Jump to content
Sign in to follow this  
First Wizard

Even Norwich Union have no faith.......

Recommended Posts

In City.

They can''t have, thats why they''ve just obtained a 10 % share in, wait for it.........Ipswich Town!.

What des that say about our club, board, manager and fans?.

I always knew things weren''t right, but really, not this bad.

Keep the faith?, obviously not Norwich Union.

Share this post


Link to post
Share on other sites

They say ''ignorance is bliss'', you must be a very happy man. Go and read the report, come back and apologise.

 

Share this post


Link to post
Share on other sites

This isn''t about NU''s faith in city.

[quote]Instead of repaying interest on its £27m debt to the insurance giant - who provided the capital to build the North and South Stands - for the next two years, Town are allowing the company to take an almost 10 per cent stake in the company.

This effectively means Norwich Union have invested £3m into Ipswich Town in return for 10 per cent of the club. The deal makes the club''s major lender an interested party to the Blues achieving promotion to the Premiership, which in return means a far greater likelihood of getting its money back.[/quote]

NU had the choice of waiting a very long time to get their money back, or taking a percentage of the club, helping them get back into the Premiership, and then making hay once the TV money rolls in.  A good business decision for both parties if you ask me.

Share this post


Link to post
Share on other sites
I prefer a more positive look at it, its an infiltration of Ipswich by

Norwich Union. Before long they''ll be called Norwich Union F.C. and

play in Yellow and Blue. [;)]

But personally all I see is business, Norwich Union are in no way

affiliated with NCFC other than the name. They see this as a chance to

make some money nothing else, Ipswich obviously need the investment

badly and we don''t. I don''t see how this shows a lack of faith in city.

I have a bad feeling that I may have fallen for a joke post however *sigh* Oh well I''ll just claim I''m young and naive

Share this post


Link to post
Share on other sites

I think the more accurate statement would be "Even Norwich Union have no SENSE"...

Let''s not try to turn this one into a case for the Worthy Out campaign, please... if you''ve read the article you''ll realise that the investment is being offered in return for wiping out interest on debts.

So basically not only are Norwich Union - a company based in Norwich and so proud of the name they retained it through mergers - investing cash into a rival club, but Ips**t are managing to avoid even more of their debts!

I work for this devil (at least for 3 more months) and I don''t know what NU have to say on this matter, but I expect it to be a hot topic internally for a few months!

But don''t try to turn it into some sordid "this is all Worthy''s fault" thread, please... if you want to blame anyone, blame the cash-guzzling corporate giant and their cohorts at the immoral debt-dodgers down the road...

Share this post


Link to post
Share on other sites

Stupid Knee jerk again Wiz? Maybe - maybe not.

I don''t have any inside knowledge but I strongly suspect that NU choose this option to protect their own investment. Perhaps Ipsh1t told them that they could not pay back the loan and may go bankrupt unless NU agreed to accept payment in an alternative form. I suspect NU are getting a pretty good deal out of the whole thing. I very much doubt they said to themselves ''lets buy 10% of a local team'' and then plumpt for them rather than us.

Then again, I could be wrong. But its not happened before!

Share this post


Link to post
Share on other sites

I would imagine this is purely to make sure they (NU) have the best chance of getting the money back that they''ve loaned Ipswich, and not a reflection on our club/Board at all. 

With a greater say in how the club is run financially, they have an influence on making sure Ipswich don''t get into an even bigger mess.  They are only looking after their own interests.

If anything, it''s not showing a great deal of faith in the Ipswich Board - that these people can get themselves out of their post-Premiership mire ...

Share this post


Link to post
Share on other sites
[quote user="1st Wizard"]

In City.

They can''t have, thats why they''ve just obtained a 10 % share in, wait for it.........Ipswich Town!.

What des that say about our club, board, manager and fans?.

I always knew things weren''t right, but really, not this bad.

Keep the faith?, obviously not Norwich Union.

[/quote]It says alot Wiz, It says:1. We are astutre in our spending and therefore do not have to ''sell out'' our club to fend off insolvency.  Lets not forget that this deal has come about as a result of  them spending, or rather borrowing, beyond their means.  I VERY much doubt NU would be interested in Ipswich as a business venture had they not already got money tied up there.2. Norwich Union are making this move to ensure they get something, if IpS*** did go bust (again!) they would get near to nothing (around 10% of what owed to them if previous dealings were to be believed).3.  Norwich Union clearly have no affiliation to Norwich (the city) anymore and ceased to the day they decided to outsource to India.  Solely becuase they are the city''s biggest employer does not mean they should sponsor our football club. What it certainly doesnt mean is:1. Ipswich are better than us. (on the pitch or off)2. this is all Nigel worthingtons fault3. This is all Deilas fault4. There is a lack of faith from NU5. any other pessimistic bull you care to dream up to further depress the board and the fans.Just thought i''d set the record straight on this one.  What this ''news'' does show however, is that some people will read anything into anything!!!!

Share this post


Link to post
Share on other sites

Look at the words in the article, think about what they mean.  Then come back and tell the truth rather than spinning everything into something you can lambast the club with.

If someone owed me £27million I might take an interest in them and secure the best way of getting my money back.  Norwich Union haven''t invetsed any extra they have waived there £3million interest in return for a 10% stake.  If you owed me money, rather than asking for some of it back I would simply come round and take a set of your car keys.

 

"Instead of repaying interest on its £27m debt to the insurance giant - who provided the capital to build the North and South Stands - for the next two years, Town are allowing the company to take an almost 10 per cent stake in the company.

This effectively means Norwich Union have invested £3m into Ipswich Town in return for 10 per cent of the club. The deal makes the club''s major lender an interested party to the Blues achieving promotion to the Premiership, which in return means a far greater likelihood of getting its money back"

Share this post


Link to post
Share on other sites
So a deal done to avoid paying the Interest on the Loans. Sounds a bit like back door administration to me - perhaps our neighbours should have 10 pts deducted.

Share this post


Link to post
Share on other sites
Whichever way all you clever dicks dress it up, Ipswich will get 3 million out of an old established Norwich firm. Be it in credit or hard cash, I hope you will all chuckle when the new scum manager starts spending, as reported he will on Anglia TV tonight!.

Share this post


Link to post
Share on other sites
[quote user="1st Wizard"]Whichever way all you clever dicks dress it up, Ipswich will get 3 million out of an old established Norwich firm. Be it in credit or hard cash, I hope you will all chuckle when the new scum manager starts spending, as reported he will on Anglia TV tonight!.[/quote]Well go and support them then if they are sooooooo great.  I know whose accounts i''d rather be in charge of!

Share this post


Link to post
Share on other sites

Let us not forget that ITFC have already admitted they will never be able to pay back the capital element of their debt so of course NU will do anything to secure against the interest that becomes due. We are not even talking about 10% of fixed assets as the Binners do not own their ground.

If, as reported, the new scum manager could have up to to £1.7m to spend ( which I assume includes wages etc. ) will this really make a difference to their team ?

Share this post


Link to post
Share on other sites

[quote user="Big A"][quote user="1st Wizard"]Whichever way all you clever dicks dress it up, Ipswich will get 3 million out of an old established Norwich firm. Be it in credit or hard cash, I hope you will all chuckle when the new scum manager starts spending, as reported he will on Anglia TV tonight!.[/quote]

Well go and support them then if they are sooooooo great. 

I know whose accounts i''d rather be in charge of!
[/quote]

And with those imortal words ''Go support Ipswich'' Big A, you just lost the arguement.

Share this post


Link to post
Share on other sites
[quote user="1st Wizard"]

[quote user="Big A"][quote user="1st Wizard"]Whichever way all you clever dicks dress it up, Ipswich will get 3 million out of an old established Norwich firm. Be it in credit or hard cash, I hope you will all chuckle when the new scum manager starts spending, as reported he will on Anglia TV tonight!.[/quote]Well go and support them then if they are sooooooo great.  I know whose accounts i''d rather be in charge of![/quote]

And with those imortal words ''Go support Ipswich'' Big A, you just lost the arguement.

[/quote]How on earth do you work that one out?An argument requires two coherent sides.  You never even got off the starting line mate!

Share this post


Link to post
Share on other sites

[quote user="Big A"]An argument requires two coherent sides.  You never even got off the starting line mate![/quote]You have to love the way he keeps plugging away though, even after the many flaws in his pointless argument have been pulled to pieces by most contributors.In the face of such reasoned and factual counter arguments you''d maybe think at some point Lizard would stop and say "hang on a minute, maybe its me whos wrong"Not a bit of it. Still, it is amusing in a slightly cruel way - keep digging Lizard!

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...