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Castle Acre Canary

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Everything posted by Castle Acre Canary

  1. Scowling Cowling  http://business.timesonline.co.uk/tol/business/article481191.ece
  2. I think he came from Connus Rottenus FC, it was the usual NCFC scout Blindus Asbattus and I believe the agent was the well known Slugus Viperus. The usual fee was paid which I think in Latin is "completus overtopus" while a nice thank you note was sent to our chief executive known in the football world as Maximus Suckerus.
  3. Discuss . Answers must be on one side of paper and no conferring.
  4. We need to average 1.5points for each of our remaining games to stay up and under Gunn''s stewardship we are averaging 1point as we did under Roeder. Those are the statistics.
  5. Interesting post. In my view we face a probabilty of relegation as we need 18 points from the last 12 games, 1.5 a game , and we have averaged 0.83 over our previous 12. If we are relegated I would expect revenues to drop about £5mn  from our current £19mn annual turnover. The only real cost we could cut would we wages so we would need to cut some £5mn from our £8.5mn players wage bill. A huge reduction that would only return us to our current position which is already losing between £2mn and £3mn a year. As far as the banks are concerned, we would probably breach our loan covenants and they would insist in all player sales proceeds being used to pay down debt. We do very well on ancillary non football sales so we do not have an opportunity of increasing revenue there. I am afraid our auditors may not be convinced we are a going concern unless we get substantial personal guarantees from third parties at a time when everyone is feeling the pinch.  In such circumstances the directors would be forced to put the club in to administration, 15 point penalty and Division 2 here we come. I do hope I am wrong.
  6. Interesting post. In my view we face a probabilty of relegation as we need 18 points from the last 12 games, 1.5 a game , and we have avereaged 0.83 over our previous 12. If we are relegated I would expect revenues to drop about £5mn  from our current £19mn annual turnover. The only real cost we could cut would we wages so we would need to cut some £5mn from our £8.5mn players wage bill. A huge reduction that would only return us to our current position which is already losing between £2mn and £3mn a year. As far as the banks are concerned, we would probably breach our loan covenants and they would insist in all player sales proceeds being used to pay down debt. We do very well on ancillary non football sales so we do not have an opportunity of increasing revenue there. I am afraid our auditors may not be convinced we are a going concern unless we get substantial personal guarantees from third parties at a time when everyone is feeling the pinch.  In such circumstances the directors would be forced to put the club in to administration, 15 point penalty and Division 2 here we come. I do hope I am wrong.
  7. [quote user="Duffman"][quote user="Castle Acre Canary"]The rumour going round the office at Carrow Road is that Ian Dowie was offered the manager''s job before Gunny . The deal was to the end of the season and Chris Sutton was asked to join the coaching staff. However, Dowie is on gardening leave from Coventry and it would have meant he would have to give up his pay off so he declined. Just great isn''t it?[/quote] Your rumour kinda falls flat when you realise that he was last manager of QPR............ [/quote]   Good point Duffman. My concern is that it is hardly a ringing endorsement of poor old Gunny if he came after Dowie! Personally of the two I prefer BG anytime.
  8. The rumour going round the office at Carrow Road is that Ian Dowie was offered the manager''s job before Gunny . The deal was to the end of the season and Chris Sutton was asked to join the coaching staff. However, Dowie is on gardening leave from Coventry and it would have meant he would have to give up his pay off so he declined. Just great isn''t it?
  9. Yes we do and with the reduction in VAT in effect the club have put up ex- VAT prices by 3.03%! For example if we paid £100 for our tickets before, £17.50 went in VAT and the club got £82.50. Now VAT is 15% not 17.5%  with prices" frozen" at £100 the club will get £85. A 3.03% price increase! To me it is not the money it is the duplicitous way the club try to make out they are doing us a favour!
  10. No , the poor guy does not stand a chance, bless him. If he keeps us up are we going to appoint him for 3 years? Unlikely.If we go down he will be made the fall guy for the board''s innumerable mistakes.
  11. Why write to the man who is a key part of the problem and certainly not the solution. For example , overheard in the directors box before Christmas, " I do hope Doncaster gets the FA job. He is clearly unqualified for the position but at least we would be rid of him".
  12. As I understand it the accountants BDO have been appointed by D&M to advise them personally. BDO also advise Celtic and Liverpool. The guy from BDO was sitting on Delia''s table last night at the match. An information sales memorandum and confidentiality agreements are being drawn up for distribution to interested parties. The whole process if successful would take until the New Year to complete which is a bit tight for the transfer window.
  13. A couple of points. When Geoffrey Watling died the club owed him over a £1mn but in his will he wrote the debt off. Regarding the Suffolk two it is estimated that up to last month they have put in around £9mn cash into the club and that has now gone up to £11mn following the demise of the Turners. Informed sources suggest that the £11mn is over 50% of the couples net worth which is very unhealthy for a club in our position. How many of us would put over half of all our worldly goods into NCFC? For all the pluses and minuses of Delia''s involvement with the club this situation surely cannot continue for much longer.
  14. I agree. The real reason he is leaving is that he wanted to be Chief Executive and finally realised that Doomcaster is going nowhere . Without Andrew the relationship with the fans will only deteriorate further.
  15. [quote user="lappinitup"] On Monday , the EDP reported Cullum as saying....... "He said he wanted to become majority shareholder, supported by Delia and her husband Mr Wynn Jones, and possibly make some changes to the board, including appointing “someone from the supporters'' club". In this mornings EDP he is reported as saying this...... "My investment is focused on buying new players to give Norwich a fighting chance of returning to the Premiership. As I''ve always said it''s not my intention to buy Delia''s shares or to pay off the club''s debt". My question is, how can he become the majority shareholder without buying D&Ms shares? [/quote] Easy by the club issuing £20mn of new shares at £30 a share would give him around 52% of all shares in issue. This way Delia is diluted to around 30% and probably the banks would be happy for their loans to stay in place as the company has just had a £20mn equity injection. If the new issue had a clawback for existing shareholders to subscribe for new shares at £30 then the offer for all shares could be avoided in the City Code. It would then only need the existing £4mn of other loans to remain in place and we have £20mn in the kitty. Say a third for acquisitions and two thirds for their wages.
  16. [quote user="ryank"] Norwich legend Watling has died    Norwich president Geoffrey Watling has died at the age of 91. Watling, who passed away peacefully in his sleep on Tuesday, spent nearly 50 years at City and became chairman in 1957, a position he held for 16 years. The lifelong fan helped steer the club from near bankruptcy before taking them to a League Cup triumph in 1962. Chairman Roger Munby told the club''s website: "Everyone is deeply saddened - were it not for Geoffrey, this club may well not be in existence now." Watling was also an integral figure in buying out former chairman Robert Chase in 1996, when the club were facing severe financial hardship following relegation from the Premiership. He then sold his majority shareholding to current owners Delia Smith and Michael Wynn-Jones. A minute''s silence will be held prior to the kick-off against Southampton at Carrow Road on Saturday. [/quote]And in his will he waived all outstanding loans he had made to NCFC. God Bless him
  17. [quote user="Kathy"]I wonder if Mr Skipper would have been so positive about this if he had still been on the board.[/quote] I am sure Mr Skipper would prefer to have remained on the board. The story is that he went to see some City financiers with the approval of the chairman to enquire about new investors for the club.He had a very positive meeting,  reported back to the board and the Smiths went ballistic and got the board to fire him.
  18. Absolutely. Taking away all the flim, flam what the Smiths have said is they want around £8mn for their stake at £30 a share and as the few shares that come up from wills etc. are selling at £15 each so Cullum probably offered £4mn. Clearly it is all about money and power. The banks will roll over their debt as Cullum is a far better surety than the Smiths . So what are we waiting for?
  19. [quote user="JC"]How do I know that potential local investors are being blocked?  well I am not going to reveal my sources or name any names. But I have it first hand from someone very high up the food chain at Norwich Union that there are several potential local investors they know of through conversations at business events, but they are being blocked.  I will not name names, but there is one chap who has been a lifelong city fan, is worth over £200 million and has tried to get involved but there is ''just no way in''.  He even said that this chap laughed at the club debt and said it was not an issue. I also had this verified by someone else who attended a local chamber of commerce meeting last week and came up with the same name for the investor without prompting after they heard the same story. It stinks around this club. Well I heard it was the guy who used to own Bennetts the electrical store. Can''t remember his name but this tittle tattle came from someone in the media who should know     [/quote]
  20. No,I don''t think so or it would have been stated in the note to the accounts. If the Smiths do sell then one would hope a new investor would take the £2mn repayment to the Turners in his calculations for future cashflow. Of course it does mean £2mn less going in to the club unless the Turners do a Geoffrey Watling ( god bless him) and waive the loan.
  21. Clearly the Turners will not be putting more money in at present if at all in the future. Their loan was from their company which brokerages mortgages , second loans etc. and then takes a fee.With mortgage approvals down 60% and banks viewing second loans as toxic poison I guess the Turners income has taken a huge nose dive.
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