Eddie Hitler

I can't believe this; I'm actually feeling sorry for them. Not ******* like Henbury Gas obviously; but the decent fans. the ones I've known at work. The club is being filleted like a mackerel and they can do nothing about it. They are nine months from administration or sale and that will mean Division Four and a ground share again. They're ******; and they thought it was a new dawn. One team in Bristol is ringing true.

Simply: no. I'm speculating but I guess that this other company has booked it as a debt to BRFC which will be netted off the amount outstanding on the RCF ?£8.7m now,. So BRFC will be able to see out the season and end it with lots of net debt (my estimate will be the full £10m) and one asset against which that debt will be secured: the ground. Which can then be legitimately siezed leaving Rovers not owning any ground or training facilities, no cash and losing £1.5m a year. Bring back Nick Higgs!

So the payment to acquire the land was made by the Bristol Rovers 1888 company by drawing down upon the RCF secured upon The Memorial Ground. But the ownership rests with another company controlled by the al qadis and not with BRFC who actually paid for it. They're hollowing out the Rovers into a debt laden shell with no assets; one of these days they'll take the Mem to settle the RCF. Hey ho; Twerton would still take some tenants. Top research Bert.

It's all just say so but I read the fence one was in dispute for some reason rather than being an inability to pay. My back of a fag packet calculations suggests they still have £1.3m left to draw on the RCF so they won't be running out of cash now but without some player sales they will be by the end of the season.

For footballing reasons yes, but given their current rate of "burn" on the £10m credit facility secured against the ground (interest rate 6%) they do not have enough money to complete the season without arranging additional and very expensive finance. Or, and heaven forfend, the owners actually risking some of their own money as equity investment or unsecured loans. That £250k by my calculations would be just about enough to get them to the end of the season whilst staying within the £10m. Then it's sell or invest time.

Less than a year.

For £250k per the papers. MEGABUCKS

Or the company is just very badly run. Either way it's not good. Do you think they actually know? Maybe someone should do the decent thing and phone up their Company Secretary (I jest).

That's really poor. There's nothing hard about doing these statements and they just reflect the current position for shareholdings, registered office. Simple stuff. Criminal charges for the directors. Must stock up on popcorn.

Last year of contract for Bodin.

Ok, we'll have to wait until their accounts are published to see what's actually happened; or hasn't happened. Certainly there's a lot of money being spent from the £10m RCF secured upon their ground so it must have been spent on something.

Excellent spot Bert. That does raise a few questions.

I spoke too soon, Henbury has turned up that thread and is displaying his ignorance for all to see.

For all the "Buy a Brick" nonsense from the grunters on gaschat the posters on the intelligent gas board, Gas Guzzler (the one that "coincidentally" doesn't have Henbury Gas on it), actually have the situation spot on. E.g. this from "swissgas": http://gasheads.org/thread/6688/colony-update-brief?page=4

I'm sure that most of us on here only started following City after becoming fed up at trying to watch the Rovers yet week after week finding ourselves locked out of the game owing to the enormous crowds that follow them everywhere.

Dear oh dear; it'll be bring your own plastic chair and bucket to piss in next. The £10m security charge in the men will be fully utilised by the end of the season and Dwane Sports are charging 6% interest on their secured loan when a typical charge for a property secured loan at present is more like 3.5%. So the position by the end of the season if the club doesn't get sold is: Assets: Memorial Ground £11m Debts: Dwane Sports £10m fully secured upon the ground. Plus small unsecured overdraft (<£0.5m). Net assets: theoretical £0.5m but you couldn't secure anything upon that £1m as the Loan To Value ratio will be too high. So with no money, £600k annual interest costs, ?£1.3m annual losses before interest the whole thing runs straight into the buffers. Wael will be knocking on Dunford Jr's door to ask him to take on the club and £10m debt for a £1 as that way he stands a chance of getting his £10m back, a fire sale liquidation won't realise the full amount from the sale of the ground. Tick tick tick, nine months left to find a buyer. Good luck with that given that Higgs had to travel to Jordan to find a buyer last time when the club had millions in assets and the possibility of a new stadium. Maybe Kim Jong Un fancies taking on some sporting ambition.

I thought it was this forum auto correcting it to catch people out but haven't tested it. Here we go then: FTG (FTG) FTG (F T G) Edit: yes, the first one said U and this was replaced even when spaced out.

All of the shorts have now been recovered and all but two of the shirts so you can sleep safely tonight. Crimewatch in Gasland

I think he did, it was a "My First Football Club" present for him to play with to keep him occupied. If he had made a success of it then his family might have tried him with a proper one; as it is it's run into the buffers and it's now time to get out before the family have to put any of their money at risk (all currently secured against the ground) to keep it going. Spot on.

The Memorial Stadium was valued at £11m in the accounts; I'm not plucking that number out of the air. The Sainsbury's' valuation is distant history.

Corrected for you

Go on then.....

Hmmm. So Wael has taken the £11m Memorial Stadium and pissed away £8.7m of that on failed projects and chasing "the dream" of promotions. They now have sweet f a of net assets, he has spent none of his own money, and is bailing to try to make some idiot pay something over £2m for assets worth less than £2m. Richest Man In The World He has done this to them and still half of them think he's "a great bloke". Halfwits.

Wael's offering him his new five year contract in the traditional Jordanian manner.

Bristol Rovers FC 1885 1945 2015 There won't be room to get it all on the badge if they keep going bust and dropping out of the league!