breaking - binners sold

[Bill 1,788]

5 minutes ago, TomTheBlue said:

Have you folks see the interview with Mike O'Leary, the new chairman? Appears that the Americans will have a very minor role in the day to day running of the club. 

I must admit, this morning's news made me worry slightly, in the fact they could do a Bolton, strip the club of all its assets etc. but Mike's interview has steadied those nerves a bit. Hoping that he isn't just a front for some dodgy financial scheme. 

Evans has already done that, what little there was

[Greavsy 2,412]

5 minutes ago, Bill said:

Evans has already done that, what little there was

Mike O'Leary must be another liar then Billy Boy?

[nutty nigel 7,509]

9 minutes ago, Bill said:

Evans has already done that, what little there was

None so blind as those who will not see.

[wcorkcanary 4,329]

7 hours ago, Greavsy said:

Is that your polite way of calling someone a liar again Bill? 

He's  posting like a mad thing because we had a great win and there's news on.....1p5wich. Both subjects he uses as cover to  ingratiate himself  back in to acceptance on this forum, then, given time, will revert to type, blow a gasket,  make accusations,  be ridiculed and disappear.  Only for the whole cycle to repeat,  when there's a bit of 1p5wich  tittle tattle or we are doing well again.

Been watching it for eight  years now, the pattern is easily recognised. 

 

[Paint Me Yellow 200]

Just looks to me like another dubious owner further wringing the perpetually-soaked sponge of diarrhea that is Ipswich Town F.C.

[Bill 1,788]

5 minutes ago, wcorkcanary said:

He's  posting like a mad thing because we had a great win and there's news on.....1p5wich. Both subjects he uses as cover to  ingratiate himself  back in to acceptance on this forum, then, given time, will revert to type, blow a gasket,  make accusations,  be ridiculed and disappear.  Only for the whole cycle to repeat,  when there's a bit of 1p5wich  tittle tattle or we are doing well again.

Been watching it for eight  years now, the pattern is easily recognised. 

 

my, eight years of reading my posts - and taking note of them all as well

what an odd obsessive little chap

 

[Indy 3,283]

Oh fountain of all knowledge relating to Binners, in 13 years Evans has taken onboard 85% of the debt accrued by the running costs of the club, he’s now sold it on at 30 million and the debt owed by the club to Evans written off. So if he’s not been shoring up the club and now written off around 55 million pounds is that not ploughing in around 5 million a year?

All in all not a bad reset for the binners considering the debt on them has shrunk significantly!

[Indy 3,283]

2 hours ago, Badger said:

According to the Athletic, Evans has written off the debt the clubs owes him but Gamechanger will take on the other debt (amount unspecified).  In return, Evans will get £30 million, 5% of Gamechanger as well as some of the development land that ITFC held. Without knowing all of the details, this seems like a pretty good deal for Evans in the circumstances.

Yes thanks Badger, but I was lead to believe the debt on Evans has accrued at around 6 million a year which he’s now written off thus he’s been during the binners finances each year. Not sure what Bills issue is, it’s actually not a bad deal for the binner either as they’ve just had a massive debt reduced.

[Badger 2,405]

1 hour ago, Bonzo said:

There is nothing dodgy about this new set-up.

Well, only one thing. This is a bet on a Binner promotion back to the Prem- but let em dream if they want to.

Nonetheless, the directors are all legit, either high end sports investors or as in the case of O'Leary a very successful and accomplished business person with a past interest in football.

The club has had a reasonable attendance and can be rebuilt. This is a 10 year project which may not work out. However there is a big debt write-off/ haircut for Evans plus a bunch of accumulated losses to offset other gains against for the incoming. Plus the new investors have timed their market entry almost perfectly. 

A club at their level with a few quid should do OK next year as their peers will be going bust and players of the right level will be in plentiful supply - plus they will keep their academy. 

These sorts of investors wont overpay and know the value of a sports and entertainment business and how to finance it and have appointed an experienced Chairman.

Good luck to them. It makes no odds to us.

I'm sure it is all legal and above board, but I'd have thought it was a highly risky venture for an Insurance Company to become involved in + I'd be surprised if the directors didn't sell their Gamechanger shares at a profit, so it is likely to be a one-way bet for them. 

I'm sure the Pension Co are not mugs but I can't see that they will be able to put much money in a still make a profit. Even if they only paid the £30 million quoted, it seems a long shot to get promoted from League One, through the notoriously treacherous Championship and then survive long enough in the EPL to sell at a profit.

How much would they be able to sell it for? Southampton, with its own, pretty new, ground + facilities, was sold for £200 million (reportedly), I can't imagine that you would get as much (at constant prices for) Ipswich. They clearly can't be planning to sink a lot of money in if they plan to sell at a profit. 

I suspect that like their strategy will involve a lot of player development and trading?

[Hairy Canary 668]

I guess the difference is that whereas Evans just let the debt accumulate and, for the last few years at least, not claimed any interest on that debt, they now have owners who will either not build debt or charge sufficient interest to make their investment in the club pay. Either way doesn’t that mean less cash for the playing budget?

[Greavsy 2,412]

19 minutes ago, Bill said:

my, eight years of reading my posts - and taking note of them all as well

what an odd obsessive little chap

 

Forum full of obsessive liars, but they all appear on your posts Bill - funny that. 

Where did you watch the match last night ? Any Logo's or was there a brightness issue again?  

[Bill 1,788]

would help if the figure was not an average, and was £7m as stated

and the sale figure has been stated as £40m, not £30m

 

ps I only appear as a "fountain of all knowledge relating to Binners," when compared to your ill informed guff (see above)

but well done for trying to help the other loons, even if you did coincidentally use the same false info

[Bill 1,788]

8 minutes ago, Indy said:

Yes thanks Badger, but I was lead to believe the debt on Evans has accrued at around 6 million a year which he’s now written off thus he’s been during the binners finances each year. Not sure what Bills issue is, it’s actually not a bad deal for the binner either as they’ve just had a massive debt reduced.

I haven't been issued with anything

I merely poinyed out that a myth about Evans was not borne out by the club accounts

[Bill 1,788]

8 hours ago, FenwayFrank said:

Evans was putting in £7m of his own money in every year, it will be interesting to see what Gamechanger do bearing in mind they will be looking to make a profit. They have nothing to sell of any value either.

to which I replied

"urbin myth, that their accounts disprove"

which has somehow been twisted into all manner of absurd claims

(unsurprisingly by the usual suspects)

[Badger 2,405]

6 minutes ago, Indy said:

Yes thanks Badger, but I was lead to believe the debt on Evans has accrued at around 6 million a year which he’s now written off thus he’s been during the binners finances each year. Not sure what Bills issue is, it’s actually not a bad deal for the binner either as they’ve just had a massive debt reduced.

Yes I also believed that Evans (or his companies) has been subsidising the club. Bill seems to think otherwise, and could know something that I don't but I have never seen anything to substantiate this.

Certainly, however, we will not know the full picture yet - the PR stuff at the start often hides the truth. However, I agree that if they are now largely debt-free, they are in a position to start to build a sustainable future, however, I still don't understand how it is a good use of Pension funds. I did wonder if they financed the deal through loans (at high interest which would give them a return) but I have absolutely no evidence that this is the case, but otherwise it just seems an incredibly speculative investment for a Pension Fund to make?

[Bill 1,788]

3 minutes ago, Badger said:

Yes I also believed that Evans (or his companies) has been subsidising the club. Bill seems to think otherwise, and could know something that I don't but I have never seen anything to substantiate this.

nope, that is a lie

why not reply to what I actually posted instead ?

I agree that if they are now largely debt-free

again incorrect as

"As part of the transaction, a portion of that historic debt has in effect been written off, leaving the club with a much smaller debt burden "

Edited April 7, 2021 by Bill

[Greavsy 2,412]

3 minutes ago, Bill said:

why not reply to what I actually posted instead ?

Like you always do Bill! ? 

Frustrating isnt it! 😉 

[Badger 2,405]

3 minutes ago, Bill said:

nope, that is a lie

why not reply to what I actually posted instead ?

It's not a lie Bill, there was no intent to deceive: obviously I don't understand the point you are making.

[Bill 1,788]

1 minute ago, Badger said:

It's not a lie Bill, there was no intent to deceive: obviously I don't understand the point you are making.

how can you then state what my view is if you don't understand it ?

[Badger 2,405]

2 minutes ago, Bill said:

how can you then state what my view is if you don't understand it ?

I wrote "Bill seems to think otherwise, and could know something that I don't but I have never seen anything to substantiate this."

It was the impression that I had from what you had written ("urban myth") and from what others have said - as I said above, obviously my impression was wrong and I don't understand what it is what you were saying. I still don't.

[Crabbycanary3 994]

I have been speaking to a person I know, and sometimes we socialise together, we do not argue and we discuss my team's fortunes against his team's (they are in Suffolk) fortunes. Ok, ok, he is a Binner fan, and I call him a friend. There I have admitted it.

 

Anyway, he isn't getting too excited about the actually finer points atm, but is just glad there is a change in direction, as he recognizes (and has said for years) that , under ME, it's been stagnant and horrible. He just wants to watch half decent football, and isn't bothered (good job tbh) about Prem football. 

I tried to act neutral and said if only ME had invested enough to keep them in the Championship, then they would be on a much firmer footing for these investors, but to get from where they are currently at, and the state of their Club, then they need investment to get them out from L1 and  then further investment to get them past many gnarled Championship teams, to get in the Prem as the players that can get them out from L1 probably will largely not get them to the Prem, so there will need to be 2 large sea changes in personnel, and then , of course, the investors will want to stay in the Prem, to get a return, and that will take  a large wedge (with no definite promise of success). I would not want to be writing cheques for that journey

[sillysausage 13]

16 minutes ago, Greavsy said:

Like you always do Bill! ? 

Frustrating isnt it! 😉 

Give it a rest, getting boring now.

[Bill 1,788]

not too difficult

"Evans was putting in £7m of his own money in every year, "

I reply by pointing out this is incorrect, and point towards the club accounts which confirm this

the use if the words 'urbin myth' is a dig at the half witted binners who constantly talk of Evans pumping in £6m, £8m or even £10m without any evidence

that you and others have chosen to spin this as something more is for you yourselves to know, but do feel free to use my actual words when next you wish to make something up

it does help

 

[Indy 3,283]

5 minutes ago, Crabbycanary3 said:

I have been speaking to a person I know, and sometimes we socialise together, we do not argue and we discuss my team's fortunes against his team's (they are in Suffolk) fortunes. Ok, ok, he is a Binner fan, and I call him a friend. There I have admitted it.

 

Anyway, he isn't getting too excited about the actually finer points atm, but is just glad there is a change in direction, as he recognizes (and has said for years) that , under ME, it's been stagnant and horrible. He just wants to watch half decent football, and isn't bothered (good job tbh) about Prem football. 

I tried to act neutral and said if only ME had invested enough to keep them in the Championship, then they would be on a much firmer footing for these investors, but to get from where they are currently at, and the state of their Club, then they need investment to get them out from L1 and  then further investment to get them past many gnarled Championship teams, to get in the Prem as the players that can get them out from L1 probably will largely not get them to the Prem, so there will need to be 2 large sea changes in personnel, and then , of course, the investors will want to stay in the Prem, to get a return, and that will take  a large wedge (with no definite promise of success). I would not want to be writing cheques for that journey

The interesting position in all this is that not many teams make profit, it’s not about premiership establishment as most teams to stay there invest massive sums and normally cause massive debts which then come back to bite them on relegation! For a pension fund to invest surely setting up a cheap run club with a good youth policy to produce and sell assets is the only viable alternative to make money?

I understand why they might buy American sports clubs as most are franchises and run within structures of competitive financial and equal footing, generating profits.

[Greavsy 2,412]

10 minutes ago, sillysausage said:

Give it a rest, getting boring now.

Maybe more than your 38 posts in 11 years membership would make it more interesting for you! 

try taking part & getting involved! 

[Crabbycanary3 994]

1 minute ago, Indy said:

The interesting position in all this is that not many teams make profit, it’s not about premiership establishment as most teams to stay there invest massive sums and normally cause massive debts which then come back to bite them on relegation! For a pension fund to invest surely setting up a cheap run club with a good youth policy to produce and sell assets is the only viable alternative to make money?

I understand why they might buy American sports clubs as most are franchises and run within structures of competitive financial and equal footing, generating profits.

I agree Indy, but two things spring to mind. 1st is where the starting point is (L1 with next to nothing to work with currently) and secondly the clock is ticking and how long will this company give it, to implement such a plan and wait for that to succeed? It's all well and good if you are a fan with decent money and can wait, but I have a sneaky suspicion, none of these Yanks had even heard of Bobby Robson or Alf Ramsay before this transaction. 

[Bill 1,788]

5 minutes ago, Indy said:

The interesting position in all this is that not many teams make profit, it’s not about premiership establishment as most teams to stay there invest massive sums and normally cause massive debts which then come back to bite them on relegation! For a pension fund to invest surely setting up a cheap run club with a good youth policy to produce and sell assets is the only viable alternative to make money?

I understand why they might buy American sports clubs as most are franchises and run within structures of competitive financial and equal footing, generating profits.

"“The Three Lions have considerable experience in commerce and marketing and in the medium-term plan to increase revenue at the club"

I cannot see how that side of things is going to make much difference in terms of the money needed to repay the money invested, never my finding the playing squad

[Bill 1,788]

17 minutes ago, sillysausage said:

Give it a rest, getting boring now.

not surprising that he is still following me around the forum, unable to come to terms with my exposing his 'mates' lies about ifollow being available to UK subscribers

nor surprising either, that I have blocked him and a similar tedious obsessive

[Crabbycanary3 994]

8 minutes ago, Bill said:

"“The Three Lions have considerable experience in commerce and marketing and in the medium-term plan to increase revenue at the club"

I cannot see how that side of things is going to make much difference in terms of the money needed to repay the money invested, never my finding the playing squad

Agreed.

They are at the bottom of Everest, and they need to pay at every step to get to the top and once there, they will look to stay there whilst recovering the shed load of money they have invested. 

How long is 'medium term', and what happens if that timescale is exceeded against expectations? I shudder to think how much they think  they will need to cough up, just to stay in the Prem for a financial return. Yes, they could then sell the Club, but in footballing terms, it isn't adding up atm.

Edited April 7, 2021 by Crabbycanary3

[vos 155]

6 hours ago, ricardo said:

I'm just glad that none of my pension comes through the Arizona State Pension Fund.

Exactly. The last place you would invest any ones pension fund monies would be in an organisation with no assets, long history of annual losses and football clubs consistently struggling to make a profit. It reminds me of the old old story "they were good at spending other peoples money". If they were investing in TV companies or football agents, that might have made more sense.