£61m of debt wiped out in latest CCFC accounts (1 Viewer)

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skybluetony176

skybluetony176

Well-Known Member
torchomatic said:
TBF, I think Simon or the accountants or whoever at CT Towers would have checked first. To say it's all Fisher's doing is pushing it even for you.
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I just find it odd that members of a CCFC fans forum value questioning a local journalist for (I assume by accident) getting the figures wrong and putting a polish on them over a CCFC senior figure seemingly deliberately getting it wrong in an effort to blindside the fans (I believe blindside is a fancy word for bullshit).

The story isn't the telegraph misled CCFC fans, the story is a CCFC executive has misled fans.
 
Nick

Nick

Administrator
skybluetony176 said:
The story isn't the telegraph misled CCFC fans, the story is a CCFC executive has misled fans.
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Thing is, if the telegraph print it. They do actually mislead fans?

I am pretty sure if Simon says something or tim Fisher says something, more people would believe simon?

Although I don't think anybody is calling for simon to be sacked or slating him, like I am sure you would if it was Les reid?
 
torchomatic

torchomatic

Well-Known Member
I don't disagree. However, I still think that the figures should have been checked first, don't you? I thought that would have been number one at the top of the list of journalism "do's".

Local journalists have never been questioned on here before, have they? Or is it just Simon you're concerned for.

skybluetony176 said:
The story isn't the telegraph misled CCFC fans, the story is a CCFC executive has misled fans.
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Nick

Nick

Administrator
skybluetony176 said:
I've spoken to him a few times, good guy. Hate's SISU.
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Must make him a good bloke then ay?

Weird how people's minds work that after saying somebody is a good bloke that appears.

"Yeah so and so is a bit of a knob, he loves sisu"

"ahhhh top bloke, he hates sisu"
 
skybluetony176

skybluetony176

Well-Known Member
Nick said:
Thing is, if the telegraph print it. They do actually mislead fans?

I am pretty sure if Simon says something or tim Fisher says something, more people would believe simon?

Although I don't think anybody is calling for simon to be sacked or slating him, like I am sure you would if it was Les reid?
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When have I ever called for LR to be sacked?

Mocked his recent articles, yes. Called for him to be sacked, no. And neither would I ever do.
 
torchomatic

torchomatic

Well-Known Member
Remember the outcry after his JS interview. I don't remember you or others being so understanding about a "local journalist" then.

skybluetony176 said:
When have I ever called for LR to be sacked?

Mocked his recent articles, yes. Called for him to be sacked, no. And neither would I ever do.
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skybluetony176

skybluetony176

Well-Known Member
torchomatic said:
I don't disagree. However, I still think that the figures should have been checked first, don't you? I thought that would have been number one at the top of the list of journalism "do's".

Local journalists have never been questioned on here before, have they? Or is it just Simon you're concerned for.
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Clearly they should have been double checked (I assume that they were checked).

I'm sure Simon can look after himself as can LR.

My concern is that it is overshadowing the real story. Simon may have an account on here and can answer directly. Mr Fisher doesn't have an account (we believe) on here but you can be damn sure he read's what's on here and why should it be comfortable reading for him when he's trying to spin (another word for bullshit) us with distractions like the CT got it wrong?
 
torchomatic

torchomatic

Well-Known Member
Well, the CT did get it wrong because they didn't double-check the figures, unlike Fisher who deliberately span the figures to suit. Given his previous record I would have thought that CT would have triple checked the figures before publication.

I don't think people are distracted from the real story here; there's page after page of rightful stick being given to Fisher. And yes Simon can speak for himself. He's not usually too shy in posting on here.


skybluetony176 said:
Clearly they should have been double checked (I assume that they were checked).

I'm sure Simon can look after himself as can LR.

My concern is that it is overshadowing the real story. Simon may have an account on here and can answer directly. Mr Fisher doesn't have an account (we believe) on here but you can be damn sure he read's what's on here and why should it be comfortable reading for him when he's trying to spin (another word for bullshit) us with distractions like the CT got it wrong?
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S

steveecov

New Member
skybluetony176 said:
No. But if that's a serious question I think I've met the guy you're on about. He has a pitch at Brandon on one of the bends and has CCFC stickers in the back window. I've spoken to him a few times, good guy. Hate's SISU.
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Do you supply him with ice cream?

Seem to get a lot of people screaming on here.:)
 
Nick

Nick

Administrator
skybluetony176 said:
Clearly they should have been double checked (I assume that they were checked).

I'm sure Simon can look after himself as can LR.

My concern is that it is overshadowing the real story. Simon may have an account on here and can answer directly. Mr Fisher doesn't have an account (we believe) on here but you can be damn sure he read's what's on here and why should it be comfortable reading for him when he's trying to spin (another word for bullshit) us with distractions like the CT got it wrong?
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So Tim Fisher made the CET print the wrong story to distract from the real issues?
 
skybluetony176

skybluetony176

Well-Known Member
torchomatic said:
Remember the outcry after his JS interview. I don't remember you or others being so understanding about a "local journalist" then.
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I think you'll find I was communicating with Les directly at the time and posted several posts on his behalf having also asked questions on other poster's behalf. So you're very wrong. I was very understanding.
 
torchomatic

torchomatic

Well-Known Member
Apologies then. However, there were quite a few who lacked your understanding.

skybluetony176 said:
I think you'll find I was communicating with Les directly at the time and posted several posts on his behalf having also asked questions on other poster's behalf. So you're very wrong. I was very understanding.
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oldskyblue58

oldskyblue58

CCFC Finance Director
Interesting comments from football expert Keiran Maguire on CWR this morning at 21:32

http://www.bbc.co.uk/programmes/p02jrjph

The future isn't that bright with or without the new stadium it would seem and relies on consistently unearthing star players to sell on
 
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Astute

Astute

Well-Known Member
Nick said:
Thing is, if the telegraph print it. They do actually mislead fans?

I am pretty sure if Simon says something or tim Fisher says something, more people would believe simon?

Although I don't think anybody is calling for simon to be sacked or slating him, like I am sure you would if it was Les reid?
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I can't remember anyone asking Reid to get the sack. What was wanted was someone asking questions from both sides. He asked some good questions about CCC. We all know that he was in talks with Joy. But no questions came from it that we know of. And the questions are still the same......against any sort of opponent of SISU. Then he lost all respectability when he started having a go at everyone who had a different view from himself.

Then we have Simon. He doesn't hide who he is on here. He answers all questions put to him no matter what they are. He has asked questions to all sides. He even replies to the few on here that have thrown insults at him. He even joins in with the council tea boy thing. Yet some people try to make out that they are similar to each other.
 
albatross

albatross

Well-Known Member
oldskyblue58 said:
Interesting comments from football expert Keiran Maguire on CWR this morning at 21:32

http://www.bbc.co.uk/programmes/p02jrjph

The future isn't that bright with or without the new stadium it would seem and relies on consistently unearthing star players to sell on
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Just listened to this and found it thoroughly depressing. The University Lecturer in Football finance basically said we are bust , spending 140% of income on wages, our wage bill is not that high for league One and he cannot see what SISU's business plan is other than to get lucky.

Maybe Tim just found his lucky pants eh? I suppose he will be lucky if they are ever able to take out the 9 Million a year in dividends as per the new shares
 
stupot07

stupot07

Well-Known Member
albatross said:
Just listened to this and found it thoroughly depressing. The University Lecturer in Football finance basically said we are bust , spending 140% of income on wages, our wage bill is not that high for league One and he cannot see what SISU's business plan is other than to get lucky.

Maybe Tim just found his lucky pants eh? I suppose he will be lucky if they are ever able to take out the 9 Million a year in dividends as per the new shares
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Can you imaging fan ownership and 140% wages to turnover working.


Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors :)
 
O

oldfiver

Well-Known Member
oldskyblue58 said:
Interesting comments from football expert Keiran Maguire on CWR this morning at 21:32

http://www.bbc.co.uk/programmes/p02jrjph

The future isn't that bright with or without the new stadium it would seem and relies on consistently unearthing star players to sell on
Click to expand...

Did I hear correctly that he said ( paraphrased ) "once the company makes a profit then they will pay these dividends ". Well I would not attend one of his lectures because it will not be "when they start making a profit" but when they have cleared the current £11m deficit then £9m to cover the dividend.
 
G

Godiva

Well-Known Member
oldskyblue58 said:
Interesting comments from football expert Keiran Maguire on CWR this morning at 21:32

http://www.bbc.co.uk/programmes/p02jrjph

The future isn't that bright with or without the new stadium it would seem and relies on consistently unearthing star players to sell on
Click to expand...

Yes it is interesting, especially coming from an outsider expert. His explanation on the shares and dividends was very good.
But him being an outsider means he doesn't know everything related to this club.
He recognize the low revenue was from a season at Sixfields, but fail to recognize we'd moved back and the revenue will gone up considerably by next set of accounts.
He also says interests has been paid out, when clearly it hasn't - it's been added to the debt and some even converted to shares.

Regarding the stadium situation he says on one hand the clubs situation is comparable to Stockport, on the other hand he says effects of a new stadium wears off in a couple of years. I would have loved some more details on both situations as he kind of indicated we're lost if we stay and we're lost if we move.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
wont even be that oldfiver because the P&L account is currently at minus 76m. I think he probably meant makes a distributable profit. The rest of what he said still makes sense

It would seem that the right to 15% accrues over the years irrespective until such time as distributable profits are available to pay it - cant see that ever happening to be honest

Its all cloud cuckoo land but it does lock any profit a new investor might foresee in to SISU & ARVO.

Not too many profitable clubs around and certainly not many profitable ones that boast the best things have been in years and are a minimum of 11m in interest bearing debt - let alone preference shares

I have to assume this is all being done to benefit the investors first and foremost not the club
 
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G

Godiva

Well-Known Member
oldskyblue58 said:
wont even be that oldfiver because the P&L account is currently at minus 76m. I think he probably meant makes a distributable profit. The rest of what he said still makes sense

It would seem that the right to 15% accrues over the years irrespective until such time as distributable profits are available

Its all cloud cuckoo land but it does lock any profit a new investor might foresee in to SISU & ARVO.

Not too many profitable clubs around and certainly not many profitable ones that boast the best things have been in years and are a minimum of 11m in interest bearing debt - let alone preference shares
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So, how does that tie in with what you previous said about a possible change of ownership this or next Summer?
 
SkyBlue_Bear83

SkyBlue_Bear83

Well-Known Member
albatross said:
Just listened to this and found it thoroughly depressing. The University Lecturer in Football finance basically said we are bust , spending 140% of income on wages, our wage bill is not that high for league One and he cannot see what SISU's business plan is other than to get lucky.

Maybe Tim just found his lucky pants eh? I suppose he will be lucky if they are ever able to take out the 9 Million a year in dividends as per the new shares
Click to expand...
Exceptional circumstances though for the years accounts, it isn't typical of a regular year.
 
G

Godiva

Well-Known Member
CCFC said:
Exceptional circumstances though for the years accounts, it isn't typical of a regular year.
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When was it ever?
 
J

Jonty1

New Member
oldskyblue58 said:
wont even be that oldfiver because the P&L account is currently at minus 76m. I think he probably meant makes a distributable profit. The rest of what he said still makes sense

It would seem that the right to 15% accrues over the years irrespective until such time as distributable profits are available to pay it - cant see that ever happening to be honest

Its all cloud cuckoo land but it does lock any profit a new investor might foresee in to SISU & ARVO.

Not too many profitable clubs around and certainly not many profitable ones that boast the best things have been in years and are a minimum of 11m in interest bearing debt - let alone preference shares

I have to assume this is all being done to benefit the investors first and foremost not the club
Click to expand...

Not sure they had much choice. They couldn't leave the liabilities in Holdings as it would otherwise have had to be liquidated as an insolvent company which would probably have meant another points deduction. I'm guessing that to secure the golden share they would have had to ensure holdings wasn't left with debts(and so provided a guarantee as noted in the accounts). I'm sure the Football league wouldn't have allowed the new club 'Otium' to be landed with this debt so no option other than to capitalise it. I can see no benefit for the shareholders in them having this as preference shares rather than debt. The guarantee creates the charge in the accounts which is satisfied through the issue of shares.
 
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