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| Quote ="isaac1"I would like a simple time line of events. from the club, not peiced together by several sources.
how did we get in to debt with the RFL. what, other than the stadium sale, was in place to extract themselves from the mire? how much tax is owed? how quickly do RBS enforce a reduced overdraft facility?
how much has hood and other board members put in to the coffers in the last year?
all of this would be available to any person interested in buying into the club during the due dilligence period of their offer, and alkthough it might scare some suppliers / service providers, it might just prove refreshingly honest and not get a negative response!
if i get something resembling frank answers about this, including Hood stating that he misjudged the whole of the situation, and inadvertantly misled the fans, then he gets my support in terms of a pledge. he appears to be a second rate salesman / politician, making his underlings take the flack. he is entitled to do this, but if he doesnt get that many of us dont trust him, then he is even more daft than i thought.'"
Nothing wrong with any of what you ask for there. That is precisely what I want too. I suspect some bits may be commercially sensitive, but IMO most could be put in the public domain. And, if the club is indeed telling it as it is, I believe would defuse nearly all of the reservations a lot of people have.
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| Another one here who is not very happy about pledging until there is a bit more transparency with the whole situation. I am however coming home from visiting family down south a day early to come to the Leeds game. Will be paying on the door to show some support, albeit a few quid for now.
I really would like to help out more but my level of trust is not high enough at the moment, which is sad.
I have just shelled out the £45 on a home shirt though!
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| =#800000[size=200Peter? Are you there?[/size
=#800000[size=200Listen to your Club's fans Peter!!![/size
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| Quote ="Adeybull"=#800000[size=200Peter? Are you there?[/size
=#800000[size=200Listen to your fans Peter!!![/size'"
[size=150AMEN[/size
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| Quote ="Adeybull"=#800000[size=200Peter? Are you there?[/size
=#800000[size=200Listen to the fans of the club you're chairman of Peter!!![/size'"
Edited for accuracy.
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| Quote ="Adeybull"RBS have not taken away a £1m overdraft. The facility was nowhere anywhere near that. I have not personally beenn told the number, but I know a man who has. The Bulls asked for a small increase (again I know a man who knows how much), which seemingly triggered a credit review. The outcome was as stated.
I expect that the Bulls had received the stadium settlement from the RFL, meaning they had received funds that RBS saw they could effectively "grab" as a one-off opportunity to get out of their exposure. I have seen it happen any number of times before with banks - they dare not foreclose because they would take a hit, but the minute the customer receives a big receipt they immediately reduce the facility and threrby theri exposure. I suspect (although I do not know) that that is what happened in this case.
I have already explained why, IMO, the lease itself was of little value to a secured lender in the event of insolvency. I stand by that, and await anyone putting up a better counter-argument. The bank has a long-standing charge on all the assets - like the Coral Stand, the debtors, the fixtures and fittings, and so on as well as any intangibles that might have value that would survive in an insolvency.
The requirement to repay the loan early clearly put a huge dent in the cash flow. I suspect this is what has led to the tax liabilities not being paid (again, I am surmising albeit with some substance) and I suspect that the existence of the unpaid tax liabilities may then have given the bank more of a reason/excuse to seemingly take the opportunity to cut and run when they did. If that is the case, the domino effect started with having to repay the loan earlier (as I understand it, we are tyalking MUCH earlier) than expected, I'd suggest? Why that came about, how much it flew in the face of any previous assurances, and whether it could have been foreseen, is perhaps the most significant unanswered question of all IMO.
Why don't you ring Ryan (or even Hood) and ask him if he can put you a bit more in the picture, and form your own views? I did.
His number was on the flyer, and I know you are not the sort of person (as some others are) who would refrain from seeking the facts in case they were at variance with what you have convinced yourself must be the case. At least then, you could form your own view about how truthful the overall story is, rather than listening to the comments of others?'"
Considering we're being asked for £100 why don't they simply tell the whole story in the T and A? Then we have the definitive version as opposed to these 'I don't know but I know a man who does tales'. I don't want private conversations I want the true story put into the public domain. The breakdown of trust has come about precisley because we have different versions of the same fiasco filtered for effect. Confidentiality agreements, undisclosed fees, conversations in corners with unnamed persons - all smoke and mirrors.
I'm sorry this sounds like I'm holding you to account, which I'm really not as I think you're a passionate, decent bloke whose love for the Bulls is being abused and it's really not fair.
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| Quote ="Adeybull"=#800000[size=200Peter? Are you there?[/size
=#800000[size=200Listen to your fans Peter!!![/size'"
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| Quote ="M@islebugs"I don't want private conversations I want the true story put into the public domain. The breakdown of trust has come about precisley because we have different versions of the same fiasco filtered for effect. Confidentiality agreements, undisclosed fees, conversations in corners with unnamed persons - all smoke and mirrors.'"
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| Quote ="vbfg"Edited for accuracy.
'"
And I totally agree.
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| Addy, Jeffries, Langley, Purtell, L'Estrange all on the phones now.
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| Now Matt Diskin aswell.
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| [urlhttps://twitter.com/#!/hightower22/status/185338670545502208/photo/1/large[/url
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| Quote ="Ewwenorfolk"Addy, Jeffries, Langley, Purtell, L'Estrange all on the phones now.'"
Don't they have agents?
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| Quote ="Adeybull"
The requirement to repay the loan early clearly put a huge dent in the cash flow.
the domino effect started with having to repay the loan earlier (as I understand it, we are tyalking MUCH earlier) than expected,'"
I'm getting confused. Which loan is that?
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| Quote ="Cibaman"I'm getting confused. Which loan is that?'"
From the RFL, I think
Thats the key to me. why was cash flow so bad 12-18 months ago that we effectively started this spiral?
was it about the same time as the first season ticket pledge?
seems like weve been skating on pretty thin ice for longer than the club told us. As a frequent visitor, that absolutely vindicates the view that adey has had for years, that althouogh we might not have huge ammounts of debt, we do have a shortage of cash flow streams with no reserves of cash
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| Quote ="isaac1"From the RFL, I think
Thats the key to me. why was cash flow so bad 12-18 months ago that we effectively started this spiral?
was it about the same time as the first season ticket pledge?
seems like weve been skating on pretty thin ice for longer than the club told us. As a frequent visitor, that absolutely vindicates the view that adey has had for years, that althouogh we might not have huge ammounts of debt, we do have a shortage of cash flow streams with no reserves of cash'"
I keep thinking of that as being a lease rather than a loan.
I still find it odd as to why we're having to pay it early. Normally when you enter into a loan or lease the repayment dates are fairly clear.
Are they saying that when it was converted from a loan into a lease the dates of rental payments became more frequent than the old loan repayments?
I think we were protected from the cash flow problems to some extent because of the £3m we received when we moved back to Odsal in 2003.
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| Quote ="Cibaman"I'm getting confused. Which loan is that?'"
The £700k (seemingly) loan that the club somehow neglected to mention until this week. That did not show up in the 2010 accounts for some strange reason (I suspect because it was in "accruals and income in advance" as an advance of future income from Sky/RFL?). That was never mentioned by Hood at the forum, when, in response to my SPECIFIC question reagarding what the lease sale proceeds would be used for, he gave a list of various applications but somehow forgot to mention what the biggest item would be.
That loan.
The loan, knowledge of the existence of which would doubtless have confirmed what some of us had been very concerned about for a long time - that the club's financial position was far worse than was (understandably) being publically acknowledged.
And knowledge of which would have prevented me from making such a fool of myself for pedalling the club's "its all OK now" line in January.
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| It (the loan from the RFL) was also a question that I emailed to Stuart before the Fans Forum in Sept 2011 (as I'd heard about this from someone inside Redhall) that prompted a phone call from Ryan. It was confirmed that there had been a "small loan" to get them through and that the sale of Lynchy was going to ease that burden.
Spin, Spin, Spin
Lie after Lie after Lie
Whichever way you look at it, this Management Team have been at best non-communicative or at worst telling lies to cover lies and this is why, despite my love of the Club, I am wrestling with a pledge.
We are being run by people who are not fit to run the club. End of
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| It's these sort of half truths that make people reluctant to get fully behind the club. If they'd been fully open then they'd have more backing.
It's a shame because fans want to believe and want to think that those running the club are being straight. When it comes out that they were being economical with the actualite you wonder why you bother.
I pledged today and bought some merchandise. I do feel like it's all going to be wasted but I so hope I'm wrong.
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| We need a statement from the club, other than a close of business update on how much has been pledged.
we also need a statement from the RFL regarding possible scenarios.
When we get these, we can better assess whether the pledge will work long term or not.
So far, the RFL have told people to back the scheme. my feeling is that they have simply done this to back the club, just like they did on Janury 24th when taking the lease of Odsal. They have done us a massive service and have done as mucn, if not more than we should expect from a governing body. Then again, there's plenty of egg on their face selling SL as a brand if one of the 3 most successful clubs of the SL era goes under, when SL was meant to end this sort of boom and bust running of clubs!
We need them to spell out to us what could happen if we go into admin, or default on wages etc...
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| =#800000[size=200Peter? Just checking again...are you there?[/size
=#800000[size=200Listen to your Club's fans Peter!!![/size
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| I never knew the RFL 'did' loans.
I'm assuming, rightly or wrongly, that the 'loans' are in place of payments that should have been made by the club to the governing body; we couldn't pay so they 'loaned' us the money. As mentioned above, if that was the case I would have thought, again as already mentioned, that quite specific dates would have been specified for payments. The only reason I can think of for not mentioning this loan might possibly have been if the RFL didn't wish not to make it public, so maybe (I'm clutching at straws, I admit) there was some confidentiality clause attached?
That though wouldn't explain why it was called in early, or even if it is legally possible to insist on payment(s) being made before the due date.
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| I need to have confirmation that if the club gets to season ticket time again (6/12) - they will be relatively safe, relatively debt-free and the medium term business plan will allow us to live within our means.
And I would prefer to know what is different about next season in terms of increased income or decreased outgoings.
I can see that some pieces are in place for next season. The academy facilities. The young players who (at the moment) want to stay & play for the club.
The millstone of Odsal maintenance seems to have been handed on to the RFL. Although we now have to pay a commercial rent.
Some liabilities have been settled (good). leaving us cash-poor at the moment(bad).
If I donate now to get us to next season - will that be good enough or delaying the inevitable?
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| Quote ="Highlander"If I donate now to get us to next season - will that be good enough or delaying the inevitable?'"
That's the £1m question!
Btw, do the RFL pay for the stadium upkeep? I thought it was still down to the club. That used to be a reason given at forums as to why we were skint until the last forum where it was said it was never a problem.
I find it hard to keep up.
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| I don't actually know about maintenance. I just assumed we would either be paying rent, or maintenance , but not both. Although we do still own the Coral stand I think.
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