Madejski Announcement

[NR_Royal]

I just do not understand how we could be making over a £10m loss every year. Our wages are pretty average for a Championship club. We don't have big name players, we don't have Premier League players. I really cannot imagine much of our current squad is on high wages.

[Royal Lady]

I've said it before and I'll say it again - the RFC accounts are lumped in with the Hotel accounts - the hotel refurbishment was something like £25 million - I wonder where that money came from?

[Terminal Boardom]

I've said it before and I'll say it again - the RFC accounts are lumped in with the Hotel accounts - the hotel refurbishment was something like £25 million - I wonder where that money came from?

That is a shit load of gold taps in anyone's language

[friday fan]

Southbank you can't expect fans to be satisfied with history ie past performances, play off and cup run was last year Barnsley is this year - am I missing something here as we had the competetive edge last season thats why we got to the play off final and a good cup run but some of those players have gone and not replaced. People have a right to ask a simple question and expect value for money, watching up and coming players who may need seasons to develop is not worth paying full price for and to expect fans to accept that is nonsense. We all know that up and coming players will be sold to the highest bidder once they are developed.

[friday fan]

Southbank you can't expect fans to be satisfied with history ie past performances, play off and cup run was last year Barnsley is this year - am I missing something here as we had the competetive edge last season thats why we got to the play off final and a good cup run but some of those players have gone and not replaced. People have a right to ask a simple question and expect value for money, watching up and coming players who may need seasons to develop is not worth paying full price for and to expect fans to accept that is nonsense. We all know that up and coming players will be sold to the highest bidder once they are developed.

[bigmike]

I am not reading that because I know that all it will say is I have never taken money out of the club We have to cut the coat according to the cloth.

Same as Last year the year before and the year before

Well you have read it because you've C&P'd from the article.

I didnt cut and paste from this article. I Know what it says its the same tripe that has been rehashed for the last 3/4 or even 5 seasons.

It seems that the wonderful Brick by Brick ethos has disapeared. I used to enjoy it when he came out with that wonderful pile of detritus.

He aint gonna invest his cash as it is dwindling however it does lead me to the point that there must be something serriously wrong with the club as it seems to be haemorrhaging cash.

[TFF]

I've said it before and I'll say it again - the RFC accounts are lumped in with the Hotel accounts - the hotel refurbishment was something like £25 million - I wonder where that money came from?

Can you demonstrate that to be fact?

[southbank1871]

Southbank you can't expect fans to be satisfied with history ie past performances, play off and cup run was last year Barnsley is this year - am I missing something here as we had the competetive edge last season thats why we got to the play off final and a good cup run but some of those players have gone and not replaced. People have a right to ask a simple question and expect value for money, watching up and coming players who may need seasons to develop is not worth paying full price for and to expect fans to accept that is nonsense. We all know that up and coming players will be sold to the highest bidder once they are developed.

OK, now I know you must be on a wind-up, or a bit thick, or possibly both. You're disregarding last season as 'history' and focussing on the last game, where it does sound like we were shit, but if we hadn't have missed two penalties, we would probably have won?

[Royal Lady]

I'll have a look - It is fact that the Hotel and the football club are in one big account - hence salaries includes hotel staff etc. I'll see if I can find out exactly how much the hotel extension etc cost.

[TFF]

He aint gonna invest his cash as it is dwindling however it does lead me to the point that there must be something serriously wrong with the club as it seems to be haemorrhaging cash.

Let me help.

There is something seriously wrong with football as it seems to haemorrhaging cash

[rollsy]

http://www.readingfc.co.uk/page/NewsDet ... 21,00.html

[southbank1871]

That's quite a claim, that Sig, Mills and Long were sold in order to pay for some new beds and bathrooms in the hotel. Does he even fully own the hotel, as it's a Millennium & Copthorne hotel?

[mr_number]

The hotel is actually owned by Millenium and Copthorne Hotels, which is a listed company, 53% owned by the Singapore-based City Developments. It is run as a separate company. Thus SJM does not own it.
What is likely to have happened is that SJM developed the building, then sold/ leased it to the hotel chain. Haven't got time right now to plough through the accounts, but some of the stories pedalled above are just plain incorrect from what you can see in companies house/ published accounts

[southbank1871]

You're not suggesting RL doesn't have her facts quite right?

[mr_number]

You're not suggesting RL doesn't have her facts quite right?

I'd never do anything of the sort.

[Royal Lady]

Why are the hotel accounts showing in RFC accounts then - it's been mentioned on here loads of times that the salaries stated includes those for the hotel - or were those people stating that wrong?

EDIT: Why was JM mentioned as the "client" on this then?

http://www.kovaraprojects.co.uk/madejski.html

[Bandini]

Rather than referring to things that other people write, why don't you take a look yourself and form your own opinion. That way, when challenged on something you would be able to back it up instead of making vague references to something that somebody on the internet (and they're never wrong) wrote.

[mr_number]

I'm not sure what accounts they're referring to, I'm just going from the accounts they submit to companies house. Millenium and Copthorne Hotels have more informative details because they're listed. There might be something that doesn't come out in the ones I'm looking at, but I'm not sure what they're referencing RL.
The company I work for has access to all the accounts that companies submit to companies house - you can apply for access yourself as an individual, but I think it costs an admin fee for each set of accounts you want to see. Millenium and Copthorne Hotels' accounts can be seen on the Investor Relations section of their website.

[Hampshire Royal]

They mentioned that Mr John Madejski was the client. He's actually Sir John Madejski. I'm not staying in the hotel if they can't even get a basic thing like that right.

[Schards#2]

The last set of accounts I saw, (which were published on a club policies thread I can no longer find) showed the hotel and the football club as part of the same group with the numbers of staff/wagebill incorporating hotel staff.