Time to Make Things Happen

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Cluster One June 16, 2017 at 21:04 The ibrox club paid …

Comment on Time to Make Things Happen by easyJambo.

Cluster One June 16, 2017 at 21:04
The ibrox club paid a reported £1.8 million for Joe in August 2016.Was the whole transfer fee paid in full or was it to be paid in instalments?And if it was in instalments,was there still money from the ibrox club to be paid?
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I would expect that Ipswich would pick up on any outstanding payments to Preston, with maybe a nominal amount going to TRFC.

easyJambo Also Commented

Time to Make Things Happen
bigboab1916 June 17, 2017 at 10:54
Ask Walker if he thinks it is the same club and if so ask him should the creditors who will be his fans be compensated.
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Knowing Jamie, I think he might struggle with that one.

Loyalty is a frequently misused term when talking about footballers.  For the vast majority of full time players in Scotland, it is simply a job.  It’s great if the club that you grew up with pays top wages, but for most players a move to a club that is willing to double or triple your wages is a no brainer.

Jamie has been at Hearts since he was nine and he will be 24 next month. That is loyalty, but if Jamie wishes to earn more, during what should be his highest earning period of his life, then I don’t think it is for us to say where he should or should not go.  He has a partner and a young kid. Let him decide where he wants to take his career.

That said, Hearts are also right to seek top dollar for a player with his ability.  I’m sure that Craig Levein is also well aware that the club will end up with nothing if Jamie sees out the final year of his contract.

Not every footballer, or fans, think about football in the same way as the internet bampots do.  I know that within my group of friends in the pub, that I am the only one who has followed the saga in any depth. Sure they may ask about a news story that may come up, e.g. the Whyte trial, but for the most part what has happened over the last six or seven years has barely registered.


Time to Make Things Happen
Cluster One June 16, 2017 at 21:34
Is this anything to do with the craig whyte court case?
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The TI (tortious interference) report was a series of allegations by Aidan Earley about how Worthington Group was undermined by several individuals.  There were a couple of references to the Whyte case in respect of Jerome Pension Fund, but also the hacked CF material, some of which allegedly ended up in the possession of financial blogger Tom Winnifirth, possibly via DCK.

I already have a copy of the unredacted TI report.


Time to Make Things Happen
JC – another report for your information.

https://www.bdo.co.uk/getmedia/122bd9c6-9902-4761-a124-58b86ffc7b70/RFC-Progress-report-to-30-April-2017.pdf

This time it is BDO’s 6 monthly report to creditors.  This one is dated 30 April 2017 although it was only published today.  The Creditors pot has been falling with every report and is now down to just over £15m.

The report makes reference to the H&J claim, so feel free to disclose anything you want about the claim, as I can’t see any reason not to if one of the main players has disclosed some information about it.

Wavetower did not lodge answers by 10 April 2017 and a hearing was therefore scheduled for 30May 2017 at which the Joint Liquidators intended to seek further directions. Shortly prior to the directions hearing, the Joint Liquidators received notice that Wavetower’s claim had been assigned to Henderson & Jones Limited (“HJL”) , a specialist purchaser of claims and litigation from insolvent companies.


Recent Comments by easyJambo

Fergus McCann v David Murray
Given that the blog has reverted to its seemingly inescapable time warp relating to events of 8-10 years ago, it is appropriate to mark the 10th anniversary of an event that set the ball rolling in contributing to
the sale of RFC for £1, its financial collapse and subsequent consequences of administration, 
liquidation, as well as Res 12. 

That event was HMRC's success in the Aberdeen Asset Management FTTT, the decision for which was published on 29 October 2010

RFC, who operated a similar Discounted Option tax avoidance scheme, had actually been presented with a Tax assessment as early as September 2007, which they appealed.  Their appeal was put on hold pending the outcome of the AAM case. Following the decision, HMRC issued RFC with a new offer to settle the following month.

The rest, as they say, is history and "in the past it must remain".  No matter how many times the blog returns to the events of 8-10 years ago, no-one in the football authorities or in the SMSM is listening, nor are they likely to change their mind now.

I believe that it is now time to move on. Not to forget what happened, but to move on all the same.

That is what I plan to do.


Fergus McCann v David Murray
bect67 26th October 2020 at 20:05

Probably an unfair question, but could you venture an opinion (for the less financially astute members of our community e.g. me!) as to what the comparable returns for TRFC might look like – assuming, in a break from their 8-year old tradition (?) that these be ‘unpockled’?

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You are correct. It is an unfair question mail, but we should get sight of the accounts in the next month or so.

We know they had a forecast £10m shortfall in last year’s accounts. That was almost certainly reduced by their unbudgeted extra EL revenue.  We also know that DK provided a £5m loan facility. We can also state with some certainty that Park, Letham and Taylor plus Gibson provided additional funding which has since been converted to equity in the recent share issue.

They will show a loss, albeit that it will have been covered by the loans/share issue. How much is still outstanding is anyone’s guess.   

They have operated with year on year losses, but despite the doom mongers forecasts they have found a way to remain afloat and grow their business, improving the strength of their squad and on-field performances year on year.

They may forecast further shortfalls for this current year, perhaps with yet another share issue, but there is nothing to suggest that their business plan is failing.  Indeed, they appear to be getting stronger on and off the park.  Their new merchandising deal appears to be working and bringing in additional revenue (I don’t know if SD walked away, with or without cash, or declined to make a matching offer).  They have also sold out their 46,500 ST allocation, meaning that their match day revenue will be as high as it can be in the circumstances.

Covid restrictions will still impact them, but I do think that they are in as good a shape as most other Premiership clubs to come out the other side relatively unscathed. 


Fergus McCann v David Murray
The fall in Celtic’s revenue is across all areas.

Football Operations down £7.5m
Merchandising down £3m
Multimedia and other Commercial activities down £2.7m

This current season could be even more challenging with the increased liabilities and reduced income. The club has also increased its revolving credit facility from £2m to £13m (still unused) just in case.


Fergus McCann v David Murray
Current liabilities  2020 2019 

Trade and other payables     20,744     13,957

Lease liabilities    604       –

Borrowings  1,364     1,364

Provisions    5,942      3,479

Deferred income    21,275    25,614

Totals                    49,929     44,414

Looking at the above figures I was trying to work out the ongoing liabilities for deferred wages.  I don’t know if it will be included in the £6.8m increase in Trade and Other Payables, or in the £2.5m increase in Provisions.

The drop in deferred income suggests a fall of £4.2m in Season Ticket revenue.


Fergus McCann v David Murray
The previous post should read "cash in the bank down"

https://www.londonstockexchange.com/news-article/CCP/results-for-the-year-ended-30-june-2020/14732713


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