WHY WE MAY NOT SELL

[anselin007 0]

Whilst Norwich City continue to flounder in the depths of the championship our board still take a yearly salary out of the club.Whilst we see some seasons as failures, It seems to me that the board still profit from the club (buisiness).So whilst our board continue to profit yearly there seems to be no reason to sell in thier eyes.Although there has been press claiming Norwich want investment i truly feel this is the boards worst nightmare as potentially most investors will tick all of the boxes that the board state they need in an investor.Have the board now got egg on thier face?  To some this is not a hobbie but a profitable job with yearly income.Will be interesting.I may be wrong in my comments but this is soley my view and how im seeing it at the moment.

[Lurd 0]

I would think this is BS.Delia could release a book tomorrow and it would make her and Michael more money than NCFC does.Foulger is a very rich man with good businesses. The Turners we know all about.Doncaster has admitted many times he could earn twice his salary if he returned to being a solicitor.I think they''re just cautious people, headed by a very stubborn woman.

[anselin007 0]

I agree with your comments but obviously with the financial side also comes this big shop window / limelight.Plus all the jolly ups they would miss.Im not attacking the board-although im not thier biggest fan i just cant see that if Norwich City were in thier best interests why they are not shouting off the rooftops about so much reported intrest in our club.

[Carrow89 0]

" may be wrong in my comments "IN THE EXTREME !Please find someone to explain what the board does. Larry David speaks well.It is NOT the board as you call it who decides.Voting on major decisions are taken by the shareholders The majority shareholders are Delia and hubby.Cullum wants control of the club but won''t make any attempt to buy their shares.

Simply, if somebody wants control of you house but not only refuses to buy it but won''t even make an offer how serious would you take him ?Annoyingly so if he gobs off in the local pub but won''t meet you face to face.What has Cullum to hide ?

[anselin007 0]

He has approached them in the past- There are also other offers on the table

[Carrow89 0]

His only approach was a £5m loan that was later revealed to be conditional on repayment if we were relegated.Something that would have sent us into administrationMaking the club an easy target.Since then (around Xmas) he has not contacted the club.WHY ?

[sxcanaree 0]

Lets go back to the annual report again shall we?

Neil Doncaster is the only executive director ie gets a salary. As such his salary is revealed in the accounts and is around the same amount he received as the Chief Executive where his salary was not disclosable.

The remaining directors are all non executive so are entitled to charge fees for their services - the total in 2006 and 2007 was nil. There is one director whose company charges a fee for the time that he spends away from the company on Football business which is only £10,000 per annum.

So - in addition to the cash investment all the time, energy and effort supplied by Delia has been for free, and don''t even start to think that she has only done it for the publicity as the income "lost" by withdrawing from a lucrative TV career at the time of the cooking boom is immeasurable.

By the way old Sheepshanks down the road at Ips**t is still being paid £125K per year for his services - despite running the club into administration!

[Ralph Wrong 0]

[quote user="Ralph Wright"]His only approach was a £5m loan that was later revealed to be conditional on repayment if we were relegated.Something that would have sent us into administration[/quote]Crikey Ralph are you telling us that after having had access to £200m+ the Board have got us into a situation where we are less than £5m from administrationEither (as many suspect) this Club isn''t worth anywhere near the £36m figure the Board advertised it for.....OR:You just made that up.

[ricardo 7,348]

[quote user="sxcanaree"]

Lets go back to the annual report again shall we?

Neil Doncaster is the only executive director ie gets a salary. As such his salary is revealed in the accounts and is around the same amount he received as the Chief Executive where his salary was not disclosable.

The remaining directors are all non executive so are entitled to charge fees for their services - the total in 2006 and 2007 was nil. There is one director whose company charges a fee for the time that he spends away from the company on Football business which is only £10,000 per annum.

So - in addition to the cash investment all the time, energy and effort supplied by Delia has been for free, and don''t even start to think that she has only done it for the publicity as the income "lost" by withdrawing from a lucrative TV career at the time of the cooking boom is immeasurable.

By the way old Sheepshanks down the road at Ips**t is still being paid £125K per year for his services - despite running the club into administration!

[/quote]

Actually not true.

It was reported in the EDP last week that Sheepshagger has been stripped of his salary in a recent Poorman road economy drive.

Apparantly he still does the same job but no longer recieves any pay.

[Inch High aka Inchy.. 405]

[quote user="Ralph Wrong"][quote user="Ralph Wright"]
His only approach was a £5m loan that was later revealed to be conditional on repayment if we were relegated.

Something that would have sent us into administration
[/quote]

Crikey Ralph are you telling us that after having had access to £200m+ the Board have got us into a situation where we are less than £5m from administration

Either (as many suspect) this Club isn''t worth anywhere near the £36m figure the Board advertised it for.....

OR:

You just made that up.
[/quote]

Well Ralph, are you going to answer Arthurs question??

[sxcanaree 0]

[quote user="ricardo"][quote user="sxcanaree"]

Lets go back to the annual report again shall we?

Neil Doncaster is the only executive director ie gets a salary. As such his salary is revealed in the accounts and is around the same amount he received as the Chief Executive where his salary was not disclosable.

The remaining directors are all non executive so are entitled to charge fees for their services - the total in 2006 and 2007 was nil. There is one director whose company charges a fee for the time that he spends away from the company on Football business which is only £10,000 per annum.

So - in addition to the cash investment all the time, energy and effort supplied by Delia has been for free, and don''t even start to think that she has only done it for the publicity as the income "lost" by withdrawing from a lucrative TV career at the time of the cooking boom is immeasurable.

By the way old Sheepshanks down the road at Ips**t is still being paid £125K per year for his services - despite running the club into administration!

[/quote]

Actually not true.

It was reported in the EDP last week that Sheepshagger has been stripped of his salary in a recent Poorman road economy drive.

Apparantly he still does the same job but no longer recieves any pay.

[/quote]

He is still overpaid but they are now getting value for money!

As stated before I do not see the EDP so if this is true it reveals that the injection of £12m of capital from Marcus Evans and the freedom from making repayments on their original debt has done nothing for Ipswich so the addition of £20m to Norwich''s funds and retaining the debt in place will not be enough for a sustained challenge in order to get in to the premiership.

 

[Citizen Journalist Foghorn 0]

[quote user="sxcanaree"]

As stated before I do not see the EDP so if this is true it reveals that the injection of £12m of capital from Marcus Evans and the freedom from making repayments on their original debt has done nothing for Ipswich so the addition of £20m to Norwich''s funds and retaining the debt in place will not be enough for a sustained challenge in order to get in to the premiership.

 

[/quote]How do you know it has done nothing for Ipswich.  We will see in the coming season.  It has meant they don''t have to asset strip their club every season as had been going on under Joe Royle.As for your laughing off 20 million, well Zero money has sent us sliding down the league these last few years to last season''s position of relegation candidates.  What has retaining the debt in place got to do with anything?

[Syteanric 1]

[quote user="Larry David"]



Doncaster has admitted many times he could earn twice his salary if he returned to being a solicitor.

[/quote]

Bull hang!!!!! wasnt it made public doomy is on nearly 200 grand a year?! find me a solicitor who earns that much...

jas :)

[sxcanaree 0]

I would guess having an "economy drive" where the chairman loses his salaried position would mean that belts are being tightened.

The analogy I am making is that the panacea of £12m for players has still left our neighbours struggling for cash and their debt is now all "group debt" so they are not servicing a commercial loan as part of their operational costs.

In the scraps of information released today Peter Cullum has stated that he would renegotiate the loans that are in place rather than re-pay them so the costs of servicing the existing debt will remain in place at Carrow Road even if he does take over the club.

I appreciate that £20m is more than nothing but I still question whether for the 2008 season this will do anything more than achieve mid table - there are too many clubs out there with much bigger fighting funds available to them who will be buying the promotion places in 2008 and this is why I believe that Ips**t are tightening their belts now because they cannot see a realistic chance of promotion this season.

[Camuldonum 0]

[quote user="jas the barclay king"]

[quote user="Larry David"]



Doncaster has admitted many times he could earn twice his salary if he returned to being a solicitor.

[/quote]

Bull hang!!!!! wasnt it made public doomy is on nearly 200 grand a year?! find me a solicitor who earns that much...

jas :)

[/quote]

This man is the best media solicitor in the whole of London and he charges £750 an hour plus VAT.  I would bet there are solicitors in Norwich partnerships on well over £200k a year.

 

http://www.henribrandman.co.uk/preview/about.htm

[nu_matik 167]

so this guy is training his dog up so he can attend meetings with clients?!

[Camuldonum 0]

[quote user="nu_matik"]so this guy is training his dog up so he can attend meetings with clients?![/quote]

Yes, the dog comes with Henri unless clients object or it''s a court hearing, of course.  Great guy and a class act.

[Syteanric 1]

you''d think on the money he was on he could afford a better website.. that looks some what amateruish at best!

jas :)

[Citizen Journalist Foghorn 0]

[quote user="sxcanaree"]

I would guess having an "economy drive" where the chairman loses his salaried position would mean that belts are being tightened.

The analogy I am making is that the panacea of £12m for players has still left our neighbours struggling for cash and their debt is now all "group debt" so they are not servicing a commercial loan as part of their operational costs.

In the scraps of information released today Peter Cullum has stated that he would renegotiate the loans that are in place rather than re-pay them so the costs of servicing the existing debt will remain in place at Carrow Road even if he does take over the club.

I appreciate that £20m is more than nothing but I still question whether for the 2008 season this will do anything more than achieve mid table - there are too many clubs out there with much bigger fighting funds available to them who will be buying the promotion places in 2008 and this is why I believe that Ips**t are tightening their belts now because they cannot see a realistic chance of promotion this season.

[/quote]As for Ipswich, as long as Evans is in charge money os not going to be an issue to the playing side.  Their success is what will inevitably make his investment pay.As for the long term debt, who cares, as long as it is getting paid off

like a mortgage. Delia aint gonna pay it off, The Turners aren''t gonna

pay it off.  Why should Cullum?As for teh last part, what crud, if you trust in the manager, which I assume you do, then you should trust him to be pushing us up the league and improving us to play-off contenders with some part of 20 million quid spent?  Possibly with going full on for promotion the season after.As for realistic chance of promotion, IMO they have a realistic chance of Top 6.  We still have more or less the same squad that battled with relegation last time I looked.  With a solitary 33 year old striker.Btw just so you don''t fool yourself mate, Hull and Stoke invested money these last couple of seasons - where are they now?

[First Jedi 0]

[quote user="Ralph Wright"]His only approach was a £5m loan that was later revealed to be conditional on repayment if we were relegated.[/quote]We didn''t get relegated!

[Barclay_Boy 0]

[quote user="Ralph Wright"]" may be wrong in my comments "

IN THE EXTREME !

Please find someone to explain what the board does. Larry David speaks well.

It is NOT the board as you call it who decides.

Voting on major decisions are taken by the shareholders

The majority shareholders are Delia and hubby.

Cullum wants control of the club but won''t make any attempt to buy their shares.



Simply, if somebody wants control of you house but not only refuses to buy it but won''t even make an offer how serious would you take him ?

Annoyingly so if he gobs off in the local pub but won''t meet you face to face.

What has Cullum to hide ?
[/quote]

Exept it''s not a house is it, it''s a club which 25000 of us support, love etc, and it can also have a significant impact on many thousands more via the local economy. If the people in charge of that club cannot maintain it, and it is slowly fading out of existence, and they claim to love it, don''t they have a duty to the supporters, and the local economy, to do all in their power to pass it on to someone who can restore it to it''s former glory?  Easy comparisons for you, a stately home, part of the nation''s heritage, but falling into rack and ruin, does a responsible owner hold out for every penny they can get, or the glory of owning the said home, or be pleased that there is a person they pass it on to can restore it to it''s former glory?  Another example, dog owner, no longer able to look after dog, do they let the dog die, just because it''s their dog? Or do they pass it on the dog rescue centre, in the best interests of the dog? This is about caring for the club over caring for one''s self. The outcome of the talks will reveal the truth.

 

[sxcanaree 0]

If you are so sure of Ipswich''s success why don''t you go off and follow them.

Because Evans has bought debt as well as assets failure will make his investment pay just as well as he is able to manipulate the debt within his internal figures to reduce his corporate tax bill - and if the other bills get too high he can simply do a Ken Bates and sell the club back to himself at an enormous profit.

"As for the long term debt, who cares, as long as it is getting paid off like a mortgage. Delia aint gonna pay it off, The Turners aren''t gonna pay it off.  Why should Cullum?" - OK you are happy with expenditure of over £1m per annum to service the debt? I am not saying that the debt should be paid off just that Ipswich''s benefactor has "loaned" them £5m at 5% interest as a debt to repay.

"As for realistic chance of promotion, IMO they have a realistic chance of Top 6". Whoohoo - a chance that in the lottery of the playoffs they might just beat Wolves/Reading/Birmingham/Palace/QPR/Watford over two legs to lose to Derby in the playoff final - as at today every club in the Division realistically has that chance.

"Btw just so you don''t fool yourself mate, Hull and Stoke invested money these last couple of seasons - where are they now?" Odds on favourites to beat Derby''s appalling record in the premiership next Season?

[canary cherub 1]

[quote user="sxcanaree"]

"As for realistic chance of promotion, IMO they have a realistic chance of Top 6". Whoohoo - a chance that in the lottery of the playoffs they might just beat Wolves/Reading/Birmingham/Palace/QPR/Watford over two legs to lose to Derby in the playoff final - as at today every club in the Division realistically has that chance.

"Btw just so you don''t fool yourself mate, Hull and Stoke invested money these last couple of seasons - where are they now?" Odds on favourites to beat Derby''s appalling record in the premiership next Season?

[/quote]

The gist of your argument seems to be "it''s better not to try in case you don''t succeed".  Oh dear, why on earth are you a football fan?

 

[Arthur Whittle 0]

[quote user="Ralph Wright"]His only approach was a £5m loan that was later revealed to be conditional on repayment if we were relegated.

Something that would have sent us into administration

Making the club an easy target.

Since then (around Xmas) he has not contacted the club.

WHY ?


[/quote]

I think your love of Delia clouds your judgement. It wasnt a 5m loan to be repaid if we were relegated, you are lying and trying to make people suspicious of PC. He offered 5m plus a further 15m for this season. As for your why? What has he got to hide? Crap, he isnt hiding anything, it was your darling delia who kept us in the dark that he wanted to get involved, he only went public as a last resort after being given the cold shoulder.

Please stop with the Peter C conspirecys Walph, next you will be calling him a binner. Grow up a little bit.

[Jack Flash 13]

"Btw just so you don''t fool yourself mate, Hull and Stoke invested money these last couple of seasons - where are they now?"  And not forgetting Leicester City of course!

[Essex_Canary 6]

Gotta applaud Marcus Evans'' business sense tho, and of course yet again question the business acumen of Sheepshanks et al.

Marcus Evans''s company paid £12m (3.9m for a controlling interest in the club) & £8.1m in the form of preference shares (effectively a big fat loan), then bought the outstanding £32m worth of debt for a reported £6m. Total outlay = £18m.

His company earns c.£600k a year in interest on the share''s he bought and also £2.24m in interest repayments on the debt. Whilst he only paid £6m for the debt, the club still have to stump up the repayments on the full £32m. Annual income = c.£3m.

So in just 6 years he will have made a profit on his investment, the club will still be nearly £20m in debt (£32m-(6x £2.24m)=£18.56m) and if they do actually get promoted and last 5 years in the prem he even gets to call in the repayment of the £8.1m in preference shares as well.

All this propaganda from various sources, about how he is passionate about the club, the answer is no wonder - whether they get promoted or not he''s gonna make an absolute killing. You do have to wonder how desperate things were at Portman Road for Sheepy to have agreed to those terms don''t you.