It's your English - Spunking away means being free with your money, or being wasteful with it. Most clubs have their eggs in one basket with a majority shareholder or owner.
Indeed quite sobering that he puts in roughly £2750 a day!!! And despite that we wound up lower in the league than when he started, not to mention not winning a single FL/FAC game.
Who would be a football club owner....
yes im thankful BUT equally concerned if he gets bored etc where does that leave us? All our eggs are basketed up in one basket. Not sure id describe him as "spunking away" in the same sentance as a compliment though! (or maybe that mine English)
It leaves us in the same position we were in when PH got bored last time. And before that with Majeeds.
Struggling and relying on a rag bag of non contract and loan players (remember Pogba, Youga, Anderson, Cofie, O'Connor - ever heard of any of them since?).
I for one am very grateful that ZE is spunking away £1000's every year just to keep OUR club going and allowing it to stay in L2. He very unlikely to get his investments back unless we unearth and sell on the new Harry Kane.
Indeed quite sobering that he puts in roughly £2750 a day!!! And despite that we wound up lower in the league than when he started, not to mention not winning a single FL/FAC game.
Who would be a football club owner....
Not necessarily. It depends on how he provides money to the club. Without knowing the exact details of the accounts it is impossible to say but last year it was announced that he had provided an immediate £250,000 to spend on improving the ground and fixing the scoreboard. He also provided £750,000 (or thereabouts) as security for the club. He could be acting as guarantor for this amount or he may have loaned it to the club.
If he has loaned the money then it will sit in the accounts as a debit. If he continues to retain that amount in the club, it will show up as a debit for the following year, which may give the impression that he "lent" a further £750,000 - it could be the same money, double counted.
Normally, soft loans are converted to equity eventually - this removes the debt from the accounts and there are no (well, almost no) tax implications for the club or the loanee. How feasible it is for him to convert to equity I don't know - if he owns 100% of the shareholding, then it will make no difference, except that the club would no longer owe the money.
I am sure there are others on here who know more about the club accounts than I am.
Indeed quite sobering that he puts in roughly £2750 a day!!! And despite that we wound up lower in the league than when he started, not to mention not winning a single FL/FAC game.
Who would be a football club owner....
Not necessarily. It depends on how he provides money to the club. Without knowing the exact details of the accounts it is impossible to say but last year it was announced that he had provided an immediate £250,000 to spend on improving the ground and fixing the scoreboard. He also provided £750,000 (or thereabouts) as security for the club. He could be acting as guarantor for this amount or he may have loaned it to the club.
If he has loaned the money then it will sit in the accounts as a debit. If he continues to retain that amount in the club, it will show up as a debit for the following year, which may give the impression that he "lent" a further £750,000 - it could be the same money, double counted.
Normally, soft loans are converted to equity eventually - this removes the debt from the accounts and there are no (well, almost no) tax implications for the club or the loanee. How feasible it is for him to convert to equity I don't know - if he owns 100% of the shareholding, then it will make no difference, except that the club would no longer owe the money.
I am sure there are others on here who know more about the club accounts than I am.
GABRIELLE CIOFFI'S RED ARMY!
How he provides money to the club is totally transparent and the "exact details" are stated in the club's accounts.
Between 9th March 2016 and 30th June 2016, ZE loaned the club £722,963 interest free with no repayment date and donated £285,260 without conditions. This was effectively to stabilise the club after his purchase, remember we had been relegated from L1 in 2014-2015 under the previous owners/benefactors and were heading south in L2 when Mr Eren arrived.
Between 1st July 2016 and 30th June 2017, ZE donated £770,000 without conditions.
Between 1st July 2017 and 30th June 2018, ZE donated £1,080,000 without conditions (there was a small repayment on the loan of £15,968).
Between 1st July 2018 and 30th June 2019 we don't know as the accounts haven't been published, however from what was said at the last forum (re top 10 budget etc) it is unlikely to have changed much.
So between 9th March 2016 and June 2018 (2 years and 4 months) ZE has loaned Crawley Town £706,995 and donated £2,135,260 or total of £2.85m. Which works out at £101,750 a month or £3,375 a day. Just for us to stand still or actually go marginally backwards. Only the loan is repayable (although the club would need some other cash to do so)
As I said before, quite sobering to be relying on people to that extent, whether or not you are a fan of Mr Eren it is serious financial commitment.
Post by townmeadleftover on Jun 27, 2019 12:27:15 GMT
Meanwhile the taxpayer, yes that's you and me folks, gets screwed again, Bury are likely to pay HMRC just a quarter of the £1m they owe by taking advantage of a CVA and then carrying on next season with just a points deduction and laughing at idiots like me who've paid tax all their lives, and still am from my bloody pension thanks very much, God I hate the way these businesses are allowed to spend money they don't have and then just walk away laughing from the damage they leave behind
I very much hope that the (mad) generosity of ZE means that CTFC wouldn't leave the same crap behind if his financing of the club came to an end
Thad would remember better than me but I think we screwed our own players who had mortgages to pay....Ben Judge springs to mind.
Those who never settled early got 50p in the pound but it was over a year after entering administration. Don't forget some creditors were owed their money from tribunal awards 18 months earlier.
John Duly had money owed - circa 250k - from the original sale, which was not part of the CVA & so he eventually lost out entirely...!
Thad would remember better than me but I think we screwed our own players who had mortgages to pay....Ben Judge springs to mind.
I know Neil Jenkins didn’t get paid either
Indeed the list of creditors includes several names from the past including Mr D Clare, Mr L Elam, Mr F G Vines and the infamous Mr D Profitt (who I believe came from Man City and went on to the dizzy heights of Baddeley Green in the Stoke Sunday League).
Indeed the list of creditors includes several names from the past including Mr D Clare, Mr L Elam, Mr F G Vines and the infamous Mr D Profitt (who I believe came from Man City and went on to the dizzy heights of Baddeley Green in the Stoke Sunday League).
He may not have contributed a lot on the pitch, but Mr D Profitt did give me his proxy vote, enabling my attendance at the initial Creditors meeting, for which i will always be grateful.
I even got to jest that it was nice to hear mention of "Profitt" (it got the biggest groan of the day).
Players have got a bit more savvy since those days, in an unexpected twist it is actually six members of the playing staff, who have taken over the winding up petition at Macclesfield: www.bbc.co.uk/sport/football/48867463
In a related matter, Battersea Dogs Home are in financial jeopardy & are thinking of calling in the retrievers...!