To all you naaarwich fans on here who have posed on twtd

[The Butler 0]

Our departed friend Ray (aardee) always said he would prefer to work for a 100 Ipswich supporters than one Norwich one.

 

Then He was an undertaker!!

[nutty nigel 7,527]

[quote user="nutty nigel"]

Angel.... I seriously would not swop our financial situation for theirs. They have in reality "sold their soul to the devil"[:O]

Marcus Evans is not a kindly old benefactor who has the interests of the club set deep in his heart. He is not a well meaning Z list celebrity cook with a love for the club and community racing through his veins.

Marcus Evans bought the scummers debt for 7m because Norwich Union saw that 7m as a better deal than 5p in the pound. But those considerably richer than you scummers still owed the full 32m. In fact it''s worse than that!

 

However, that debt is not to be absolved from the books of Ipswich Town and the full £32m remains payable to a Marcus Evans Group company. In addition, the Trust understands that the debt will continue to accrue interest, so the debt will increase.

 

I understand that a further 8.1m was in vested in preference shares at an annual interest rate of 7%. This money is repayable to Evans in the future. It''s far more attractive to him than The Woolwich! Where else can you get 7%?

 

Can anyone try to answer Bury Greens question "How much do they owe?"

 

Of course the scummers will gloat saying why would all this matter if their ill gotten gains take them to the promised land. But in reality what is there for them in the promised land if all the riches go to Marcus Evans.

 

Some Norwich fans really do always think the grass is greener. Envy is a terribly heavy chip to carry around. I can assure you that we are enjoying our football more than their fans are. I believe the long term future of our club is far more stable than theirs. And I also believe that Delia Smith & Michael Wynn Jones would never sell our club and it''s fans short like dear old red chops did down the road.

 

 

[/quote]

BlueMike, BudgieBasher and the lovely Angels friends - what part of my post is not talking sense or correct facts. Please point out which figures and facts aren''t correct. I''m quite at liberty to post these facts about your club on a thread which was started by one of your fans on a Norwich City Message Board.

 

BlueMike - When my club was relegated from the Premiership in the 90''s we were in a worse state than yours was when your board copped out and went into administration. My club regrouped and went through hard times with the support of local businesses and the local community. The result of working through our problems was a promotion to the Premier League with the sort of togetherness throughout the local community that your club is unlikely to ever experience in my lifetime. And we have that still. Even though we are now in the third tier and struggling financially our fans and the local business community are right behind the football club. You know it and you can see it. Take a look at the thread pinned to the top of the board "Rays Funds For The Academy" and understand it. It''s a local businessman and city fans working together for the good of their football club. Even though we are now in League One with all those associated trappings like the 1st Round of the FA Cup and the Paint Pot our crowd is better than yours. Our fans have stood by our club as yours drift away. And as we once again find ourselves on hard times we are all working through it together. Can you say the same thing? Do you even know what the guy who owns your club looks like? Why would your local community work together with him?

 

So BlueMike, BudgieBasher and the lovely Angels friends - Can of you answer Bury Green''s question "How much do your club owe owe?"

 

[bluemike 0]

[quote user="nutty nigel"][quote user="nutty nigel"]

Angel.... I seriously would not swop our financial situation for theirs. They have in reality "sold their soul to the devil"[:O]

Marcus Evans is not a kindly old benefactor who has the interests of the club set deep in his heart. He is not a well meaning Z list celebrity cook with a love for the club and community racing through his veins.

Marcus Evans bought the scummers debt for 7m because Norwich Union saw that 7m as a better deal than 5p in the pound. But those considerably richer than you scummers still owed the full 32m. In fact it''s worse than that!

 

However, that debt is not to be absolved from the books of Ipswich Town and the full £32m remains payable to a Marcus Evans Group company. In addition, the Trust understands that the debt will continue to accrue interest, so the debt will increase.

 

I understand that a further 8.1m was in vested in preference shares at an annual interest rate of 7%. This money is repayable to Evans in the future. It''s far more attractive to him than The Woolwich! Where else can you get 7%?

 

Can anyone try to answer Bury Greens question "How much do they owe?"

 

Of course the scummers will gloat saying why would all this matter if their ill gotten gains take them to the promised land. But in reality what is there for them in the promised land if all the riches go to Marcus Evans.

 

Some Norwich fans really do always think the grass is greener. Envy is a terribly heavy chip to carry around. I can assure you that we are enjoying our football more than their fans are. I believe the long term future of our club is far more stable than theirs. And I also believe that Delia Smith & Michael Wynn Jones would never sell our club and it''s fans short like dear old red chops did down the road.

 

 

[/quote]

BlueMike, BudgieBasher and the lovely Angels friends - what part of my post is not talking sense or correct facts. Please point out which figures and facts aren''t correct. I''m quite at liberty to post these facts about your club on a thread which was started by one of your fans on a Norwich City Message Board.

 

BlueMike - When my club was relegated from the Premiership in the 90''s we were in a worse state than yours was when your board copped out and went into administration. My club regrouped and went through hard times with the support of local businesses and the local community. The result of working through our problems was a promotion to the Premier League with the sort of togetherness throughout the local community that your club is unlikely to ever experience in my lifetime. And we have that still. Even though we are now in the third tier and struggling financially our fans and the local business community are right behind the football club. You know it and you can see it. Take a look at the thread pinned to the top of the board "Rays Funds For The Academy" and understand it. It''s a local businessman and city fans working together for the good of their football club. Even though we are now in League One with all those associated trappings like the 1st Round of the FA Cup and the Paint Pot our crowd is better than yours. Our fans have stood by our club as yours drift away. And as we once again find ourselves on hard times we are all working through it together. Can you say the same thing? Do you even know what the guy who owns your club looks like? Why would your local community work together with him?

 

So BlueMike, BudgieBasher and the lovely Angels friends - Can of you answer Bury Green''s question "How much do your club owe owe?"

 

[/quote]Youve sure got the right name.

[nutty nigel 7,527]

[quote user="bluemike"]

 

Youve sure got the right name.
[/quote]

Cracking reply BlueMike

Well done[Y]

Nothing to add?

Maybe I''ll have more joy with Angel''s friends.

 

[ca 1]

Nutty,

I don''t know how much Ipswich owe and my Ipswich friends get fed up with me asking them [:)] but what we do know is that they owed

£32m when he bought them

[quote]Evans reached an agreement with the club''s major lenders, including Aviva (formerly Norwich Union), to buy out their £32m of debt at a reduced price.

The club still owes the money, but now as a series of loans to Marcus Evans Investments, one of at least 15 related companies registered in Bermuda. It is only repayable in full if Ipswich reach the Premier League.[/quote]

£12m was given to Jim to spend when ME took over

£8m was given to Keane to spend summer 09

£3m + £5m were lost financial yr ending June 2008/2009

Plus guess there''s interest on the loans he''s made to them.

I''ll let you get the calculator out Nutty and tell us what you think the total is [:)]

But Evans now owns Ipswich so surely the debt will only be repayable if he ever bails out and sells them which isn''t too likely considering what hes invested in them for what he says is a 5 year plan ??

 

 

 

[nutty nigel 7,527]

Thanks Angel..

Bluemike was just interested in my name!

Now then, I reckon you''re close and that''s a decent stab at it. So what reason could Marcus Evans possibly have for doing this? What is his five year plan? How is his money working for him? Or is he just a kindly old soul who loves ipswich town, their fans and their community?

See I just don''t get it. We have Smith and Jones. Jones is a City fan for longer than you or I. And Smith, I guess, a City fan-in-law but still for an awful long time. We know everything there is to know about them. It''s fashionable for some fans to accuse them of all manner of things from lying to syphoning off the clubs money into their own pockets. Yet  there they are every week, visible and approachable. They turn up at all kinds of events to answer questions from fans. They are at all our games. The scummers have Marcus Evans, to my knowledge never a fan. Nobody knows what he looks like. Is he a football fan? What team does he support? And yet some City fans are jealous of what he brings to that cheating shower of * down the A140.

Some people question Delia''s motives. They question them loudly and constantly on this message board. They say she is too strict with her criteria to sell and that she should sell to any old Shyster who comes along because she is not rich enough to give us what we want! Well is Marcus Evans giving the scummers what they want? Is he actually doing all this for the benefit of a football club that''s already shafted their own community once? There''s an old saying that what goes around comes around and I wouldn''t mind betting that when all this pans out, five year plan or no, they will be on the receiving end of the next shafting.

 

 

[ca 1]

[quote user="nutty nigel"]

Thanks Angel..

Bluemike was just interested in my name!

Now then, I reckon you''re close and that''s a decent stab at it. So what reason could Marcus Evans possibly have for doing this? What is his five year plan? How is his money working for him? Or is he just a kindly old soul who loves ipswich town, their fans and their community?

[/quote]

 

I dont know the answer to that Nutty but my guess would be that when he bought them he  hoped that they would get to the  Premier reasonably soon so he could recoup his money, the interest they owe him and make a bit more ??

[nutty nigel 7,527]

[quote user="cityangel"]

I dont know the answer to that Nutty but my guess would be that when he bought them he  hoped that they would get to the  Premier reasonably soon so he could recoup his money, the interest they owe him and make a bit more ??

[/quote]

I reckon you''re guess is right Angel. What would they have left to spend on the team though? Fans are a little bit greedy you know. They wouldn''t understand how Murky Marcus needed to syphon off his millions while the competition was spending millions on players.

I guess the thing to remember is that there''s never really a way to get something for nothing. And it''s my fervent hope and honest expectation that it will end in tears for the lot of ''em.

 

[Bill 1,788]

£12m was given to Jim to spend when ME took over

£8m was given to Keane to spend summer 09

£3m + £5m were lost financial yr ending June 2008/2009

Plus guess there''s interest on the loans he''s made to them.

More old nonsense. Try actually sourcing stuff before you post.

When the binners handed over their club Marcus Evans paid £3.9m to the club via an issue of ordinary shares.

A further £8.1m was loaned to the club in preference shares to cover ongoing losses and to be used for player acquisition - as and when the board decide. Given that they have booted out Bowden and the red faced buffoon they can do kust as they please.

The debt was in excess of £32m as there was a further £2.1m and "realated contingent amounts" plus £1m to Bank of Scotland.

Now why not stop listening to your dimwitted bin friends and read the ruddy letter from ITFC explaning it all -

http://www.itfc.co.uk/page/NewsDetail/0,,10272~1181533,00.html

Where is there any evidence of what Keane had to spend summer 2009 ? Was this the sum total of the annual wage bill ? Did it include any income from the numbers of players leaving the club ? You have NO evidence nor have you demonstrated anything beyond unfounded gossip.

Perhaps you could clarify what you mean by

''£3m + £5m were lost financial yr ending June 2008/2009''. Where was this stated by anyone from the club ? The club no longer publishes it''s accounts.

The interest on the loans (glad to see you regonise there are loans rather than ''investments) are believed as follows. Interest is accruing on the original £25m. The £8.1m loan has an annual liability of approximately half a million. Doubtlessly there are payments on the other debts.

Whether any of these are being paid or at what percentage is not known as the club no longer has to publish it''s accounts.

The stuff about Clegg cutting back on the £2m loss is mentioned here.

http://www.eveningstar.co.uk/content/eadt/news/story.aspx?itemid=IPED02%20Aug%202009%2020:15:40:780&brand=EADOnline&category=IpswichTownFC&tCategory=News&tBrand=ESTOnline

not the full story but I can''t be ****** to go looking for it this time of night.

Now maybe some of you might stop posting up fantasy stuff that has no evidence or proof of and at least read what is available.

There is a good reason why the binners are bottom of the league. The above should give a good indication of the parlous state they are in. And maybe, just maybe get some of OUR fans to start checking their facts before bandying accusations about .

[nutty nigel 7,527]

City 1st has a view which will sit uneasy with Bluemike and the lovely Angels friends. But his version is much closer to the truth than they''d have you believe. Before the murky marcus deal was done the binners were in real trouble. It''s a well known fact that Norwich Union saw fit to give them a two year holiday where no interest was accrued before finally selling the debt to Evans for 20p in the pound. He actually paid less than 7m for a debt of 32m. Now these two facts alone should make even the simplest of binfolk wake up to the fact that they were on the edge of the abyss.

So murky marcus had turned less than 7m into an IOU for 32m. Since then any further investment has come at a price. A further 8m in preference shares which accrue 7% interest annually was the next benevolent act of the binners kindly investor. City 1st lists more but as he points out murky marcus''s dingy tinpot cheating little clubs affairs become murkier and dingier as accounts are no longer published.

Now why does any of this worry me? Well it doesn''t. I am convinced that murky marcus and his simple followers will get their just deserts in the end. What does concern me is when I see our fans envious of the that sham of a club and continually trying to find dishonesty on our own doorstep that doesn''t exist. Fans of our club who have held ipswich up as an example we should follow and who at times over the last few years used them as a stick to beat our honest club with.

 

[BlyBlyBabes 0]

''Heaven and Hell'' by Honest Joe.

A developing story.

OTBC

[ca 1]

[quote user="nutty nigel"]

City 1st has a view which will sit uneasy . But his version is much closer to the truth than they''d have you believe.

[/quote]

City 1st and Nutty Nigel are too obsessed with the finances of them down the road me thinks, maybe its time to worry about our own finances and let them worry about theirs.

 

 

 

[Inch High aka Inchy.. 405]

[quote user="cityangel"][quote user="nutty nigel"]

City 1st has a view which will sit uneasy . But his version is much closer to the truth than they''d have you believe.

[/quote]

City 1st and Nutty Nigel are too obsessed with the finances of them down the road me thinks, maybe its time to worry about our own finances and let them worry about theirs.

 

 

 

[/quote]CA is too obsessed with defending them down the road me thinks,maybe it''s time to worry about our own fans and let them worry about theirs.[;)]

[Bill 1,788]

" Too obssessed " makes for a simpler reply than any reasoned argument.

This is a forum. It has little validity if lies and distortions are constantly posted up and accepted without challenge. It is also a forum for City fans so how much more galling is it to see City fans continuing those lies, then running away when those lies are exposed for what they are. Lies.

This debate goes to the core of what being a fan of a club is. Not absolute blind loyalty, that happened down the A140, but support from knowing what is going on.

Nutty has put up what we should all know. We have had those lowlife (from an episode of Jeremy Kyle) held up as a glowing example to us all and pointer to us how incopentent our club was.

Not for them the steady re-development of the ground, living within your means and recognising that what goes up can come down.

I would take issue with Nutty''s claim about the £7m payment to NU. None of us know what transpired between Evans and NU. The club has never openly stated any figures - nor will now as it''s being run as a secretive ''offshore tax loss''.

My own understanding is that a very low initial figure was agreed with further payments being made when the club reached the Premiership. It''s HIGHLY unlikely that NU would have allowed money due to them to be used to get the club to the Premiership without any benefit to them. That might explain Evans reluctance to support the binners or back them in any short term push. he has what he wanted. Corporate/conference facilities for virtually zip and a docile beast that he can fleece/milk as and when it is possible.

Should we worry. Aren''t fans not really bothered as long as the team are doing well. Yes, absolutely yes. Problem is when that success is found to be built on speculation and unsustainable borrowing and it all goes tits up. Who is to blame, the fans perhaps ? Ask those of Pompey, Hull and Suthend ............ with many more to follow.

So maybe, just maybe there is no harm in our fans being a bit better informed. Maybe a cold splash of reality would be a necessary wake up call.

There was a good reason for Delia to take a hard sideswipe at the binners when questions were being asked about the two clubs finances. Much of what I have posted and more is readily known within football. Anyone who bothered to check the internet could have found out the info.

Sadly fans often only listen to what they want to hear. We all remember the over excited bleats of the young ''binlets'' at Carrow Road when they believed that some kindly soul had rescued them by paying off all their debts and giving ''mad jig'' £12m to get them promoted.

Sad, because this thread has demonstrated how little fans will question or challenge even when what is being told to them is ridiculous if not impossible.

So enjoy yourselves. The season looks to be good one if only to see what unfolds down the road. Forget their struggle with relegation, it''s no more than being one of the many bumps of Homer Simpson as he drops down the canyon after trying to leap over on a skateboard.

More fun will be had as slowly our dimwitted neighbours find out what really happened when the club was handed over for peanuts - and more importantly, why.

[nutty nigel 7,527]

Now then Angel, I am not obsessed with anything about "them down the road". If I''m obsessed with anything it would be the City fans who hold them up as a shining example for us to follow and use them as a stick to beat our great club with.

This is a thread started by a scummer on our board which makes it primarily about them and their nasty cheating dishonest little tinpot club. I''m sure the usual suspects will be starting plenty of threads when our accounts are laid open for the world and his wife to see[8-|] over the next few weeks. So we will all have plenty of opportunity to worry about our own finances and comment on them. There''s scope on this thread already though. Angel, what do you make of the differences in the way us and our neighbours have handled financial adversity that I highlighted in an earlier post?

As soon as this thread began to highlight the scummers finances rather than the highlighting of spelling mistakes and counting of fingers little boy bluemike dropped the flag and ran. My advice to you would be to leave it where it lays. Bluemike had the good sense to realise that you can''t defend the indefensible.

 

 

[WeAreYellows49 0]

[quote user="The Butler"]

Our departed friend Ray (aardee) always said he would prefer to work for a 100 Ipswich supporters than one Norwich one.

 

Then He was an undertaker!!

[/quote]

I do miss Ray loads [:(]

[nutty nigel 7,527]

[quote user="WeAreYellows49"][quote user="The Butler"]

Our departed friend Ray (aardee) always said he would prefer to

 work for a 100 Ipswich supporters than one Norwich one.

 

Then He was an undertaker!!

[/quote]

I do miss Ray loads [:(]

[/quote]

As do I WAY[:(]

Doing the free bet is never a chore because it keeps so many happy memories alive and in the front of my mind. I often imagine what he would say over things. I''m pretty sure he would have come on this thread and told the tale of those sad little binners in their office who couldn''t find a bookmaker to sponsor their own free bet. Or maybe how Bouncer got on the wrong coach from his holiday hotel[:D]

 

[bluemike 0]

[quote user="nutty nigel"][quote user="WeAreYellows49"][quote user="The Butler"]

Our departed friend Ray (aardee) always said he would prefer to

 work for a 100 Ipswich supporters than one Norwich one.

 

Then He was an undertaker!!

[/quote]

I do miss Ray loads [:(]

[/quote]

As do I WAY[:(]

Doing the free bet is never a chore because it keeps so many happy memories alive and in the front of my mind. I often imagine what he would say over things. I''m pretty sure he would have come on this thread and told the tale of those sad little binners in their office who couldn''t find a bookmaker to sponsor their own free bet. Or maybe how Bouncer got on the wrong coach from his holiday hotel[:D]

 

[/quote]Town made an operating loss of £10.32 million in

the financial year ending June 2009. The loss was expected with owner

Marcus Evans bankrolling transfer purchases and player wages as he

seeks to get the Blues into the Premier League.

The

figures are revealed in an information sheet supplied to shareholders

in the PLC, which owns 12.5% of the club, outlining the overall club’s

financial position, sent along with the annual report and accounts for

the PLC ahead of its AGM in the Sir Bobby Robson Suite at Portman Road

on Tuesday 24th November.

The

club’s operating loss in the previous year was £4.29 million with the

rise no surprise with the 12 months to June 2009 Marcus Evans’s first

full year at the club after his takeover in December 2007.

During

the year to June 2009, player and coaching staff costs rose from £8.34

million in 2007/08 to £11.88 million, as a percentage of turnover

that’s a rise from 52.7% to 81.1%. Overall staff costs are up to £15.94

million from £12.57 million, which represents 108.8% of the club’s

annual turnover compared with 79.5% a year ago.

While player costs have increased significantly, the club saved £300,000 on administrative expenses during 2008/09.

Turnover

was down from £15.8 million in 2007/08 to £14.7 million 2008/09 with

commercial income down from £6.94 million in 2007/08 to £6.01 million

and income from the Football League, including TV and radio fees, down

to £1.93 million from £2.29 million a year earlier. Gate receipts were

up from £6.58 million to £6.7 million.

The

information sheet reveals Town’s current situation regarding debt: “At

30 June 2009 the club had…total interest-bearing debt of £35.7 million

(intra-group debt £33.7 million, external debt £2 million). The

external debt is the balance owed to the remaining loan note holders

following settlement of £515,000 in July 2008. ITFC is not in debt to

any financial institution.

“The club remains

dependent on ongoing financing by the Marcus Evans Group (MEG). During

the 2008/09 financial year the remaining funds invested by MEG at the

time of the acquisition were spent and MEG has since provided a further

£6.5 million in loans to the club.”

At the

PLC’s AGM shareholders will vote on whether to re-elect PLC board

members John Kerr and Martin Pitcher and whether to elect new chief

executive Simon Clegg to the PLC board.

I think thats what you wanted to know Nigel, great it is not !!

[norfolkchance1 0]

[quote user="onebobbyrobson"]

The fact is your a division 3 side we are a championship club

We still be a championship club next season, you will be a division 3 club

Oh by the enjoy the fa cup draw today

Enjoy the first round of the cup as that the furtherest you''re gonna get  ha ha

[/quote]

go sniff a sock

[norfolkchance1 0]

OT :How long have we had two Mister Chops''s on the messageboard?

[norfolkchance1 0]

im the real one

[Graham Humphrey 13]

The real one has a decent grasp of English and isn''t, for example, a cretin.

This joker keeps changing his name to those of other members. He was me on Saturday for a while.

[Jerzy Krukowski 5]

[quote user="Graham Humphrey"]

The real one has a decent grasp of English and isn''t, for example, a cretin.

This joker keeps changing his name to those of other members. He was me on Saturday for a while.

[/quote]OT: Is it not technically possible to have unchangable usernames? It''d make it less confusing when someone apparently new appears but with 2000 posts etc.

[norfolkchance1 0]

It was just a double take I did, I thought Chops used to have a picture, looked on this thread and he didn''t. The thing is the name is exactly the same in terms of spaces and caps etc.

Don''t think it should be allowed.

[norfolkchance1 0]

i agree with that

[Ian 1,129]

[quote user="SPat"][quote user="Graham Humphrey"]

The real one has a decent grasp of English and isn''t, for example, a cretin.

This joker keeps changing his name to those of other members. He was me on Saturday for a while.

[/quote]OT: Is it not technically possible to have unchangable usernames? It''d make it less confusing when someone apparently new appears but with 2000 posts etc. [/quote]Well, more to the point what sort of forum allows people to change their username to one that already exists?! Crazy...

[lappinitup 629]

[quote user="norfolkchance1"]

i agree with that

[/quote]Would you have agreed if you were still barryevans?

http://www.pinkun.com/cs_pinkun/cs/forums/1802140/ShowPost.aspx

[nutty nigel 7,527]

[quote user="bluemike"][quote user="nutty nigel"][quote user="WeAreYellows49"][quote user="The Butler"]

Our departed friend Ray (aardee) always said he would prefer to

 work for a 100 Ipswich supporters than one Norwich one.

 

Then He was an undertaker!!

[/quote]

I do miss Ray loads [:(]

[/quote]

As do I WAY[:(]

Doing the free bet is never a chore because it keeps so many happy memories alive and in the front of my mind. I often imagine what he would say over things. I''m pretty sure he would have come on this thread and told the tale of those sad little binners in their office who couldn''t find a bookmaker to sponsor their own free bet. Or maybe how Bouncer got on the wrong coach from his holiday hotel[:D]

 

[/quote]Town made an operating loss of £10.32 million in the financial year ending June 2009. The loss was expected with owner Marcus Evans bankrolling transfer purchases and player wages as he seeks to get the Blues into the Premier League.

The figures are revealed in an information sheet supplied to shareholders in the PLC, which owns 12.5% of the club, outlining the overall club’s financial position, sent along with the annual report and accounts for the PLC ahead of its AGM in the Sir Bobby Robson Suite at Portman Road on Tuesday 24th November.

The club’s operating loss in the previous year was £4.29 million with the rise no surprise with the 12 months to June 2009 Marcus Evans’s first full year at the club after his takeover in December 2007.

During the year to June 2009, player and coaching staff costs rose from £8.34 million in 2007/08 to £11.88 million, as a percentage of turnover that’s a rise from 52.7% to 81.1%. Overall staff costs are up to £15.94 million from £12.57 million, which represents 108.8% of the club’s annual turnover compared with 79.5% a year ago.

While player costs have increased significantly, the club saved £300,000 on administrative expenses during 2008/09.

Turnover was down from £15.8 million in 2007/08 to £14.7 million 2008/09 with commercial income down from £6.94 million in 2007/08 to £6.01 million and income from the Football League, including TV and radio fees, down to £1.93 million from £2.29 million a year earlier. Gate receipts were up from £6.58 million to £6.7 million.

The information sheet reveals Town’s current situation regarding debt: “At 30 June 2009 the club had…total interest-bearing debt of £35.7 million (intra-group debt £33.7 million, external debt £2 million). The external debt is the balance owed to the remaining loan note holders following settlement of £515,000 in July 2008. ITFC is not in debt to any financial institution.

“The club remains dependent on ongoing financing by the Marcus Evans Group (MEG). During the 2008/09 financial year the remaining funds invested by MEG at the time of the acquisition were spent and MEG has since provided a further £6.5 million in loans to the club.”

At the PLC’s AGM shareholders will vote on whether to re-elect PLC board members John Kerr and Martin Pitcher and whether to elect new chief executive Simon Clegg to the PLC board.

I think thats what you wanted to know Nigel, great it is not !!
[/quote]

Thanks Bluemike. It makes interesting reading and probably only tells half a tale. It still doesn''t really answer the question as to what your club actually owes. In all seriousness I don''t understand what  Marcus Evans motives were/are. At least we know Delia''s motives. Many of our fans don''t trust her though and are jealous of you. At the end of the day it''s going to take a well known club actually folding before many fans care about whether football clubs are self financing. Will that happen? Surely it must in the end. I don''t want the ''binners'' to be the club that folds but if it were the ''bindippers'' well now that would be funny[;)]

 

[Bill 1,788]

Scary perhaps, but they do reaffirn what some of us on here have been saying.

" total interest-bearing debt of £35.7 milllion "

Interest bearing mens the original £25m and the £8.1m prefence shares which some of the more simpler souls claim was part of the original £12m investment, whereas it was a loan as always stated.

More worrying must be the downturn in income by £1.1m. The minimal increase in gate receipts are easily accounted by increased pric. Most likely accounted for by the loss of shirt sponsorship. Evans has stuck his name everwhere, as no one else wants to.

Unfotrunatel emotive phrases such as ''bankrolling transfer purchases'', funds invested by MEG suggest a benign benevolence by some kindly old uncle who''s only wish is to see his favourite nephew achieve his wish.

But the devil is in the detail. The binners are still racking up debt as they continue to live beyond theis means - or punching above their weight as they conveniently refer to it.

It is not the level of debt, it is the ability to service those debts. Something they are currently not capable of, as they have not been for nearly a decade. With a suggest wage bill of over 80% of income nor will they. The inherent danger in this figure is that, fixed wage contracts thcannot be easily changed whereas variable costs, gate money can change quickly.

What is not explained is how the interest on the £33m debt is being recorded in the accounts.

Also where is this supposed £6m figure (conjure up your own figure) that Evans paid to NU ?

It would be easy to gloat but that passed quite a few years back when the red faced buffoon went in way above his, and the club''s abilities. The have dodged and weaselled out of numerous payments since.

Perhaps the only shame is that so many fans on both sides were too lazy to bother checking their facts and asking themselves whether something that looked too good, was actually too good to be true.

And if bottom of the table is the best that can be achieved before the cut backs begin to bite then I leave it to your imagination where our hapless neighbours will be in a few seasons time.

[norfolkchance1 0]

[quote user="norfolkchance1"]

i agree with that

[/quote]

I suggest you check the seventh bullet point of the 3rd section.

http://www.pinkun.com/cs_pinkun/cs/forums/1212143/ShowPost.aspx