Turners quit Carrow Road

[ncfcstar 289]

Yes we have been told that by the club, but I am sure Directors loans are not included in such a statement. When the Turners came, Delia and the rest of the board were expecting them to stick around for a long time. Do you honestly think that the Turners leaving would have been budgeted for? Of course it wouldn''t have, therefore we have a huge unsecured £2.5m debt dangling over us, anyone brave enough to tell me where we are going to get that money from?

To claim that we should have budgeted accordingly is ridiculous, do you think the club budget each year just in case Delia decides enough is enough? Of course they don''t, no-one expected the Turners to go, and now they have left us at probably the worst time possible. I''m not letting Delia off the hook, but yes, I don''t have much time for the Turners now because from whatever angle you look at if from we now owe someone £2.5m which in the current climate, and with the business they are in, will be expected to be recouped pretty quickly.

[Yellow Rider 0]

Ncfcstar,

I would have expected (and it probably happened) that the loan agreements were drawn up tightly so that IF the lender said ''I want my money back'' there was sufficient flexibility and leeway allowed for the borrower to satisfy that request without driving the business down the drain as you seem to think is about to happen. At the end of the day The Turners made a loan and vast majority of loans eventually need repaying. So why should ....''budgeting accordingly be ridiculous'' ?? I''m afraid that that kind of statement is precisely the reason why the Credit Crunch came home to roost! Anyway, who said that the Turners are now insisting on immediate repayment?      

[ncfcstar 289]

No-one has said that, my first post was considering, "what if?". Therefore it could happen, but obviously I would hope that an agreement was reached on repayment when the contract was originally signed.

But I stand by my point, Delia would have expected the Turners to stay on, many on here thought they were being groomed to be DS and MWJ''s successors. Therefore I can not see why the club would have budgeted for their departure.

[Beauseant 0]

[quote user="ncfcstar"]No-one has said that, my first post was considering, "what if?". Therefore it could happen, but obviously I would hope that an agreement was reached on repayment when the contract was originally signed. But I stand by my point, Delia would have expected the Turners to stay on, many on here thought they were being groomed to be DS and MWJ''s successors. Therefore I can not see why the club would have budgeted for their departure.[/quote]

 

There''s a difference between budgeting for their departure and having measures in place to prevent the club suddenly facing a cash call.It''s normal in business to have an agreement,because situations like these do happen,probably more often than people think.

[Match Day Pie 0]

ncfcstar wrote the following post at 02/09/2008 3:45 PM:

No-one has said that, my first post was considering, "what if?". Therefore it could happen, but obviously I would hope that an agreement was reached on repayment when the contract was originally signed.

But I stand by my point, Delia would have expected the Turners to stay on, many on here thought they were being groomed to be DS and MWJ''s successors. Therefore I can not see why the club would have budgeted for their departure.
-------------------

Surely the simple nature of it being a loan would been they budgeted to pay it back? I don''t see it as any more complicated than that.

[ncfcstar 289]

As has been said in other threads, it was payable in 2016 or on promotion. So I don''t see why they would have budgeted for it at the start of this business year, if promotion came then £2.5m can be easily called upon.

Beauseant, I understand that, but I think it would have been a shock to people at the club considering the comments that came out when the Turners took a place on the board. Would the club really have budgeted for a sudden £2.5m deficit?

[Beauseant 0]

[quote user="ncfcstar"]As has been said in other threads, it was payable in 2016 or on promotion. So I don''t see why they would have budgeted for it at the start of this business year, if promotion came then £2.5m can be easily called upon. Beauseant, I understand that, but I think it would have been a shock to people at the club considering the comments that came out when the Turners took a place on the board. Would the club really have budgeted for a sudden £2.5m deficit?[/quote]

 

No it wouldn''t is the short answer. all,in the subprime business. However,I would expect there to be an agreement in place which requires the loan to be repaid over a set period with no provision for repayment on demand.That would tie in with the clauses about 2016 or promotion (ie at times when it was affordable to the club).My take is that the Turners'' own business is going down the pan and they are desperate,but I suspect that they can do nothing to force the issue.

[city-till-i-die 7]

[quote user="Ween_Nasty"]Can anyone tell me when the press conference is plz?[/quote]web team pete...is of with his camera and said there should be some news by 5oclock...hopefully

[Beauseant 0]

[quote user="Beauseant"]

[quote user="ncfcstar"]As has been said in other threads, it was payable in 2016 or on promotion. So I don''t see why they would have budgeted for it at the start of this business year, if promotion came then £2.5m can be easily called upon. Beauseant, I understand that, but I think it would have been a shock to people at the club considering the comments that came out when the Turners took a place on the board. Would the club really have budgeted for a sudden £2.5m deficit?[/quote]

 

No it wouldn''t is the short answer. . However,I would expect there to be an agreement in place which requires the loan to be repaid over a set period with no provision for repayment on demand.That would tie in with the clauses about 2016 or promotion (ie at times when it was affordable to the club).My take is that the Turners'' own business is going down the pan and they are desperate,but I suspect that they can do nothing to force the issue.

[/quote]

Sorry,didn''t edit properly!!!

[Chunky 0]

Just listening to Radio Norfolk, and our Chairman states ''The Turners left for personal reasons that he does not know''. What sort of Chairman lets 2 wealthy investors leave without knowing the reasons for it?

 

[WeAreYellows49 0]

That says more about the state of our club than I could ever say lol

[The Butler 0]

[quote user="Chunky"]

Just listening to Radio Norfolk, and our Chairman states ''The Turners left for personal reasons that he does not know''. What sort of Chairman lets 2 wealthy investors leave without knowing the reasons for it?

 

[/quote]

One who''s not going to admit anything and risk being sued perhaps.

 

[Match Day Pie 0]

[quote user="WeAreYellows49"]That says more about the state of our club than I could ever say lol[/quote]

Munby = chocolate fireguard.

[WeAreYellows49 0]

lol MDP exactly [:)]

[Steelsilver 0]

hmmm best move of the season in my opinion

[Chunky 0]

[quote user="The Butler"][quote user="Chunky"]

Just listening to Radio Norfolk, and our Chairman states ''The Turners left for personal reasons that he does not know''. What sort of Chairman lets 2 wealthy investors leave without knowing the reasons for it?

 

[/quote]

One who''s not going to admit anything and risk being sued perhaps.

[/quote]

 

Fair point, however he could of just said he knows the reasons but is unable to say at the moment. Would at least be a more acceptable answer than ''I don''t know''!

[Barclay_Boy 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]

I am, and I have no personal vendettas. I love my club and these people are not equipped to run it. We have someone waiting in the wings who is.

[Mr Brownstone 0]

In the face of all the "they didn''t do anything" comments about The Turners today, i feel compelled just to say a few words in their defence.

They certainly brought more to the table than their £2.5M interest free loan. They were far more responsible for the day to day financial running of the club than Delia and Michael, and were the "Financial Plumbers" to our "Leaking Tap". They were 100% responsible for the cost cutting over the last few years, whether it be the changing of the cut of beef served on matchdays (ask anyone who works in catering how many complaints they had about that on saturday, by the way, thats how i know this) to banning bottled water being put on the table at Board Meetings, insisting on jugs of iced tap water (rather upsetting a certain someone) and anything inbetween and beyond that you have heard about.

They did this Job knowing full well it would make them extremely unpopular but they did it anyway, knowing that it needed to be done. This maybe the reason they have gone, who knows? I doubt we ever will.

We at least owe them a small amount of grattitude for their money, their time and most importantly their business acumen. Lets hope we don''t slip back into old habits of wasting money on luxurys when the playing side of the club clearly needs money desperately.

What is important now is where we go from here, what happens to their shares and what happens to their loan? Certainly if Cullum were to buy them then he would need a smaller percentage of Delia and Michaels shares to get his majority, maybe The Turners won''t over value theirs! As for the loan, i can''t believe the club would be stupid enough not to have a clause in there somewhere to say that it is not immediately repayable should The Turners leave. If they didn''t then Delia has little choice but to go back to Cullum with her tail between her legs. Time will tell....

[Google Bot 3,273]

I know a guy who works for Mr Turner and i can tell from what i''ve heard he is definetly pro-active with cost cutting.

He''s still not happy with the system for selling programmes outside the ground, i can''t remember exactly what these guys get but for an hour or two''s work it''s something like free entry to the match, something to eat, PLUS a share of the programmes that get sold.

I would do it without getting a share of the sales! ..May push for a pint with my grub though. ;)

[canary cherub 1]

[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]

(bump)

Links to the "So that''s than then" thread re. Cullum and confidentiality

 

[yellow hammer 0]

[quote user="Potless Percy "][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]

(bump)

Links to the "So that''s than then" thread re. Cullum and confidentiality

 

[/quote]

Would Mr. Allman know this for sure or is he merely speculating?

I''m more interested in whether the jugs of iced-tap water have since been replaced by the bottled variety at board meetings?

[canary cherub 1]

He''s speculating regarding the Turners but repeating what we were told re. Peter Cullum.

 

[Tim Allman 1]

I was speculating as to whether there was a confidentiality agreement with regard to the Turners exit, but as posted previously I would be amazed if there wasn''t. I do have a pal at Central Trust, and did know of their exit a short while before the story was released at Archant. As I recall, I did confirm this on a thread ages ago.

As regards the reasons for their departure, there are a few posters in the know, although I am NOT one of them. All I have done is speculated. That''s all.

My two speculations are

1/ The Turners or Central Trust couldn''t afford to fund this season''s budget, due to the impending economic downturn, despite the budget (and the Turners contribution to it) being agreed. They resigned because of this.

2/ The Turners review of the NCFC operation was a little too close to Delia''s heart and they recommended that the catering operation (one of the sacred cows of Carrow Road) be scaled down or closed as it was costing too much money. As this would have meant a huge loss of credibility to Delia this did not happen. The Turners resigned as they recommendations were ignored.

I believe that one of the cost-cutting measures that went through was that the head of catering, Lindsey Greenstead-Benesch, was to be directly employed by Delia and not NCFC, and of course there’s the Andy Cullen fiasco where our best performing director left as NCFC decided that they didn’t need him any longer.

 

[canary cherub 1]

1/ Unlikely to be the reason, or at least the only reason imo.  Other directors haven''t felt it necessary to resign because they can''t put in a couple of million on a regular basis.  And the fact that the news of their departure only came to light two weeks after the event, but a day after someone had posted on here that the Turners had had a huge row with someone at the club, suggests there''s more to it than that.  Add to that Roger Munby denying all knowledge of the reasons for their departure and it starts to honk a bit.

2/ Despite my longstanding criticism of Delia and the board I sincerely hope you''re wide of the mark.  If true it would be extremely serious - not just the overspending but the refusal to accept their recommendations - and would suggest that our club is not in safe hands.