Turners quit Carrow Road

[cantbelieveImhere 0]

Children whilst I am impressed your incredible business acumen, I still feel it prudent to add the following speculation:

1) Loans, by there very nature, are designed to be paid back. Therefore, is it not sensible to presume that repayment terms would already have been agreed? It is not like if you were to get a bit snotty at a birthday party and declare you were off and taking your football and you Jenga back with you. In this instance, we do know that the loans are interest free which business wise is very generous indeed.

2) Perhaps in current economic climate, the Turner''s business is not as profitable as it was when they became involved with the club and despite the £275 rich list claim, the amount they have (had!) to throw at NCFC is a lot less than they thought.

3) Maybe they were having a look at investing more, and after some time on the inside saw what a bottomless pit football is and decided it wasn''t for them. This raises a further point, if Mr Cullum, as he asked, was given the (our!) football club FOC on the promise of twenty million big ones for the playing side, after a couple of years hadn''t got to the Prem and also saw what a bottomless pit football is. Then he sells up for 20 million, hasn''t lost anything but leaves the club with lots of contracts we can''t afford to pay, players sold for less than they''re worth, club sprials downwards, Leeds blah blah.

Happily, whilst the current situation isn''t perfect we have good owners and possibly the best playing squad we''ve had since relegation from the Prem. So, unless you are a billionaire and ready to invest, stop your bitching.

[city-till-i-die 7]

good owners...lmfao...you are drunk right????

[WeAreYellows49 0]

Stoned? [;)]

[Beauseant 0]

[quote user="WeAreYellows49"][quote user="Beauseant"]

[quote user="UEA Canary"]Wasn''t there a post on here last night about a board room bust up?

http://www.pinkun.com/cs/forums/2/1380547/ShowPost.aspx#1380547

So the plot thickens.......something''s going on and it''s about damn time the fans were put in the picture for a chance. While I can only speculate, I would guess this will have something do with the following items of: Money, Transfers and Peter Cullum
[/quote]

 

Something smells wrong.The story about a bust up last night doesn''t tie in with the Turners'' statement that this was decided two weeks ago.I also fail to see where the idea of the Turner''s being Cullum''s stalking horse on the board comes from.I think we should be very afraid as they have every right to call the loan in,which makes what was achieved last night even more laudable.I suspect that the only good thing about this mess is that Cullum will finally have to reveal his true hand,but I fear the worst.

[/quote]

What smells wrong?  Normally you are the one that''s level headed and thoughtful about these sorts of things.

I have to agree that I have that gut feeling when you know something nasty is going to happen, or maybe I just have wind again [:$]

[/quote]

The "smells wrong" comment relates to the discrepancies between the various accounts of when this fall out actually occurred.Clearly whenever it happened its very acrimonious and that spells danger for the club.I think that a lot of stuff of,shall we say dubious provenance,is being posted today as everyone jumps on the bandwagon,but if its true that Delia wants out and that the Turner''s loan hasn''t been written off or converted to shares,then we are in very serious trouble.If Cullum ever intended to move for the club it has to be now,but I can''t see it happening.I started the day really upbeat but I''m sinking into a black pit at the moment!

[Tim Allman 1]

I doubt any more information will be forthcoming from either NCFC or the Turners. There was a confidentiality agreement signed by NCFC and Cullum with regard to last season''s approach and recent talks, and I would be amazed if a similar agreement was not in place following the Turners exit.

The statement on the Official Site says very little and the EDP article is mostly speculation.

The best source of information is likely to be the year end accounts which will detail directors shares, repayment of loans, etc

 

[city-till-i-die 7]

[quote user="Beauseant"][quote user="WeAreYellows49"][quote user="Beauseant"]

[quote user="UEA Canary"]Wasn''t there a post on here last night about a board room bust up?

http://www.pinkun.com/cs/forums/2/1380547/ShowPost.aspx#1380547

So the plot thickens.......something''s going on and it''s about damn time the fans were put in the picture for a chance. While I can only speculate, I would guess this will have something do with the following items of: Money, Transfers and Peter Cullum
[/quote]

 

Something smells wrong.The story about a bust up last night doesn''t tie in with the Turners'' statement that this was decided two weeks ago.I also fail to see where the idea of the Turner''s being Cullum''s stalking horse on the board comes from.I think we should be very afraid as they have every right to call the loan in,which makes what was achieved last night even more laudable.I suspect that the only good thing about this mess is that Cullum will finally have to reveal his true hand,but I fear the worst.

[/quote]

What smells wrong?  Normally you are the one that''s level headed and thoughtful about these sorts of things.

I have to agree that I have that gut feeling when you know something nasty is going to happen, or maybe I just have wind again [:$]

[/quote]

The "smells wrong" comment relates to the discrepancies between the various accounts of when this fall out actually occurred.Clearly whenever it happened its very acrimonious and that spells danger for the club.I think that a lot of stuff of,shall we say dubious provenance,is being posted today as everyone jumps on the bandwagon,but if its true that Delia wants out and that the Turner''s loan hasn''t been written off or converted to shares,then we are in very serious trouble.If Cullum ever intended to move for the club it has to be now,but I can''t see it happening.I started the day really upbeat but I''m sinking into a black pit at the moment!

[/quote]im also getting that sinking feeling....we have more loans/loanees than a bank....no big money players to sell to get us out of this whole(god forbid we sell any 1 else) like chase did b4 he went....and after a great performance last week things were looking up add sibierski to that it looked very bright.....if PC is to come back with another offer for the club...it surley has to be now or soon

[WeAreYellows49 0]

[quote user="Beauseant"][quote user="WeAreYellows49"][quote user="Beauseant"]

[quote user="UEA Canary"]Wasn''t there a post on here last night about a board room bust up?

http://www.pinkun.com/cs/forums/2/1380547/ShowPost.aspx#1380547

So the plot thickens.......something''s going on and it''s about damn time the fans were put in the picture for a chance. While I can only speculate, I would guess this will have something do with the following items of: Money, Transfers and Peter Cullum
[/quote]

 

Something smells wrong.The story about a bust up last night doesn''t tie in with the Turners'' statement that this was decided two weeks ago.I also fail to see where the idea of the Turner''s being Cullum''s stalking horse on the board comes from.I think we should be very afraid as they have every right to call the loan in,which makes what was achieved last night even more laudable.I suspect that the only good thing about this mess is that Cullum will finally have to reveal his true hand,but I fear the worst.

[/quote]

What smells wrong?  Normally you are the one that''s level headed and thoughtful about these sorts of things.

I have to agree that I have that gut feeling when you know something nasty is going to happen, or maybe I just have wind again [:$]

[/quote]

The "smells wrong" comment relates to the discrepancies between the various accounts of when this fall out actually occurred.Clearly whenever it happened its very acrimonious and that spells danger for the club.I think that a lot of stuff of,shall we say dubious provenance,is being posted today as everyone jumps on the bandwagon,but if its true that Delia wants out and that the Turner''s loan hasn''t been written off or converted to shares,then we are in very serious trouble.If Cullum ever intended to move for the club it has to be now,but I can''t see it happening.I started the day really upbeat but I''m sinking into a black pit at the moment!

[/quote]

 

Thanks for that, and I feel the same, I never ever thought we would be sat here again worrying so much about the clubs future.

[Bruce Eats Walkers! 0]

Thought:

Turners put in £2.5m to cover short fall

Cullum Makes his offer with the club on level ground, financialy

Turners walk away and demand repayment of the £2.5m loan right at the end of the transfer window with little chance of selling players to recoup the cash to pay them back, thus leaving player recruitment down to loans.

This probably leaves the club in a precarious financial position, Delia knows there is no money to bring in players in January and with no saleable assets supporter pressure is going to increase.

Peter Cullum looks on at a club in turmoil and makes an offer for Delia and MWJ''s shares at a much more realistic price than he had previously offered and than Deliar had asked for them?

[The Butler 0]

[quote user="Beauseant"][quote user="WeAreYellows49"][quote user="Beauseant"]

[quote user="UEA Canary"]Wasn''t there a post on here last night about a board room bust up?

http://www.pinkun.com/cs/forums/2/1380547/ShowPost.aspx#1380547

So the plot thickens.......something''s going on and it''s about damn time the fans were put in the picture for a chance. While I can only speculate, I would guess this will have something do with the following items of: Money, Transfers and Peter Cullum
[/quote]

 

Something smells wrong.The story about a bust up last night doesn''t tie in with the Turners'' statement that this was decided two weeks ago.I also fail to see where the idea of the Turner''s being Cullum''s stalking horse on the board comes from.I think we should be very afraid as they have every right to call the loan in,which makes what was achieved last night even more laudable.I suspect that the only good thing about this mess is that Cullum will finally have to reveal his true hand,but I fear the worst.

[/quote]

What smells wrong?  Normally you are the one that''s level headed and thoughtful about these sorts of things.

I have to agree that I have that gut feeling when you know something nasty is going to happen, or maybe I just have wind again [:$]

[/quote]

The "smells wrong" comment relates to the discrepancies between the various accounts of when this fall out actually occurred.Clearly whenever it happened its very acrimonious and that spells danger for the club.I think that a lot of stuff of,shall we say dubious provenance,is being posted today as everyone jumps on the bandwagon,but if its true that Delia wants out and that the Turner''s loan hasn''t been written off or converted to shares,then we are in very serious trouble.If Cullum ever intended to move for the club it has to be now,but I can''t see it happening.I started the day really upbeat but I''m sinking into a black pit at the moment!

[/quote]

Don''t despair well not just yet!

1. If the Turners demand their money back and NCFC can''t pay. Are they likely to take the club to court and put it "out of business". I doubt that as they could kiss goodbye to one hell of a lot of good will in these parts.

2. Sell their shares and perhaps "convert" their loan to a third party ie Cullum. Would he now pay the going rate whatever that is.

3. DS and MWJ look for a way out, again is it just PC sitting there OR are there other sources of income

The Turners have completed their initial "job" and the club internally is leaner and fitter than it was, so some bonus.

We have a team that can be competative so that should make us a more attractive prospect for any purchaser and at least fans will get some "moneys worth"

It''s stopped raining, global warming is starting again and Carrow road could be under the North sea soon so why worry[;)]

 

 

[WeAreYellows49 0]

Bigger question for me is where is 1stWiz & Arthur Whittle?

[Shaun Tilly Lace 0]

Good riddance!  They were about as much use as an ashtray on a motorbike.

[blahblahblah 2]

[quote user="Saint Canary"][quote user="blahblahblah"]

[quote]more than one person has told me that The Turners are Peter cullms people. [/quote]

For the 2nd time, at the AGM Andrew Turner said he had never met Peter Cullum.  Surely this means that he is his own man in this scenario, rather than a trojan horse for a bloke he has never met ?

[/quote]
That''s just what he wanted you to think Blah.  You are so gullible.  It is patently obvious that Cullum and Andrew Turner are one and the same person.  Open your eyes man!
[/quote]

 

Ah.  Gotcha.

[GMF 757]

[quote user="Tim Allman"]

I doubt any more information will be forthcoming from either NCFC or the Turners. There was a confidentiality agreement signed by NCFC and Cullum with regard to last season''s approach and recent talks, and I would be amazed if a similar agreement was not in place following the Turners exit.

The statement on the Official Site says very little and the EDP article is mostly speculation.

The best source of information is likely to be the year end accounts which will detail directors shares, repayment of loans, etc

 

[/quote]

This will, of course, be a post Year End event, so any information that''s forthcoming may be limited. [:(]

[AndyJR 0]

[quote user="Saint Canary"][quote user="Strawberry"]

[quote user="Saint Canary"]Being honest.  Is anyone really that bothered that they are gone?[/quote]

I''m bothered about why they have gone.  I''m also bothered about their £2m investment.

 

[/quote]Investment?  You mean loan which they now want back.  Wow they really love the club don''t they.[/quote]As long as they don''t demand immediate repayment of their 2 mil and retain it''s interest free status, I really couldn''t care less they have left, they brought nothing more to the table.  Good riddance I say.

[WeAreYellows49 0]

[quote user="AndyJR"][quote user="Saint Canary"][quote user="Strawberry"]

[quote user="Saint Canary"]Being honest.  Is anyone really that bothered that they are gone?[/quote]

I''m bothered about why they have gone.  I''m also bothered about their £2m investment.

 

[/quote]

Investment?  You mean loan which they now want back.  Wow they really love the club don''t they.
[/quote]

As long as they don''t demand immediate repayment of their 2 mil and retain it''s interest free status, I really couldn''t care less they have left, they brought nothing more to the table.  Good riddance I say.
[/quote]

And if they do demand immediate repayment of the 2.5mill loaned?

[Tipster101 0]

[quote user="GazzaTCC"][quote user="Tim Allman"]

I doubt any more information will be forthcoming from either NCFC or the Turners. There was a confidentiality agreement signed by NCFC and Cullum with regard to last season''s approach and recent talks, and I would be amazed if a similar agreement was not in place following the Turners exit.

The statement on the Official Site says very little and the EDP article is mostly speculation.

The best source of information is likely to be the year end accounts which will detail directors shares, repayment of loans, etc

 

[/quote]

This will, of course, be a post Year End event, so any information that''s forthcoming may be limited. [:(]

[/quote]

except of course "events after the balance sheet date" such as this would be disclosed

[AndyJR 0]

[quote user="WeAreYellows49"][quote user="AndyJR"][quote user="Saint Canary"][quote user="Strawberry"]

[quote user="Saint Canary"]Being honest.  Is anyone really that bothered that they are gone?[/quote]

I''m bothered about why they have gone.  I''m also bothered about their £2m investment.

 

[/quote]Investment?  You mean loan which they now want back.  Wow they really love the club don''t they.[/quote]As long as they don''t demand immediate repayment of their 2 mil and retain it''s interest free status, I really couldn''t care less they have left, they brought nothing more to the table.  Good riddance I say.[/quote]

And if they do demand immediate repayment of the 2.5mill loaned?

[/quote]I would have hoped the club will have had the foresight to have added a clause in the deal to prevent that from happening.  If not, we''re buggered.  They will have.

[Syteanric 1]

[quote user="AndyJR"][quote user="WeAreYellows49"][quote user="AndyJR"][quote user="Saint Canary"][quote user="Strawberry"]

[quote user="Saint Canary"]Being honest.  Is anyone really that bothered that they are gone?[/quote]

I''m bothered about why they have gone.  I''m also bothered about their £2m investment.

 

[/quote]

Investment?  You mean loan which they now want back.  Wow they really love the club don''t they.
[/quote]

As long as they don''t demand immediate repayment of their 2 mil and retain it''s interest free status, I really couldn''t care less they have left, they brought nothing more to the table.  Good riddance I say.
[/quote]

And if they do demand immediate repayment of the 2.5mill loaned?

[/quote]

I would have hoped the club will have had the foresight to have added a clause in the deal to prevent that from happening.  If not, we''re buggered.  They will have.
[/quote]

if they demand instant repayment then its "Hello administration" and us bottom of the league with minus points.... expect a pitch fork and burning torch mob to gather outside Central trust.

jas :)

[Barclay_Boy 0]

2 down...

[GMF 757]

[quote user="Tipster101"][quote user="GazzaTCC"][quote user="Tim Allman"]

I doubt any more information will be forthcoming from either NCFC or the Turners. There was a confidentiality agreement signed by NCFC and Cullum with regard to last season''s approach and recent talks, and I would be amazed if a similar agreement was not in place following the Turners exit.

The statement on the Official Site says very little and the EDP article is mostly speculation.

The best source of information is likely to be the year end accounts which will detail directors shares, repayment of loans, etc

 

[/quote]

This will, of course, be a post Year End event, so any information that''s forthcoming may be limited. [:(]

[/quote]

except of course "events after the balance sheet date" such as this would be disclosed

[/quote]

Agreed, although the extent of information disclosure may be more limited than had the event occured during the reported accounting period.

[ncfcstar 295]

Come on Barclay_Boy be realistic, they may have gone, but they could quite easily put us in financial meltdown. You may, along with others, have a crusade going against this board, but at the moment our financial future hangs in the balance. Wake up and think about the future of our club before you start considering your personal vendettas.

[Pinks 0]

Can anyone tell me when the press conference is plz?

[WeAreYellows49 0]

Dunno but I have Radio Norfolk on listening in case anything is said.

[Bobert 0]

I believe what happened is as follows:

Delia has very firm ideas on the financial value of a Directorship of Norwich Football Club and if you want to come aboard she expects you to pay your way.

It was a strange introduction to the Board last year by the Turners who said that they just wanted to help the Club. Delia took the offer at its face value and apart from the little financial acumen they had to offer Delia rightly expected the Turners to continue to earn their place on the Board with additional funding. When she found that this was not to be forthcoming Delia was a little miffed.

She also felt that the Turners had not contributed fully by attending away matches in the way that she and her husband do to support the team.

Roger Munby, the Chairman, attempted to keep the peace but he is not a well man and his own marketing business demands much of his time. The upshot was that a frostiness developed between the Smiths and the Turners and it was decided that there should be a parting of the ways.

The loans are covered by an agreement and the repayment terms are structured in such a way that the club can cope in the immediate future. There is also an agreement with respect to the disposal of the shares aquired by the Turners.

Nothing for anyone to worry about.

[Dicky 0]

[quote user="Saint Canary"]Being honest.  Is anyone really that bothered that they are gone?[/quote]

Yes if it means less money in the club.

[ron obvious 1,514]

[quote user="ncfcstar"]Come on Barclay_Boy be realistic, they may have gone, but they could quite easily put us in financial meltdown. You may, along with others, have a crusade going against this board, but at the moment our financial future hangs in the balance. Wake up and think about the future of our club before you start considering your personal vendettas.[/quote]

No chance.

[AndyJR 0]

[quote user="WeAreYellows49"]Dunno but I have Radio Norfolk on listening in case anything is said.[/quote]Good old Roy Waller, did you hear him ask the lady from Cinema City, "Do you have a problem parking, being a woman?"  [;)]

[WeAreYellows49 0]

[quote user="AndyJR"][quote user="WeAreYellows49"]Dunno but I have Radio Norfolk on listening in case anything is said.[/quote]

Good old Roy Waller, did you hear him ask the lady from Cinema City, "Do you have a problem parking, being a woman?"  [;)]
[/quote]

 

lol the bit that made me laugh was when they were talking about one country having bigger parking spaces for women, cheeky begger lol [:D]

[canary cherub 1]

[quote user="Bobert"]

I believe what happened is as follows:

Delia has very firm ideas on the financial value of a Directorship of Norwich Football Club and if you want to come aboard she expects you to pay your way.

It was a strange introduction to the Board last year by the Turners who said that they just wanted to help the Club. Delia took the offer at its face value and apart from the little financial acumen they had to offer Delia rightly expected the Turners to continue to earn their place on the Board with additional funding. When she found that this was not to be forthcoming Delia was a little miffed.

[/quote]

So are Roger Munby and Mickey Foulger also "expected to earn their place on the board with additional funding"?  The Turners put more in that RM and MF put together. 

 

[Yellow Rider 0]

[quote user="ncfcstar"]Come on Barclay_Boy be realistic, they may have gone, but they could quite easily put us in financial meltdown. You may, along with others, have a crusade going against this board, but at the moment our financial future hangs in the balance. Wake up and think about the future of our club before you start considering your personal vendettas.[/quote]

Why? Have we not constantly been told by the club that NCFC is run as a model of ''prudence with ambition'' and that our debts are ''well structured, affordable and long term''?? We have had worse financial setbacks than this e.g. when the parachute money stopped.  You are simply trying to whip up an anti Turner feeling whilst letting The Cook off the hook. By the way were''nt we all enternally grateful for the £2M loan from The Turners about a year ago?  So they want their money back, then we should have budgeted accordingly.