Are we really in debt?

[Steve Mortlock 0]

    Since the chase era has departed when we were only 5 million pounds in debt, we now find ourselves with a staggering 20 million plus in (manageable debt, ahem) Over the past four to five seasons we seem to have ammassed several millions through TV money, big cup ties, play off gate receipts, promotion as champions, more TV money for the premiership and two parachute payments equalling around 15 million.  The sales of players such as Green , Francis and Ashton for approx 10 million.  The sale of land for new homes estimated at around 8 million and the sale of the corner for a hotel estimated at one million.  You don''t need a GCSE in maths to figure out that the wool is being firmly bundled over the eyes of the "canary faithful".  also with merchandise revenue, resturant profits, charging mugs 100 each to sing on the ball city before the game, and all the corporate sponsorships and packages available.  I think the club are pulling the wool over everyones eyes.  We cannot be in as much debt as they make out.  If we are there is serious mismanagement and misappropriation of funds going on.  What money has been reinvested into the playing staff compared to outgoings.  Today is the day we finally get to see the level of the clubs much mooted ambition.  Failing to strengnthen in all key areas with quality players would clearly show we are bound for a stint in the third tier of English Football.  The club are bull s******g the fans and most are swallowing the same old c**p.  As for colins words today about being too good to go down, have a look at forest, man city and sheffield wedensday over the past few years and they undoubtedly thought the same.  We are not "too good at all, mediocre at best and at time of writing, heading for league 1, where we will struggle even there,  ask Rotherham, Walsall and Grimsby.  It is time for people around the club to lose this air of greatness they seem to have as we are not as good as we make out.  Gates of under 20,000 may make them realise this.

[Cobain18 0]

99% of clubs in the championship are in debt, the question is how badly? if the debt is very managable then it should not be a problem in regards to buying players, but i do not know how badly we are in debt to be honest and if its a bad as they make out

[ricardo 8,034]

[quote user="Steve Mortlock"]   
Since the chase era has departed when we were only 5 million pounds in debt, we now find ourselves with a staggering 20 million plus in (manageable debt, ahem) Over the past four to five seasons we seem to have ammassed several millions through TV money, big cup ties, play off gate receipts, promotion as champions, more TV money for the premiership and two parachute payments equalling around 15 million. 

The sales of players such as Green , Francis and Ashton for approx 10 million.  The sale of land for new homes estimated at around 8 million and the sale of the corner for a hotel estimated at one million.  You don''t need a GCSE in maths to figure out that the wool is being firmly bundled over the eyes of the "canary faithful".  also with merchandise revenue, resturant profits, charging mugs 100 each to sing on the ball city before the game, and all the corporate sponsorships and packages available.  I think the club are pulling the wool over everyones eyes.  We cannot be in as much debt as they make out.  If we are there is serious mismanagement and misappropriation of funds going on.  What money has been reinvested into the playing staff compared to outgoings. 

Today is the day we finally get to see the level of the clubs much mooted ambition.  Failing to strengnthen in all key areas with quality players would clearly show we are bound for a stint in the third tier of English Football.  The club are bull s******g the fans and most are swallowing the same old c**p. 

As for colins words today about being too good to go down, have a look at forest, man city and sheffield wedensday over the past few years and they undoubtedly thought the same.  We are not "too good at all, mediocre at best and at time of writing, heading for league 1, where we will struggle even there,  ask Rotherham, Walsall and Grimsby.  It is time for people around the club to lose this air of greatness they seem to have as we are not as good as we make out.  Gates of under 20,000 may make them realise this.
[/quote]

According to the Annual Report last years running costs were £26.9 million. Either you are calling the Directors liars or you have no idea how much it costs to run a Football Club.

[mr carra 0]

you appear to have made the classic mistake by fans trying to calculate finances - you appear to have concentrated on transfer fees and ignored the largest outgoing of a football club - wages etc

The fact that the debt is now £15m rather than £5m simply reflects the extra money involved in football these days, both in and out.  I''m guessing a £15m debt now is almost certainly smaller in relation to turnover (and therefore less serious) than a £5m debt was back in Chase''s day.

The real problem is actually that we spent TOO MUCH on the playing staff trying to get into the Prem (which we got into by spending money we didn''t have at the time), stay in the Prem (spending part of the NEXT season''s parachute money to buy Ashton) and get promoted.  Which might have been alright had the money been spent wisely.  Unfortunately it was spent by the likeable but gormless Worthington and his obsession with "experience" (which generally has meant has-beens and never-weres looking for a nice pay day) and "workrate" (i.e. players who couldn''t trap a bag of cement). 

 

[Broken_hearted_canary 0]

How about i put it in percpective - manchester united have £660 million of  manageable debt (although in their case it is actually manageable.

 

what are the actual figures - i''ve heard we were in £20million and are now like £7million and vise versa, whats the actual story.

 

sod it i mite e-mail doomcaster

[ricardo 8,034]

[quote user="Broken_hearted_canary"]

How about i put it in percpective - manchester united have £660 million of  manageable debt (although in their case it is actually manageable.

 

what are the actual figures - i''ve heard we were in £20million and are now like £7million and vise versa, whats the actual story.

 

sod it i mite e-mail doomcaster

[/quote]

The accounts say net debt at 21st May 2006 is £19,233,810 Thats down from £19,740,857 the previous year.

[canary cherub 1]

We are in debt, but we made a profit last season of over £3 million, of which Gordon Brown swiped about £600,000.  I''ve gone to about seven websites of other Championship clubs so far, and can''t find one who made a profit of any kind.  I really can''t be bothered to go through the rest, but you get the picture . . . We are being taken for mugs, muppets or what Mello would probably call "gullible gonads" . . .

 

 

[blacko 0]

[quote user="Steve Mortlock"]   
Since the chase era has departed when we were only 5 million pounds in debt, we now find ourselves with a staggering 20 million plus in (manageable debt, ahem) Over the past four to five seasons we seem to have ammassed several millions through TV money, big cup ties, play off gate receipts, promotion as champions, more TV money for the premiership and two parachute payments equalling around 15 million. 

The sales of players such as Green , Francis and Ashton for approx 10 million.  The sale of land for new homes estimated at around 8 million and the sale of the corner for a hotel estimated at one million.  You don''t need a GCSE in maths to figure out that the wool is being firmly bundled over the eyes of the "canary faithful".  also with merchandise revenue, resturant profits, charging mugs 100 each to sing on the ball city before the game, and all the corporate sponsorships and packages available.  I think the club are pulling the wool over everyones eyes.  We cannot be in as much debt as they make out.  If we are there is serious mismanagement and misappropriation of funds going on.  What money has been reinvested into the playing staff compared to outgoings. 

Today is the day we finally get to see the level of the clubs much mooted ambition.  Failing to strengnthen in all key areas with quality players would clearly show we are bound for a stint in the third tier of English Football.  The club are bull s******g the fans and most are swallowing the same old c**p. 

As for colins words today about being too good to go down, have a look at forest, man city and sheffield wedensday over the past few years and they undoubtedly thought the same.  We are not "too good at all, mediocre at best and at time of writing, heading for league 1, where we will struggle even there,  ask Rotherham, Walsall and Grimsby.  It is time for people around the club to lose this air of greatness they seem to have as we are not as good as we make out.  Gates of under 20,000 may make them realise this.
[/quote]

Have you noticed the ground has changed a bit?

[Cluck 0]

[quote user="mystic megson"]

We are in debt, but we made a profit last season of over £3 million, of which Gordon Brown swiped about £600,000.  I''ve gone to about seven websites of other Championship clubs so far, and can''t find one who made a profit of any kind.  I really can''t be bothered to go through the rest, but you get the picture . . . We are being taken for mugs, muppets or what Mello would probably call "gullible gonads" . . .

 

 

[/quote]

Well put Mystic....but how many will take the facts on board?  At one time I really did have the belief that Norfolk folk were more astute in their thinking.....but it seems many are content to fully live up to their dimwit nationwide reputation. Surely we''re better than that aren''t we?

[Two Tails 0]

Someone post a picture of the south stand please as I cant be bothered, but to answer the question 15m of that debt was a loan for building the south stand and consolidating all of our other debts into one.

[BBFF 0]

Dont worry Steve the hotel will rescue us from FOOTBALL oblivion!