ncfcstar 292 Posted January 7, 2009 http://news.bbc.co.uk/sport1/hi/football/teams/i/ipswich_town/7813521.stmSo, having a "rich" owner is not all it''s cracked up to be. Great to see that Ipswich are losing more money yet again :S, I can''t believe that a club that was in administration around 6 years ago is still allowed to trade in such a way. Share this post Link to post Share on other sites
missing in action? 0 Posted January 7, 2009 HAHAHAHAHAHAHA Share this post Link to post Share on other sites
Time to go Delia 0 Posted January 7, 2009 The losses might just have something to do with all the decent players they have signed on permanent contracts , we are still losing millions and having to make do with write offs like Carl Cort and an unlimited number of complete waste of time loanees. Share this post Link to post Share on other sites
BigFish 1,988 Posted January 7, 2009 [quote user="ncfcstar"]http://news.bbc.co.uk/sport1/hi/football/teams/i/ipswich_town/7813521.stm So, having a "rich" owner is not all it''s cracked up to be. Great to see that Ipswich are losing more money yet again :S, I can''t believe that a club that was in administration around 6 years ago is still allowed to trade in such a way.[/quote]This is all likely to be in plan. The invisible tycoon reputably pumped in capital to the tune of £12m. The idea probably was that this would be enough to push them into the Prem where it could be recouped. Not looking too good on the playing front now though is it? At this rate they probably have a season and a half to get up before they hit the buffers again.The irony is that this is the plan that many posters on here would have us follow. Share this post Link to post Share on other sites
Joanna Grey 0 Posted January 7, 2009 The loans are not unlimited and they are not a waste of time. Share this post Link to post Share on other sites
Time to go Delia 0 Posted January 7, 2009 MULTI-millionaire Ipswich Town owner Marcus Evans is likely to pump more money into the club if the team misses out on promotion at the end of this season.Funds from the £12million cash injection which formed part of the deal under which the corporate hospitality entrepreneur took control of the club a year ago remain available for manager Jim Magilton to strengthen the squad during the current transfer window.But a statement on the club''s financial performance last season, being circulated to shareholders from today, reveals that its cash balances are likely to be exhausted by the end of the current campaign - unless it secures the multi-million pound windfall that would come from joining the Premier League elite.And with Mr Evans remaining committed to securing promotion - from which he stands to make a substantial profit on his investment in the club -his Bermuda-based holding company, Marcus Evans Investments, which now owns the club''s £32million debt as well as being its majority shareholder, is set to stump up further funding.Club chief executive Derek Bowden - sensitive to the risk of other clubs demanding inflated prices for Town''s transfer targets - declined to be drawn on the question of additional investment.But the “financial highlights” statement being issued to shareholders says: “The economics of competing in the Championship means that the club''s existing cash balances are likely to be exhausted by the end of the 2008-09 season and should ITFC not be promoted at the end of the season further funding will need to be provided by MEI as principal shareholder/debtor.”Promotion to the Premier League holds the prospect of a substantial return for Mr Evans, as the club would be able to start repaying the debt he acquired from Norwich Union and Barclays under the deal which gave him control of the club.The loans were originally taken out by the club during its previous spell in the Premier League in order to fund the redevelopment of the North and Greene King stands together with improvements at its training ground.It was the club''s inability to service the interest on the debt, following its subsequent relegation from the top flight, which eventually tipped it into administration. Marcus Evans is doing what you would expect an investor to do he is investing in their team and will continue to do so untill they achieve promotion , Delia will continue to put in a few pennies untill we are in League 1 . A Marcus Evans is just what we need at this club , href="http://adserver.adtech.de/adlink|3.0|817|1654731|0|168|ADTECH;loc=300;key=key1+key2+key3+key4" target="_blank">src="http://adserver.adtech.de/adserv|3.0|817|1654731|0|168|ADTECH;cookie=info;loc=300;key=key1+key2+key3+key4" border="0" width="468" height="60"> Share this post Link to post Share on other sites
Mr.Carrow 378 Posted January 7, 2009 [quote user="BigFish"][quote user="ncfcstar"]http://news.bbc.co.uk/sport1/hi/football/teams/i/ipswich_town/7813521.stm So, having a "rich" owner is not all it''s cracked up to be. Great to see that Ipswich are losing more money yet again :S, I can''t believe that a club that was in administration around 6 years ago is still allowed to trade in such a way.[/quote]This is all likely to be in plan. The invisible tycoon reputably pumped in capital to the tune of £12m. The idea probably was that this would be enough to push them into the Prem where it could be recouped. Not looking too good on the playing front now though is it? At this rate they probably have a season and a half to get up before they hit the buffers again.The irony is that this is the plan that many posters on here would have us follow.[/quote]Read the article. What were the debts which sent them into administration used for again? Share this post Link to post Share on other sites
ron obvious 1,514 Posted January 7, 2009 [quote user="Mr.Carrow"][quote user="BigFish"][quote user="ncfcstar"]http://news.bbc.co.uk/sport1/hi/football/teams/i/ipswich_town/7813521.stm So, having a "rich" owner is not all it''s cracked up to be. Great to see that Ipswich are losing more money yet again :S, I can''t believe that a club that was in administration around 6 years ago is still allowed to trade in such a way.[/quote]This is all likely to be in plan. The invisible tycoon reputably pumped in capital to the tune of £12m. The idea probably was that this would be enough to push them into the Prem where it could be recouped. Not looking too good on the playing front now though is it? At this rate they probably have a season and a half to get up before they hit the buffers again.The irony is that this is the plan that many posters on here would have us follow.[/quote]Read the article. What were the debts which sent them into administration used for again?[/quote]I don''t follow you. Are you saying that NCFC should borrow a huge sum of mney to buy a Premiership squad, then go into administration? Share this post Link to post Share on other sites
......and Smith must score. 1,355 Posted January 7, 2009 So we must be rolling in it then.....According to Neil Doncaster we''re only losing £10,000 a day.I feel better already Share this post Link to post Share on other sites
ron obvious 1,514 Posted January 7, 2009 Mr. Carrow?Could you enlighten me please? Share this post Link to post Share on other sites
ncfcstar 292 Posted January 7, 2009 By the way Loan City, it doesn''t actually confirm anything about Evans, it says he is likely to, but doesn''t give solid facts. Just created to fill up the columns and pacify the fans after the other news story in my opinion. Share this post Link to post Share on other sites
ron obvious 1,514 Posted January 7, 2009 [quote user="ron obvious"][quote user="Mr.Carrow"][quote user="BigFish"][quote user="ncfcstar"]http://news.bbc.co.uk/sport1/hi/football/teams/i/ipswich_town/7813521.stm So, having a "rich" owner is not all it''s cracked up to be. Great to see that Ipswich are losing more money yet again :S, I can''t believe that a club that was in administration around 6 years ago is still allowed to trade in such a way.[/quote]This is all likely to be in plan. The invisible tycoon reputably pumped in capital to the tune of £12m. The idea probably was that this would be enough to push them into the Prem where it could be recouped. Not looking too good on the playing front now though is it? At this rate they probably have a season and a half to get up before they hit the buffers again.The irony is that this is the plan that many posters on here would have us follow.[/quote]Read the article. What were the debts which sent them into administration used for again?[/quote]I don''t follow you. Are you saying that NCFC should borrow a huge sum of mney to buy a Premiership squad, then go into administration?[/quote]Mr. Carrow. I''m sure I must have misunderstood you, but I''d be extremely grateful if you could advise me on how to interpret your comments. Share this post Link to post Share on other sites
ncfcstar 292 Posted January 7, 2009 In the EADT today, there is a bigger article, and I guess Mr. C is referring to the fact that the debts that sent them into admin were the funds for the North Stand and Churchmans End at Ipswich. Much like our investment in the ex-LSE land etc etc. Share this post Link to post Share on other sites
0Amarillo<P><FONT color=#cccc00 size=4><EM> º¤ø,¸¸,ø¤º°`°º¤ø,¸ Amarillo ¸,ø¤º°`°º¤ø,¸¸,ø¤º°`°<EM><FONT><P>ddMMyyyy0Falseen-US<P><FONT color=#cccc00 size=4><EM> º¤ø,¸¸,ø¤º°`°º¤ø,¸ Amarillo ¸,ø¤º°`°º¤ø,¸¸,ø¤º°`°<EM><FONT><P>True 0 Posted January 7, 2009 [quote user="Loan City Fc "]Marcus Evans is doing what you would expect an investor to do he is investing in their team and will continue to do so untill they achieve promotion , Delia will continue to put in a few pennies untill we are in League 1 . A Marcus Evans is just what we need at this club [/quote]Talk about the grass being greener... I believe Marcus Evans has ''loaned'' money to the club, by taking on their debts. Which is what some people criticise Delia for.Plus I don''t understand how people can criticise Delia when she has put something like two-thirds of all her ''wealth'' into the club. When you or I have done that we can demand she do more, but in the meantime I think we should be grateful for what we''ve been given! The fact that she isn''t a billionaire is no reason to criticise her.Hands up who would like an anonymous, ''only-in-it-for-the-profit'' investor?I would suggest the a ME is exactly what we don''t need. A Cullum would at least be a) visible and b) have some personal connection with the club. Share this post Link to post Share on other sites
BigFish 1,988 Posted January 7, 2009 [quote user="Mr.Carrow"][quote user="BigFish"] [quote user="ncfcstar"]http://news.bbc.co.uk/sport1/hi/football/teams/i/ipswich_town/7813521.stm So, having a "rich" owner is not all it''s cracked up to be. Great to see that Ipswich are losing more money yet again :S, I can''t believe that a club that was in administration around 6 years ago is still allowed to trade in such a way.[/quote]This is all likely to be in plan. The invisible tycoon reputably pumped in capital to the tune of £12m. The idea probably was that this would be enough to push them into the Prem where it could be recouped. Not looking too good on the playing front now though is it? At this rate they probably have a season and a half to get up before they hit the buffers again.The irony is that this is the plan that many posters on here would have us follow.[/quote]Read the article. What were the debts which sent them into administration used for again?[/quote]LOL[:D] - good point Mr C Share this post Link to post Share on other sites
ron obvious 1,514 Posted January 7, 2009 [quote user="ncfcstar"]In the EADT today, there is a bigger article, and I guess Mr. C is referring to the fact that the debts that sent them into admin were the funds for the North Stand and Churchmans End at Ipswich. Much like our investment in the ex-LSE land etc etc.[/quote]Many thanks for that article. I just wish Mr. C had been a bit more forthcoming. Share this post Link to post Share on other sites
The Fish Seller 0 Posted January 7, 2009 [quote user="ron obvious"][quote user="ron obvious"][quote user="Mr.Carrow"][quote user="BigFish"][quote user="ncfcstar"]http://news.bbc.co.uk/sport1/hi/football/teams/i/ipswich_town/7813521.stm So, having a "rich" owner is not all it''s cracked up to be. Great to see that Ipswich are losing more money yet again :S, I can''t believe that a club that was in administration around 6 years ago is still allowed to trade in such a way.[/quote]This is all likely to be in plan. The invisible tycoon reputably pumped in capital to the tune of £12m. The idea probably was that this would be enough to push them into the Prem where it could be recouped. Not looking too good on the playing front now though is it? At this rate they probably have a season and a half to get up before they hit the buffers again.The irony is that this is the plan that many posters on here would have us follow.[/quote]Read the article. What were the debts which sent them into administration used for again?[/quote]I don''t follow you. Are you saying that NCFC should borrow a huge sum of mney to buy a Premiership squad, then go into administration?[/quote]Mr. Carrow. I''m sure I must have misunderstood you, but I''d be extremely grateful if you could advise me on how to interpret your comments.[/quote]Seems Mr. Carrow is not online Ron but isn''t it rather erm.... obvious that he refers to this part of the original article?''The loans were originally taken out by the clubduring its previous spell in the Premier League in order to fund theredevelopment of the North and Greene King stands together withimprovements at its training ground.It was the club''s inabilityto service the interest on the debt, following its subsequentrelegation from the top flight, which eventually tipped it intoadministration''. BTW pretty sure you aren''t actually allowed to borrow money to directly buy players. Share this post Link to post Share on other sites
whoareyou? 0 Posted January 7, 2009 ''Promotion to the Premier League holds the prospect of a substantial return for Mr Evans, as the club would be able to start repaying the debt he acquired from Norwich Union and Barclays under the deal which gave him control of the club.''[:D][:D][:D] So if they get promoted, they then have to start repaying £32 million to MEI Ltd? The only loser i can see here is ITFC! [:)] Share this post Link to post Share on other sites
Sing Up The South Stand 0 Posted January 7, 2009 whoareyou.... what are you talking about? I''m sure they won''t have to pay it all at once, and will have the Premier League riches... They wouldn''t have set it up like that if it would affect them badly. Share this post Link to post Share on other sites
ron obvious 1,514 Posted January 7, 2009 [quote user="The Prisoner"]Seems Mr. Carrow is not online Ron but isn''t it rather erm.... obvious that he refers to this part of the original article?''The loans were originally taken out by the clubduring its previous spell in the Premier League in order to fund theredevelopment of the North and Greene King stands together withimprovements at its training ground.It was the club''s inabilityto service the interest on the debt, following its subsequentrelegation from the top flight, which eventually tipped it intoadministration''. BTW pretty sure you aren''t actually allowed to borrow money to directly buy players.[/quote]Just to point out that Mr.C was posting on otther threads & that I had alresdy thanked another poster for pointing me at the EADT article - which was not the one referred to originally. Share this post Link to post Share on other sites
ricardo 7,396 Posted January 7, 2009 [quote user="Mark Rivers..."]whoareyou.... what are you talking about? I''m sure they won''t have to pay it all at once, and will have the Premier League riches... They wouldn''t have set it up like that if it would affect them badly.[/quote]They had no choice Mark, it was the only offer in town and not a very good one in hindsight.Marcus is drawing his 500k a year interest on his investment and is very happy to be getting 7% in these days of low interest rates. If they ever get promotion he can cane them again for the £32 million.Only one winner here and it aint ITFC. Share this post Link to post Share on other sites
whoareyou? 0 Posted January 7, 2009 I suspect they won''t have to pay it in one go...but Evans isn''t stupid where money is concerned. With the best will in the world, they are unlikely to stay in the Prem for long so he will want his money back fairly sharpish i would guess. Share this post Link to post Share on other sites
Mr.Carrow 378 Posted January 7, 2009 [quote user="ron obvious"][quote user="The Prisoner"]Seems Mr. Carrow is not online Ron but isn''t it rather erm.... obvious that he refers to this part of the original article?''The loans were originally taken out by the club during its previous spell in the Premier League in order to fund the redevelopment of the North and Greene King stands together with improvements at its training ground.It was the club''s inability to service the interest on the debt, following its subsequent relegation from the top flight, which eventually tipped it into administration''. BTW pretty sure you aren''t actually allowed to borrow money to directly buy players.[/quote]Just to point out that Mr.C was posting on otther threads & that I had alresdy thanked another poster for pointing me at the EADT article - which was not the one referred to originally.[/quote]I posted on a few other threads after the initial post then went out for a run. I`ll make sure i clear it with you next time! [:P][;)]As pointed out by another poster i was refering to the fact that the initial debt which crippled ipswich was for infrastructure. At the moment us, Charlton and Southampton appear to be in freefall due largely to huge debts built up to pay for infrastructure, and as others have pointed out at least if you spend money on the team you have something to sell on if necessary as West Brom did last season and Portsmouth are this. Share this post Link to post Share on other sites
Tangible Fixed Assets anyone? 0 Posted January 7, 2009 How much of the losses are due to transfers such as the £2m Dorris and when was £900k Lisbie signed?It was reported on TV that their wage bill is £8m. Share this post Link to post Share on other sites
Tangible Fixed Assets anyone? 0 Posted January 7, 2009 One other thing, how much is Ipswich''s Depreciation? In NCFC''s case it was nearly £1.7m last season and while this is a cost that counts towards a loss it doesn''t result in any outward cashflow (except at the time when the asset is bought). Share this post Link to post Share on other sites
Blue 0 Posted January 7, 2009 ITFC do not owe ME £32m. The deal with the banks was a write down on immediate payment - something that needed outside investment to do. They accepted something like £7.5m to settle the debt once and for all. It is the £7.5m that we are paying ME 7% pa to finance - hence around £500,000 pa interest payment (7% interest on £32m is £2.25m pa). The £7.5m is repayable to ME in full once ITFC has been in the premiership for 5 consecutive seasons.Still not convinced it was a brilliant deal but then better than nothing and takes the pressure off certainly for the short term, and at least it was done prior to the credit crunch. At we need now is a decent manager! Maybe John Gormans appointment will give the necessary support. We shall see. I still maintain my comment to you all at the start of the season that your manager will get you a higher finish than your squad should allow (e.g. the loans he is able to do), whereas ours will see a lower than expected finish. Share this post Link to post Share on other sites
lappinitup 629 Posted January 7, 2009 [quote user="Mr.Carrow"]As pointed out by another poster i was refering to the fact that the initial debt which crippled ipswich was for infrastructure.[/quote]Forgetting Finidi George or Serini Mr Carrow? Even Mr Marshall became a liability too as I remember. Share this post Link to post Share on other sites
The Fish Seller 0 Posted January 7, 2009 [quote user="Blue"]ITFC do not owe ME £32m. The deal with the banks was a write down on immediate payment - something that needed outside investment to do. They accepted something like £7.5m to settle the debt once and for all. It is the £7.5m that we are paying ME 7% pa to finance - hence around £500,000 pa interest payment (7% interest on £32m is £2.25m pa). The £7.5m is repayable to ME in full once ITFC has been in the premiership for 5 consecutive seasons.Still not convinced it was a brilliant deal but then better than nothing and takes the pressure off certainly for the short term, and at least it was done prior to the credit crunch. At we need now is a decent manager! Maybe John Gormans appointment will give the necessary support. We shall see. I still maintain my comment to you all at the start of the season that your manager will get you a higher finish than your squad should allow (e.g. the loans he is able to do), whereas ours will see a lower than expected finish. [/quote]Read this and weep Binner!![:D][:D][:P]Talking of which, it was Town''s elevation to the big-time thattriggered a traumatic seven-year cycle of unbelievable highs, climaxedby George Burley''s team finishing fifth in the top flight, to theincredible lows of relegation, administration, a mass exodus of toptalent and a seemingly endless spell in the Championship.Lessonshave been learned – do not, for example, spend £15 million on playersand award them bumper contracts that do not recognise the possibilityof relegation; do not borrow more than you can realistically afford torepay in the event of relegation – and supporters must also fullyunderstand certain aspects of the takeover deal.They shouldnot, for example, believe what they are reading in certain newspapers,one of whom has even repeated the error today – despite the positionbeing explained repeatedly last night – that the £32 million debt hasbeen ''wiped out''. This is not the case. All that has happenedis that Marcus Evans has bought the debt for an unspecified sum,although it is understood to be in the region of £6–£6.5 million, andthe £32 million is now an intra-group debt repayable with interest toMarcus Evans Investments rather than the original lenders, primarilyNorwich Union.Marcus Evans is not a benefactor, nor should hebe confused with the likes of Roman Abramovich (Chelsea), Jack Walker(Blackburn) and John Madejski (Reading) for whom the term Sugar Daddycould have been invented. He is an investor looking for a substantialreturn, which can be accelerated by Ipswich being promoted to thecash-laden Premiership.As for the £12 million Evans isinvesting, supporters should also realise that this is to cover thecost of transfer fees PLUS signing-on fees and salaries. Say, forexample, Ipswich spent £1 million on a new player and he received afour-year contract worth £10,000 a week, not an unrealistic figure foran ambitious Championship club, the total cost will be just over £3million. The budget, therefore, can cover the cost of four suchsignings, so forget all the piffle about Jim Magilton signing playersin the £3 million bracket.Also, the £12 million is made up of£3.9 million in ordinary shares, which has bought him 87.5 per cent ofthe club, and an additional £8.1 million in preference shares, on whichhe will be paid seven per cent interest and which he can take back ifTown have a five-year consecutive stay in the Premiership. It is not adonation. There has been misguided talk of a £44 million windfall, butonly from those without a basic grasp of arithmetic, because the netcost to Marcus Evans Investments is a much smaller sum, causing onelocal businessmen to tell me last night: “It is one hell of a deal forthe Marcus Evans Group.”That same businessman told me that ifhe had the wherewithal – and the same borrowing clout as Evans – hewould take precisely the same gamble, but he also conceded that it is agood deal for Ipswich Town because as long as they remained in theirfinancial straitjacket, living a hand-to-mouth existence, they weregoing absolutely nowhere. Do not forget, either, that Evanscan write off against tax within his business empire the money he hasused to buy the debt, thereby limiting his exposure to risk. Share this post Link to post Share on other sites
BigFish 1,988 Posted January 7, 2009 [quote user="Blue"]ITFC do not owe ME £32m. The deal with the banks was a write down on immediate payment - something that needed outside investment to do. They accepted something like £7.5m to settle the debt once and for all. It is the £7.5m that we are paying ME 7% pa to finance - hence around £500,000 pa interest payment (7% interest on £32m is £2.25m pa). The £7.5m is repayable to ME in full once ITFC has been in the premiership for 5 consecutive seasons.Still not convinced it was a brilliant deal but then better than nothing and takes the pressure off certainly for the short term, and at least it was done prior to the credit crunch. At we need now is a decent manager! Maybe John Gormans appointment will give the necessary support. We shall see. I still maintain my comment to you all at the start of the season that your manager will get you a higher finish than your squad should allow (e.g. the loans he is able to do), whereas ours will see a lower than expected finish.[/quote]Not true my blue nosed friend. The 7% referred to applies to the preference shares which are included the £12m figure published as ME''s invested. Any debt servicing on the £32m is in addition to this. Share this post Link to post Share on other sites
lappinitup 629 Posted January 7, 2009 [quote user="Blue"]ITFC do not owe ME £32m. The deal with the banks was a write down on immediate payment - something that needed outside investment to do. They accepted something like £7.5m to settle the debt once and for all. It is the £7.5m that we are paying ME 7% pa to finance - hence around £500,000 pa interest payment (7% interest on £32m is £2.25m pa). The £7.5m is repayable to ME in full once ITFC has been in the premiership for 5 consecutive seasons.[/quote]Totally wrong Blue, as I put on another thread....."He bought 87.5% of the ordinary shares for £3.9m giving him ownership, preferential shares at £8.1m yielding £564,000 pa. and the £32m debt he bought from NU for aprox £6.5m accruing £2.4m pa."Source.....Ipswich Town Independent Supporters trust......http://www.ipswichtownfirst.co.uk/viewnews.asp?id=215 Share this post Link to post Share on other sites