by Ian Royal » 09 Jun 2014 22:16
by MmmMonsterMunch » 09 Jun 2014 22:21
by Wycombe Royal » 09 Jun 2014 22:26
MmmMonsterMunch I've avoided HNA for weeks now. Should have stayed away for longer.......how utterly depressing this all is.
Echo RB's sentiments - major major fcuk up by JM here.
by Ian Royal » 09 Jun 2014 22:28
MmmMonsterMunch Quite a large mistake though wouldn't you agree Ian?! This could set the club back for years....
by MmmMonsterMunch » 09 Jun 2014 22:33
by RG7Fan » 09 Jun 2014 22:36
Silver Fox As nobody has got anything right so far can everyone just stop guessing?
by loyalroyaldaz » 09 Jun 2014 22:36
by paddy20 » 09 Jun 2014 22:40
Ian Royalpaddy20 As i understand it we couldn't possibly have lost all that money just on wages alone. Even the high earners would have seen their salaries cut by a third after relegation. That black hole has emerged through more sinister going ons. Why are the loan company calling in their loan? There are many other clubs in much more debt than us. How can we be in this mess when we have been prudent? It does not make sense.
Argument from personal incredulity. Means nothing. Even if the wage budget was cut by a third that goes from £46m to £30m. Our income in the Championship is about £15m not including parachute payments. So call it £31m total. We made a loss last year of £2m despite income of about £50+ last year. Showing that the wages are a huge slice, but not the whole pie. Quite easy for us to make a loss this season with wages having been cut by a third given other normal operating costs.
And if wages haven't gone down by that much, it explains a lot more.
by Ian Royal » 09 Jun 2014 22:57
MmmMonsterMunch I do think JM has fcuked up big time but not going to give him a load of sh1t about it. It is what it is. I'm stunned he could be hoodwinked in such a way.
He should never have given him a controlling interest or the final say on transfers etc without the full deal being done properly & funds provided.
by Ian Royal » 09 Jun 2014 23:01
paddy20Ian Royalpaddy20 As i understand it we couldn't possibly have lost all that money just on wages alone. Even the high earners would have seen their salaries cut by a third after relegation. That black hole has emerged through more sinister going ons. Why are the loan company calling in their loan? There are many other clubs in much more debt than us. How can we be in this mess when we have been prudent? It does not make sense.
Argument from personal incredulity. Means nothing. Even if the wage budget was cut by a third that goes from £46m to £30m. Our income in the Championship is about £15m not including parachute payments. So call it £31m total. We made a loss last year of £2m despite income of about £50+ last year. Showing that the wages are a huge slice, but not the whole pie. Quite easy for us to make a loss this season with wages having been cut by a third given other normal operating costs.
And if wages haven't gone down by that much, it explains a lot more.
There was a bit more to it than my own personal view. It was someone else with more knowledge. I don't buy this idea that its all down to wages - we had an owner albeit one with shrinking pockets. Not enough for loans to be called in. SJM has bailed out - why??
by PieEater » 09 Jun 2014 23:05
by Royal Rother » 09 Jun 2014 23:32
Ian Royal Any time you agree with RB on anything Madejski or finance related you need to take a long hard look at yourself.
Most of the information available is speculation and opinion, be it from Joe Schmoe or a 'journalist'.
The only mistake Madejski seems to have made is in falling for the hype of a knowledgeable and ambitious guy with a super rich father, who it turns out had deep pockets without very much in them because daddy wasn't playing and nor were his trust fund buddies.
We've been hearing for months about how we're doomed and about to go into administration. We certainly seem to have some financial problems. But it's far from clear how bad and how urgent they are. They're probably worse than last time we got relegated, but there's no way of knowing how much worse for the time being.
by Uke » 09 Jun 2014 23:38
MmmMonsterMunch I'm stunned he could be hoodwinked in such a way.
by Ian Royal » 09 Jun 2014 23:59
UkeMmmMonsterMunch I'm stunned he could be hoodwinked in such a way.
The thing about conmen is they are convincing and they pick on the vulnerable
Print business screwed, property portfolio collapsing, bit of an ego, etc...
The checkboxes were all ticked
by Uke » 10 Jun 2014 00:03
Ian RoyalUkeMmmMonsterMunch I'm stunned he could be hoodwinked in such a way.
The thing about conmen is they are convincing and they pick on the vulnerable
Print business screwed, property portfolio collapsing, bit of an ego, etc...
The checkboxes were all ticked
There's no real evidence AZ was even a conman either. More likely to have been naive and over-enthusiastic.
by leon » 10 Jun 2014 00:05
by 'lista » 10 Jun 2014 07:33
Uke The problem with very deep pockets is that you can't see what's at the bottom
by Platypuss » 10 Jun 2014 08:47
'listaUke The problem with very deep pockets is that you can't see what's at the bottom
A fluff covered Werther's Original.
by RoyalBlue » 10 Jun 2014 09:00
Ian RoyalUkeMmmMonsterMunch I'm stunned he could be hoodwinked in such a way.
The thing about conmen is they are convincing and they pick on the vulnerable
Print business screwed, property portfolio collapsing, bit of an ego, etc...
The checkboxes were all ticked
There's no real evidence AZ was even a conman either. More likely to have been naive and over-enthusiastic.
by Terminal Boardom » 10 Jun 2014 09:09
Royal RotherIan Royal Any time you agree with RB on anything Madejski or finance related you need to take a long hard look at yourself.
Most of the information available is speculation and opinion, be it from Joe Schmoe or a 'journalist'.
The only mistake Madejski seems to have made is in falling for the hype of a knowledgeable and ambitious guy with a super rich father, who it turns out had deep pockets without very much in them because daddy wasn't playing and nor were his trust fund buddies.
We've been hearing for months about how we're doomed and about to go into administration. We certainly seem to have some financial problems. But it's far from clear how bad and how urgent they are. They're probably worse than last time we got relegated, but there's no way of knowing how much worse for the time being.
They tested out his wealth.
They got Daddy's backing.
They got F&PP testing sorted.
All looked fine and dandy.
SJM got paid full whack for his 51%.
SJM got paid £5m bonus for promotion.
AZ injected funds into the club.
All still looked fine and dandy.
Then AZ had to back out. Easy to speculate that Daddy decided his son's toy might end up being too expensive but I suspect we may never know the truth of why that happened.
I really don't know at what point SJM could have backed out, and at what point he made a mistake.
He will be devastated by what has happened but that is business, and I really don't think he could have foreseen any of this happening.
Interesting point Mmm makes re allowing AZ to bring in vanity players on daft wages before he had 100%, but he HAD funded everything to that point and after all, if SJM had tried to stipulate in the sales agreement that AZ had no input into tfr strategy or wages until he'd paid for all 100% and that had been a deal breaker for AZ... just imagine the flak SJM would have had from Royal Blue!
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