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Bristol R*vers dustbin thread

42nite

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Eddie Hitler

Eddie Hitler

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Claims on their board that the club is up for sale on the QT.  Colour me surprised given that at the current rate of cash "burn", £2m a year, so that even allowing an uplift of the ground valuation to £15m there will be no net assets left by the end of this calendar year*

The sale must be that "fiancially viable" option that Wael kept going on about.

Hopefully (as I don't want them to go pop) the buyer will be a local businessman like Dunford who doesn't come in thinking that they are a combination of a "can't lose" property deal and a future Chelsea but instead realises that Division Three clubs lose money and his job is to minimise that loss.

 

* negative £9.9m net assets June 2017, add £12.5m uplift to stated £2.5m valuation of the ground means £2.6m of real net assets at that date or 15 months' of spend at £2m pa from 30 June 2017.  So 30 September 2018 but allow an extra few months for the player sale money.

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Monkeh

Monkeh

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4 minutes ago, Eddie Hitler said:

Claims on their board that the club is up for sale on the QT.  Colour me surprised given that at the current rate of cash "burn", £2m a year, so that even allowing an uplift of the ground valuation to £15m there will be no net assets left by the end of this calendar year*

The sale must be that "fiancially viable" option that Wael kept going on about.

Hopefully (as I don't want them to go pop) the buyer will be a local businessman like Dunford who doesn't come in thinking that they are a combination of a "can't lose" property deal and a future Chelsea but instead realises that Division Three clubs lose money and his job is to minimise that loss.

 

* negative £9.9m net assets June 2017, add £12.5m uplift to stated £2.5m valuation of the ground means £2.6m of real net assets at that date or 15 months' of spend at £2m pa from 30 June 2017.  So 30 September 2018 but allow an extra few months for the player sale money.

they won't find a buyer now because of the charges against the mem, and their level of debt

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Eddie Hitler

Eddie Hitler

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3 minutes ago, Monkeh said:

they won't find a buyer now because of the charges against the mem, and their level of debt

There will always be a buyer for a football club if the price is right:  supporters consortia who will pool their cash to stop it ending as happened at Exeter, starry eyed optimists who are convinced that they can succeed where everybody else has failed (see their current ownership!), or successful local businessmen who accept that it will be loss making but see it as putting something back into their community (our own Lansdown fanily, the Dunfords).

Though the canny ones will let it go into administration first so that they get it on the cheap; as Mike Ashley did with House of Fraser.

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Bristol Rob

Bristol Rob

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1 minute ago, Eddie Hitler said:

There will always be a buyer for a football club if the price is right:  supporters consortia who will pool their cash to stop it ending as happened at Exeter, starry eyed optimists who are convinced that they can succeed where everybody else has failed (see their current ownership!), or successful local businessmen who accept that it will be loss making but see it as putting something back into their community (our own Lansdown fanily, the Dunfords).

Though the canny ones will let it go into administration first so that they get it on the cheap; as Mike Ashley did with House of Fraser.

Would there be the same supporters who following years of fund raising and subscriptions have managed to buy a whopping 8% of shares at a vastly inflated price?

This doesn't scream dynamic.

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Eddie Hitler

Eddie Hitler

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3 minutes ago, Bristol Rob said:

Would there be the same supporters who following years of fund raising and subscriptions have managed to buy a whopping 8% of shares at a vastly inflated price?

This doesn't scream dynamic.

No, but it does whisper stability.

Exeter is a great example.  In the early 2000s they were the showbiz club - directors included Uri Geller and Michael Jackson (yes, that one)* - before inevitably collapsing and being rescued by their supporters to comfortbaly reside in th emiddle upper fourth division for years.

* http://news.bbc.co.uk/1/hi/entertainment/2088831.stm
 

Quote

 

Michael Jackson has been made an honorary director of Exeter City football club, his friend and co-director Uri Geller said on Wednesday.

The singer visited the third division club during a trip to south west England last month, hosted by psychic celebrity Geller.

"When I asked him what does he know about football he said 'absolutely nothing but I love Exeter City,'" said Geller.

Michael Jackson visited Exeter FC in June but did not sing

"We did this out of respect. He put Exeter City on the international map."

Jackson is now entitled to play a full part in the club's boardroom, including voting on key decisions about players.

He will also enjoy free admission to any games he may want to attend and will be able to travel to away matches with the players on the club coach.

 

 

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Monkeh

Monkeh

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17 minutes ago, Eddie Hitler said:

There will always be a buyer for a football club if the price is right:  supporters consortia who will pool their cash to stop it ending as happened at Exeter, starry eyed optimists who are convinced that they can succeed where everybody else has failed (see their current ownership!), or successful local businessmen who accept that it will be loss making but see it as putting something back into their community (our own Lansdown fanily, the Dunfords).

Though the canny ones will let it go into administration first so that they get it on the cheap; as Mike Ashley did with House of Fraser.

did exeter have a 10 million quid charge against its only viable asset (their ground) , were they losing near 3 million a season?,

The only way i can see supporters getting the club (rovers) is if they are liquidated or declared bankrupt 

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Eddie Hitler

Eddie Hitler

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3 minutes ago, Monkeh said:

did exeter have a 10 million quid charge against its only viable asset (their ground) , were they losing near 3 million a season?,

The only way i can see supporters getting the club (rovers) is if they are liquidated or declared bankrupt 

It's £2m and a lot of that is money spent on either trying to get a property transaction to work or (as recently suggested) sell the club which means a London office and lots of consultants and suits.  Scrap all that and the loss instantly drops below £1m; it used to be about £600k a year IIRC so they should be able to get it down to that.

The club isn't worth very much at all given the annual loss and the lack of assets but they do still have their own the ground, albeit mortgaged to the hilt, so take that on and pay the interest on the loan that they take on and it won't be seized and sold.

I don't think it's beyond saving at the moment or for the next couple of years; but the position is steadily getting worse and is going to consequently take much longer to recover.

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Monkeh

Monkeh

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2 minutes ago, Eddie Hitler said:

It's £2m and a lot of that is money spent on either trying to get a property transaction to work or (as recently suggested) sell the club which means a London office and lots of consultants and suits.  Scrap all that and the loss instantly drops below £1m; it used to be about £600k a year IIRC so they should be able to get it down to that.

The club isn't worth very much at all given the annual loss and the lack of assets but they do still have their own the ground, albeit mortgaged to the hilt, so take that on and pay the interest on the loan that they take on and it won't be seized and sold.

I don't think it's beyond saving at the moment or for the next couple of years; but the position is steadily getting worse and is going to consequently take much longer to recover.

not according to their accounts it isn't

Loss for financial year 2017 (3,046,563)

Loss for financial year 2016 (2,942,381) 

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Eddie Hitler

Eddie Hitler

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12 minutes ago, Monkeh said:

not according to their accounts it isn't

Loss for financial year 2017 (3,046,563)

Loss for financial year 2016 (2,942,381) 

I can't find my previous post on it but whilst these were the headline losses for those years they both contained big write-offs of previously capitalised costs relating to the stadium sale and UWE; so money that had been spent prior to their ownership but which had been (at the time) reasonably capitalised.  When it was clear that it wasn't going to happen then these costs were correctly written off but they aren't going to be an ongoing loss.

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glynriley

glynriley

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8 minutes ago, Maesknoll Red said:

Not so sure about all the outrage, I reckon if there was an adults only bar at AG screening such things, it would be rammed every match day.......  I can remember some trips to Wycombe and the pub there that had Saturday lunchtime strippers, was hardly boycotted by horrified City fans ?

The White Horse...

 

 

So I'm told...

 

 

 

?️‍♀️

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Bar BS3

Bar BS3

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9 minutes ago, Maesknoll Red said:

Not so sure about all the outrage, I reckon if there was an adults only bar at AG screening such things, it would be rammed every match day.......  I can remember some trips to Wycombe and the pub there that had Saturday lunchtime strippers, was hardly boycotted by horrified City fans ?

I have no idea which pub in Wycombe you are talking about and I have never been in it. Honest..!

#anyoneforasnickersbar

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