Chairman Backing

[andrew1957]

andrew :
ref 1: we had little choice since no one wanted to pay us 4 million for any of our other players-i absolutely agree that the sale will most probably cost us a shot at the playoffs though

Don't agree with this point. We did not NEED £4M last summer - in fact it has since been stated that the £4M was needed to fund next season's shortfall. In any case bearing in mind our relative lack of debt the bank would have lent us £4M for one season as an overdraft. It was the case of the club not wanting to borrow more rather than not being able to borrow more.

In my view this would have been a small gamble but the senior management obviously thought not worth taking. I think that it possibly shows the Chairman's lack of football knowledge. I think he might of underestimated how important Siggy was to the team and fully thought we could mount a promotion challenge without him - which of course we might yet do - be it unlikely.

the same bank who just called our 7 million overdraught back in?

ok then.


whenever the shortfall the money was used to fill it, and then the rest used to release cash for players wages and loan fees, and maybe save some for a rainy day.
no gamble about it- we take enough money in to pay the wage bill we are trying to reach. a loan, and therefore more interest payments would make that less likely, not more in the long term, and since JM isnt paying us free cash any more, we had no choice, like i said

I very much doubt the overdraft was "called in" in 2009 (a year before when we sold Doyle by the way) but rather that it it was due for repayment or renegotiation. It might be that the interest rate would have gone up and no doubt it suited the club to pay it off at that time. If you really think it is impossible to borrow money at the moment you are naive. After all virtually every other club in the land manages to do so - so unless RFC are deemed a far greater credit risk than say Plymouth - they can borrow money if they want to.

[brendywendy]

But the overdraft was for one season, i do not see a problem that we repaid it, wonder if that £7m was for the hotel?

since the hotel is part of the business that contributes its profit to us when it makes them, id guess that it some of the money spent from the 11 million deloittes say we spent on infrastructure would be for the hotel
its part of the stadium, so the clue is in the word infrastructure imo.

maybe you should get your magnifying glass out cleuso, you could uncover a massive conspiracy here.

[brendywendy]

Don't agree with this point. We did not NEED £4M last summer - in fact it has since been stated that the £4M was needed to fund next season's shortfall. In any case bearing in mind our relative lack of debt the bank would have lent us £4M for one season as an overdraft. It was the case of the club not wanting to borrow more rather than not being able to borrow more.

In my view this would have been a small gamble but the senior management obviously thought not worth taking. I think that it possibly shows the Chairman's lack of football knowledge. I think he might of underestimated how important Siggy was to the team and fully thought we could mount a promotion challenge without him - which of course we might yet do - be it unlikely.

the same bank who just called our 7 million overdraught back in?

ok then.


whenever the shortfall the money was used to fill it, and then the rest used to release cash for players wages and loan fees, and maybe save some for a rainy day.
no gamble about it- we take enough money in to pay the wage bill we are trying to reach. a loan, and therefore more interest payments would make that less likely, not more in the long term, and since JM isnt paying us free cash any more, we had no choice, like i said

I very much doubt the overdraft was "called in" in 2009 (a year before when we sold Doyle by the way) but rather that it it was due for repayment or renegotiation. It might be that the interest rate would have gone up and no doubt it suited the club to pay it off at that time. If you really think it is impossible to borrow money at the moment you are naive. After all virtually every other club in the land manages to do so - so unless RFC are deemed a far greater credit risk than say Plymouth - they can borrow money if they want to.

i treat your doubts with as much credence as i treat your other posts tbf.
it was stated at the time that the overdraught was called in due to the recession and "credit crunch"

all the banks suddenly got very jittery about the unsustainable debts accrued by football clubs, doubting their long term ability to repay them, due to the whole bad credit shizzle that erupted in the states.so it was called in.
though of course, this could easily have been a clever ruse by the club and chairman to steal some more of our hard earned cash for their own nefarious uses.

[Harpers So Solid Crew]

I don't think JM has stolen anything, after all the best he could have done was repay a loan due to himself, which figures show he has not done. It does appear that there is a shortfall in the infrastructure figure that has not been covered, of about £7m, according to the delloittes report.

The pitch would probably come under maintainance rather than improvement.

The car park crew cost RFC a massive ammount.

[andrew1957]

Yes Brendy, it is how banks work, it may even be a different bank, I just got 12 months interest free from a CC, yet barely a year ago I cleared the debt totally, now they want my business again. (silly sods)

now that is nonsense.


youre describing two different things. one is a credit card, one is a bank overdraught.
why would a bank see fit to call in, or close an over draught, then at the same time say do you want an overdraught again?
be that a £1500 overdraught like mine, or a 7 million one, like the clubs.

the only reason theyd do that would be to up the interest and charges deal i signed up to, and then rightly i, and the club would refuse and say no thabnks ill just pay it off please.

Brendy - I don't know if I can take you seriously if you cannot spell overdraft properly. The definition of overdraught is as follows.

o·ver·draught
a. A current of air made to pass over the ignited fuel in a furnace.
b. A series of flues in a brick kiln designed to force air down from the top.
c. The air so forced.

[brendywendy]

I don't think JM has stolen anything, after all the best he could have done was repay a loan due to himself, which figures show he has not done. It does appear that there is a shortfall in the infrastructure figure that has not been covered, of about £7m, according to the delloittes report.

The pitch would probably come under maintainance rather than improvement.

The car park crew cost RFC a massive ammount.

im talking generally to the shadowy group in the underbelly of the board that is the "wheres all the money gone" ers

as a proud proud member of the car park crew ill happily organise a meet, all tooled up at the car parking space, where we can fight to the death over who is right, and who is wrong.

[andrew1957]

[quote="brendywendy]
i treat your doubts with as much credence as i treat your other posts tbf.
it was stated at the time that the overdraught was called in due to the recession and "credit crunch"

all the banks suddenly got very jittery about the unsustainable debts accrued by football clubs, doubting their long term ability to repay them, due to the whole bad credit shizzle that erupted in the states.so it was called in.
though of course, this could easily have been a clever ruse by the club and chairman to steal some more of our hard earned cash for their own nefarious uses.
[/quote]

One of my businesses is in the field of finance and I can assure you that even at the height of the credit crunch it was possible to borrow money - the only issue is the rate of interest that might be charged. I am not saying the club were wrong to pay off the overdraft at that time - it was probably the prudent thing to do, but a new one could have been negotiated for £4M in 2010 at a much lower rate - as banking finance had improved by last summer. I have never accused the Chairman of stealing anything - just of lacking a little ambition and being too risk averse by selling Siggy rather than gambling a little.

[brendywendy]

Yes Brendy, it is how banks work, it may even be a different bank, I just got 12 months interest free from a CC, yet barely a year ago I cleared the debt totally, now they want my business again. (silly sods)

now that is nonsense.


youre describing two different things. one is a credit card, one is a bank overdraught.
why would a bank see fit to call in, or close an over draught, then at the same time say do you want an overdraught again?
be that a £1500 overdraught like mine, or a 7 million one, like the clubs.

the only reason theyd do that would be to up the interest and charges deal i signed up to, and then rightly i, and the club would refuse and say no thabnks ill just pay it off please.

Brendy - I don't know if I can take you seriously if you cannot spell overdraft properly. The definition of overdraught is as follows.

o·ver·draught
a. A current of air made to pass over the ignited fuel in a furnace.
b. A series of flues in a brick kiln designed to force air down from the top.
c. The air so forced.

A: LOl at anyone taking me seriously over anything.
B:i know ive won when the only thing you can pick me up on is spelling.
C:when correct spelling and grammar become something of any importance on this board, ill be struck off and you can go on labouring under misapprehensions in peace.
D: goto A
until then............

[Harpers So Solid Crew]

So if I was a businessman would I spend money on an Hotel or footballers, which is guaranteed a decent resale value after a couple of years?

I guess you are happy if the money was spent on the Hotel rather than the team, when we were calling out for fresh legs in the relegation season?

Lets tarmac the rest of the car park this summer instead of signing Leigertwood, long term it makes good sense. Why not make it a double storey car park while we are at it.

[brendywendy]

LOL at you gambling with someone elses money andrew.
and LOL at you generally.

regardless of your fantastic business acumen, you said the club wouldnt have had its over DRAUGHT(Brrrrr) recalled, when the club has stated thats exactly what happened, and then expect me to listen to you, someone who couldnt be bothered to look at the published accounts when he has concerns over the way the club is run

[andrew1957]

LOL at you gambling with someone elses money andrew.

I can assure you that I have taken plenty with my own!

Just negotiating the purchase of a well known commercial property in Reading - probably mad in the current economic environment but if you don't take some risks, what is the point.

[brendywendy]

So if I was a businessman would I spend money on an Hotel or footballers, which is guaranteed a decent resale value after a couple of years?

I guess you are happy if the money was spent on the Hotel rather than the team, when we were calling out for fresh legs in the relegation season?

Lets tarmac the rest of the car park this summer instead of signing Leigertwood, long term it makes good sense. Why not make it a double storey car park while we are at it.

as a business- i would hope and expect the club to invest in infrastructure, and playing staff about equally, with the money we got from the premiere league, when our stock was high.

which is pretty much what we did.

so to say it went on infrastructure rather than the team is rollocks.
how much was our wage bill, and transfer fee bill over those two years?

now that we arent in there raking the money in, id say it was stupid to go on investing in infrastructure at the expense of the team, which is exactly what we have done, so thats all good too.

moving forward, the hotel will be a net asset to the club, and as a result help the club pay to improve the team.

[Royal Rother]

One of my businesses is in the field of finance and I can assure you that even at the height of the credit crunch it was possible to borrow money -

Of course it was possible but, in the real world there was, and still is, bugger all money being loaned by banks that is anything other than virtually risk-free for them. So any loan to RFC would have been secured on SJM's precious nuts 5 times over, and why the fcuk should he be expected to do that?

[brendywendy]

LOL at you gambling with someone elses money andrew.

I can assure you that I have taken plenty with my own!

Just negotiating the purchase of a well known commercial property in Reading - probably mad in the current economic environment but if you don't take some risks, what is the point.

excellent, put in a bid with JM, and move this club forward man.


are you as rich as JM incidentally? as this is pretty much th eonly measure id look at when judging who knows more about making money, and taking risks

[Harpers So Solid Crew]

http://www.readingfc.co.uk/page/NewsDet ... 66,00.html

Only one I can find other than reseeding or returfing of the goal areas.

[brendywendy]

excellent work, thats another 1 million out of the 11 accounted for then.


or is it.................??????/?????/!!!!!!!!!11111eleven11!!!???????????

[Harpers So Solid Crew]

so 750k becomes £1m now, well done Brendy.

The hotel would have to do very well to put much more than Longs wages in each season IMHO, unless the Conference Centre was included, is that accounted for anywhere BTW?

[brendywendy]

so 750k becomes £1m now, well done Brendy.

The hotel would have to do very well to put much more than Longs wages in each season IMHO, unless the Conference Centre was included, is that accounted for anywhere BTW?

im pretty sure STAR said they contributed 5 million? when in profit pre recession.......dunno if i dreamt that, if it was in total, or per year, or whether they axctually said 500 quid and i got it wrong.
this was in response to a huge rant about exactly the same thing on BBCRB by tim dellor, which he almost imediately retracted when shown the accounts, and STAR came on here to explain that the hotel was giving us money, in order to quell the general where has all th emoney gone uprising, sort of the same time JM got bood on the pitch.

but again, since ive never thought the hotel was built with anything other than the holding companys money i have no idea why you keep asking me this shizzle

[brendywendy]

now im going home. id appreciate it of all you naughty boys and girls would stop posting on this thread now, and just wait till i get back in the morning so i can deal with your confusions then.

good night

[Harpers So Solid Crew]

Brendy get off the fecking spangles, that Hotel will never make £5m in a year, and it has been shown IN THE ACCOUNTS that the hotel owes more debt than the football club, JM is owed just over £8m by the football side and about £15m by the hotel.

I do not think that the debt for the hotel rose when it was extended by much, but as the search facility is shot for old stuff cannot show the figures.