. Now this was 5-6 weeks ago but it's doubtful this total has been significantly added to.

 

[James Smith]

I mentioned this on another thread

Without looking at the stats my first thought is that Wycombe being relegated on a 1.8 million wage budget is also an exception to the rule.
The problem is that we have a lot of dead wood eating up the wage budget, some who would still be on championship wages

I'm not a financial expert and have limited experience of this so bear with me on this but something has been troubling me. Okay so I have had this thought before but it didn't really connect until I just re read the Trust Q&A again, and the news that the ball boys have been sacked. Just who is funding CCFC at the moment? We all know that SISU and their myriad of companies/offshore special purpose vehicles (Avro) etc. are currently holding the majority of our 'debt'. But are SISU still pumping money in to this, and the reason I thought about this was the following:

1: Who are your negotiation team ?

ACL: Paul Harris, Chris West. Although a wider number of Board members which included Martin Reeves and P.W.Knatchbull-Hugessen, were in attendance on 29 January 2013

CCFC: Tim Fisher, Mark Labovitch (came very late into the process) and John Clarke (has since resigned)

2: Does that team have the authority to agree a deal?

ACL: Yes – within clear parameters. This is normal practice. The 4 shareholder Board members were present on 29 January 2013. At the start of the meeting we specifically clarified that CCFC Directors were also authorised to agree a deal.

CCFC: Yes – if economics agreed got club to cash flow zero next season

http://www.skybluetrust.co.uk/index...full-version-of-qaa-to-acl-and-ccfc?showall=1

So from reading that I assume (and Tim feel free to correct me on any of this) that SISU don't want to put any more money in, as TF and ML couldn't agree to any deal which would cost the owners money. So as this was back in March maybe SISU haven't put anymore money into CCFC (for how long - who knows). So if that is the case and SISU aren't putting the money into the various companies to allow the paying of staff/players etc who is? Are we just living off cash in the bank and if so how long will that last given the administrator has to be paid, the ACL debt paid (does the escrow account need to be refilled?). Given the likely attendance at next seasons games and our drop in revenue, what are we going to do (apart from likely get relegated )?

And got the following reply form BSB

We do still have some commercial income from Football League TV rights and generosity payments from the Premier League and, if we ever sign up a sponsor, from them too. However it does mark a seemingly massive U-turn from SISU, going from their own version of NOPM to suddenly being willing to bankroll a new stadium and years more of heavy losses at Northampton. Was it another 'Timmy truth' or a genuine reversal in policy?

Maybe Young Timothy has been bank rolling us, does he have any serious money of his own?

 

[simple_simon]

Fisher said Sappala (the faceless bitch) is paying for everything.
Even with gates of 7K next season she will still need to pay out each month.

 

[jesus-wept]

Which makes the Football League decision to ratify this Sixfields move crazy. One of the main things about fit and proper is that the new owners don't return to administration in the future, otium have no income and no money in the bank and only gate receipts from "home" games played 35 miles away

 

[jesus-wept]

Fisher said Sappala (the faceless bitch) is paying for everything.
Even with gates of 7K next season she will still need to pay out each month.

Where are you going to get 7000 from ? Lucky to get half that

 

[Sky Blue Spud]

It is an odd, odd situation and everyones belief that sooner or later SISU will have to cut their losses and run doesn't seem to be playing out.

I still don't understand what is "in it for them" and if it is just to distress ACL and get hold of the Ricoh you would have to imagine ACL are going to have to be pretty desperate to even consider selling to them at any point.

I was speaking to someone Saturday night who said (and I was a little worse for wear so don't take this as verbatim) that he believes it is a great vehicle for being able to write off tax from within SISU and the related companies (or something to that effect) so although they may be losing money on the football club they are actually saving more money elsewhere thus making it profitable for them. Fuck knows if that is even plausibe though.

There has already been some suggestion that that may well be the case alongside a number of other high profile football club owners.

 

[elephanttears]

etc for the general running of the club. Their cash flow must be abysmal.

It's really simple, they have money to pay the wages but it will just get added to the debt of the club. And took off the debt and added back again which ever way suits there current argument best at that moment in time.