Chairman Backing

[Harpers So Solid Crew]

Yes, he has funded the club but only in the form of loans. He has not "given" the club any money at all.

This is almost certainly false.

Yes, he bought Lita out of his pocket for a start.

Sadly the accounts do not show that, though he may have just lumped it in the overal income figure. Overal players additions in the accounts say £2.8Mill, no sign that anyone paid for anyone tho by a donation

[Hoop Blah]

I think the 'paid out his own pocket' meant he had add more onto his loan for us to have the money, not that he just wrote a personal cheque to City and then wrote it off as a present.

[Yellowcoat]

I believe many of the earlier loans were converted into shares instead.

[bcubed]

Do I remember someone reproducing some key sections of the accounts here?
If so can you point out the post to me please

Thanks

[Svlad Cjelli]

Saturday's Whiff had a very detailed 3-page financial analysis of all of this, with extracts from annual accounts.

[brendywendy]

what a total bastard, knocking 20 quid off the price.money grabbing tosser..........

ST last year £375, this year £375, where is the £20 off ???????
Oh yes, if you dont renew it riddiculously early so we can bank the dosh and then sell a few then we will charge you £20 more !
Take yer rose tinted specs off

You seem to have forgotten to reply to this Wendy !
I guess because you have a billion odd posts we have to just accept you are right?

LOL- if you like

the answer is in your own post.

[Harpers So Solid Crew]

I am of the opinion that this is just the right time to Back JM as our Chairman, there is no future owner around, and there is a recession which appears to have hit JM hard at this point in time.

The ability to back loans like he has done in the past has probably gone for the time being, so money is likely to be scarce, perhaps the answer might be to see some redundancies at RFC, do we really need what appear to be so many people full time in admin roles?

[Emmer Green Royal]

[quote="Duke the Dog"]Slightly off topic, but until a club actually goes under and disappears completely, with the cause being financial issues, then fans will always want the cash to be splashed as there never seems to be a dire consequence once all the money has gone. [/quote]

Third Lanark and Airdrie have both gone bankrupt. Airdrie United is actually Clydebank.

[under the tin]

I am of the opinion that this is just the right time to Back JM as our Chairman, there is no future owner around, and there is a recession which appears to have hit JM hard at this point in time.

The ability to back loans like he has done in the past has probably gone for the time being, so money is likely to be scarce, perhaps the answer might be to see some redundancies at RFC, do we really need what appear to be so many people full time in admin roles?

I think it not only about his ability to back loans. I think that the will to do it has gone completely.
All that money lent/pumped in* over the last 20 years has only resulted in a brief sojourn in a billionaire's playground, where players wages effectively hoover up all the TV revenue. Perhaps he has reached the stage where he thought "what's the oxford point"?

I think there will be some blood letting over the summer, but I have my doubts whether letting some pen pusher go is likely to generate measurable impact on the wageroll, because what that pen pusher earns pales into insignificance compared to what an aging Ingimarrsson makes, or a Gunnar.

[bcubed]

Saturday's Whiff had a very detailed 3-page financial analysis of all of this, with extracts from annual accounts.

D'oh!

That was where I noticed it and then didn't get around to reading it. I was convinced I had seen it on HNA somwehere

Now that I have read it, it is a very good and clear summary of the financial situation

I wonder if the author is a nobber? if so perhaps he could post it here to end the debate once and for all?

[brendywendy]

accounts get posted every year. dont make no ruddy difference i tells ya- they all just say that madejski must be syphoning it off somewhere
and then the club is forced to come out and say JM hasnt taken any money out to pay his loans, or taken any out to prop up his other companys, and not taken a salary, and yet they still come on with all their wherehasallthemoneygoneing.
i just cant get to the bottom of it i cant

[bcubed]

accounts get posted every year. dont make no ruddy difference i tells ya- they all just say that madejski must be syphoning it off somewhere
and then the club is forced to come out and say JM hasnt taken any money out to pay his loans, or taken any out to prop up his other companys, and not taken a salary, and yet they still come on with all their wherehasallthemoneygoneing.
i just cant get to the bottom of it i cant

Don't know if you have seen this article in the Whiff but it's not just the accounts but there is a useful commentary and explanation
Might help you never know!

[STAR Liaison]

Saturday's Whiff had a very detailed 3-page financial analysis of all of this, with extracts from annual accounts.

D'oh!

That was where I noticed it and then didn't get around to reading it. I was convinced I had seen it on HNA somwehere

Now that I have read it, it is a very good and clear summary of the financial situation

I wonder if the author is a nobber? if so perhaps he could post it here to end the debate once and for all?

I am fairly sure the author is a nobber but you are deluded if you think anyone can end the debate for once and for all as every time the finances are mentioned the same questions are raised and the same prejudices appear despite factual information to the contrary (as well as the 'you can't trust accountants' arguement which nothing can ever counter).

[Royal Lady]

You can trust Accountants, you just can't trust that what they report is actually the 100% true version of what money has been earned etc. There are all sorts of "tax efficiency procedures" that Accountants use in order that companies/individuals pay less tax or whatever. Are you saying the accountants for RFC Holdings or whatever they call themselves, don't do this? If they don't, JM needs to find another accountant!

[STAR Liaison]

You can trust Accountants, you just can't trust that what they report is actually the 100% true version of what money has been earned etc. There are all sorts of "tax efficiency procedures" that Accountants use in order that companies/individuals pay less tax or whatever. Are you saying the accountants for RFC Holdings or whatever they call themselves, don't do this? If they don't, JM needs to find another accountant!

They certainly have no need at the moment as they have plenty of losses brought forward for tax purposes so they need to make profits of premier proportions for several years before they exhaust them.

[facaldaqui]

Saturday's Whiff had a very detailed 3-page financial analysis of all of this, with extracts from annual accounts.

D'oh!

That was where I noticed it and then didn't get around to reading it. I was convinced I had seen it on HNA somwehere

Now that I have read it, it is a very good and clear summary of the financial situation

I wonder if the author is a nobber? if so perhaps he could post it here to end the debate once and for all?

I am fairly sure the author is a nobber but you are deluded if you think anyone can end the debate for once and for all as every time the finances are mentioned the same questions are raised and the same prejudices appear despite factual information to the contrary (as well as the 'you can't trust accountants' arguement which nothing can ever counter).

To be fair, I think the majority here accept the financial realities, as this poll shows.

To those who keep piping up about money, I would just remind them that a football club is a vast loss-making hole into which money pours without cease. It's actually an achievement to keep a club afloat over a sustained period of time. Developing players and selling them is an absolute necessity of the business: the money brought in is largely going to be absorbed by the running costs and debts, leaving a relatively small sum to buy new players with: that's the reality. However, it doesn't doom us to failure, because most clubs are in the same boat (and many in a much worse boat). Teams like QPR and Leicester are obviously in a more privileged position financially; but then you get clubs like Ipswich and Boro that are spending a bomb and getting absolutely nowhere with it. Good management is our best chance of success, not gambling by the owner (whether that's Madejski or another).

[Millsy]

Much as I berate Madejski, unless there's someonw willing to put money in it's pointless him going.

Although he has the ambition of a peanut and wants to maintain us as a Nearly Club for his own financial gain he is still currently the best we have and to be fair he has done a lot for us already.

No hard feelings towards JM, who is actually a nice enough chap, but his time is up. He has achieved the dream of taking us up and he no longer has anywhere near the passion to take us to the next level. We may be kidding ourselves that he's *still* our saviour but the sad fact is we're all just waiting for someone to come along who will move us on to the next level i.e. get us back up and actually try to keep us up.

Until then we've got a nice but irritating chairman who is happy for us to be Reading Nearly Club and I'm afraid it looks like we're goin to have to lump it.

And the saddest truth of all is thanks to our sortsighted little Reading mentality 60% of Reading fans can't look beyond what he did in the past and haven't found a way out of his rectum yet and this perpetuates the problem of making do with a chairman who is less than we deserve, as the largest town in the UK, one of the most affluent places in the UK with an enormous catchment area.

*bangs head against brickwall of Rectum-inhabiting mongs*

[roadrunner]

Much as I berate Madejski, unless there's someonw willing to put money in it's pointless him going.

Although he has the ambition of a peanut and wants to maintain us as a Nearly Club for his own financial gain he is still currently the best we have and to be fair he has done a lot for us already.

No hard feelings towards JM, who is actually a nice enough chap, but his time is up. He has achieved the dream of taking us up and he no longer has anywhere near the passion to take us to the next level. We may be kidding ourselves that he's *still* our saviour but the sad fact is we're all just waiting for someone to come along who will move us on to the next level i.e. get us back up and actually try to keep us up.

Until then we've got a nice but irritating chairman who is happy for us to be Reading Nearly Club and I'm afraid it looks like we're goin to have to lump it.

And the saddest truth of all is thanks to our sortsighted little Reading mentality 60% of Reading fans can't look beyond what he did in the past and haven't found a way out of his rectum yet and this perpetuates the problem of making do with a chairman who is less than we deserve, as the largest town in the UK, one of the most affluent places in the UK with an enormous catchment area.

*bangs head against brickwall of Rectum-inhabiting mongs*

Couldn't agree more!! Great post.

[southbank1871]

No it's not, it's absolute bollocks.

"this perpetuates the problem of making do with a chairman who is less than we deserve, as the largest town in the UK, one of the most affluent places in the UK with an enormous catchment area."

That's one of the most ridiculous statements I've read for a while. Should we all rise up and protest, then 'a chairman we deserve' will come along and buy us? What sort of chairman do we deserve exactly?

[facaldaqui]

No it's not, it's absolute bollocks.

"this perpetuates the problem of making do with a chairman who is less than we deserve, as the largest town in the UK, one of the most affluent places in the UK with an enormous catchment area."

That's one of the most ridiculous statements I've read for a while. Should we all rise up and protest, then 'a chairman we deserve' will come along and buy us? What sort of chairman do we deserve exactly?

Yes, there's no such thing as size equating with getting a chairman you deserve. In fact, the larger the club, the more likely you are to attract grand tossers. Look at the sort of chairmen Liverpool and Newcastle got, for example. And I wouldn't want the likes of Bates, Mandaric, Ridsdale, Shinawatra, either. Nor are good nice chairmen always infallible--Steve Gibson, for example.

2 World Wars is jumping to the conclusion that those who accept the reality of Madejski's approach are uncritical. Obviously, we'd like to see more investment in players--but we don't necessarily feel we have a right to a better chairman.