The accounts also show that the club has retained an option on returning to Sixfields should there be a problem at the Ricoh Arena.
That's a turn up for the books. I suppose they could always hold out claiming their shares are worth £60m but they must know they are never going to see that money again.
If the debt has been wiped out in the clubs accounts does it follow that it's also wiped out in the accounts of the lender? I assume it must be as you couldn't really submit your accounts saying you were owned £60m when the organisation that supposedly owes you it doesn't list a debt.
The accounts also point to the club’s ambition to build its own stadium and indicate that the cost of this would be met by a separate, but associated, company. ?
So CCFC wouldn't own this new stadium either ?
Oh dear, back to Northampton when they piss the Wasps off...
Ouch, the club lost £6.87M over the period. Almost double what Wasps lost!
You hope.
I truly don't, but SISU hardly have a great record in building relationships, they seem to prefer threats and scorched earth...
The company also accrued £5.6million of administration expenses and almost £2.1million of loan interest - but club officials insist the owners have not taken any money out of the club. They say the figures must be included on the balance sheet for accounting purposes.
Surely not all of the £5.6m on administration would be Sisu related, some of it would be legitimate wouldn't it?
Anyone who can shed light would be appreciated.
Can anyone explain that bit a bit more? Is that £7.7m part of the £8.4m loss? But it wasn't actually taken out, so the "real terms" loss would be more like £0.7m, right? Or have I got that wrong?
Surely not all of the £5.6m on administration would be Sisu related, some of it would be legitimate wouldn't it?
Anyone who can shed light would be appreciated.
conversion of the loans to equity is a good thing... the only way they (sisu) can get that money back is have some value added to the club and make the shares worth something.
In my opinion that was a good move by the league and something that SISU would not have done off their own free will.
<flips coin> Heads. It's a bad thing...
as I understand it these are the management fees that the owners continue to charge the club wuth.
SISU apologists should note that these are far higher than any rent!!!
There will probably be legal fees in there as well...ummm wait a minute why did we incurr those?
also , the only way they can get a return if those shares become worth someting...so my take is good news. smart move by the league!
sure OSB will add his more depth analysis...
fair point...could be the actual charges of the administrators..although i would have thought they would have been paid out if the net assets of the co. in adminI get that, but there must be some genuine administration that needs doing at the club, it can't all be dodgy Cayman companies and lawsuits.
I guess all of it is legitimate if they have been funding our losses.
I read the article as saying Sisu weren't actually taking that fee, but it was being shown on the accounts and so going onto the debt owed. As opposed to actual cash leaving the business and needing to be borrowed....now I write I out I see there's not really any difference.
Besides the obvious fact we are now less in debt than before there are a couple of upsides to this that I can see. 1) the only way for SISU to now get a return is success on the field, the idea that they can take millions out of the club when players are sold as they are 'owed' it is out the window 2) we become a more attractive proposition for a takeover. Any takeover will most likely be for the famous £1 but the issue has always been what happens to the debt, now the debt is a lot lower it should become a more viable proposition.
It makes it even more of a shame that the Ricoh is go, had that not happened in light of this news a potential new owner could be looking at picking up the club and ACL for somewhere in the region of £20m. That's a big change from when we were talking about someone having to pay SISU £60m plus £20m or more for ACL. Sadly now any potential new owner will still need to find the finance for a new ground if we want to challenge above L1 level.
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