singe Posted October 30, 2018 Share Posted October 30, 2018 1 hour ago, the_mighty_bosh said: The start of this month was the turning point for me. He said in the summer that there was a lot of unresolved issues from the previous regime which led to the late payment of wages, which is fair enough to a point although it made me question his due diligence, but he also drew a line under it and said that it wouldn't happen again. For it to happen two months later and then to come out with pretty much the same excuse is a real concern. He might turn it around, he'll get time to do so as I can't see there being another viable option available to take over from him, but I don't have faith that he will. Exactly where I am. He stated, and gave the Trust reassurance, that the operating debts were cleared. Obviously we still have the £9.6m capital debt. And I would not be surpised if AL added to that for all we know. He's been around the club for nearly 14 months, how can so much be a surprise. Whilst not a Corney apologist, I just don't buy so much was hidden, and such high amounts, to affect payment of wages. To answer Lags, I'd also given him up to last month. I really want him to turn it round, but now it's the opposite, how long do I give him to believe he can turn it round? End of Jan transfer window, because then we will know if he has any funds at all, which I seriously doubt now. Link to comment Share on other sites More sharing options...
Midsblue Posted October 30, 2018 Share Posted October 30, 2018 Still doesn’t stack up for me. AL come in before this season. Club received c£1.5m in ST sales(being conservative). AL paying in £2.4m. That’s £4m excluding commercial deals. 60% on player budget is £2.4m or £2k pw for each player based on squad of 24 players. Uncertain what all the unforeseen debts are but I doubt we’re spending anywhere near £2.4m on players so reduce that average player to £1.2k pw and that’s £1.6m leaving £2.4m for running the club - £50k pw. That’s rent, staff (only office all year as matchday staff is pay per match surely) and running costs - heating, lighting, pitch and youth. AL promised to be transparent but I doubt we’ll ever learn what’s come in and being spent out plus what he “inherited” in known and unknown debts. If some debts weren’t disclosed by Corney then surely he can sue? I get impression he’d be less open about showing us the books as Corney was. Link to comment Share on other sites More sharing options...
jorvik_latic Posted October 30, 2018 Share Posted October 30, 2018 28 minutes ago, Midsblue said: Still doesn’t stack up for me. AL come in before this season. Club received c£1.5m in ST sales(being conservative). AL paying in £2.4m. That’s £4m excluding commercial deals. 60% on player budget is £2.4m or £2k pw for each player based on squad of 24 players. Uncertain what all the unforeseen debts are but I doubt we’re spending anywhere near £2.4m on players so reduce that average player to £1.2k pw and that’s £1.6m leaving £2.4m for running the club - £50k pw. That’s rent, staff (only office all year as matchday staff is pay per match surely) and running costs - heating, lighting, pitch and youth. AL promised to be transparent but I doubt we’ll ever learn what’s come in and being spent out plus what he “inherited” in known and unknown debts. If some debts weren’t disclosed by Corney then surely he can sue? I get impression he’d be less open about showing us the books as Corney was. Correct for this season but he spunked most of his investment on Menig, Byrne, Doyle etc. Players on £11k and £6k per week... Link to comment Share on other sites More sharing options...
stevesidg Posted October 30, 2018 Share Posted October 30, 2018 33 minutes ago, Midsblue said: Still doesn’t stack up for me. AL come in before this season. Club received c£1.5m in ST sales(being conservative). AL paying in £2.4m. That’s £4m excluding commercial deals. 60% on player budget is £2.4m or £2k pw for each player based on squad of 24 players. Uncertain what all the unforeseen debts are but I doubt we’re spending anywhere near £2.4m on players so reduce that average player to £1.2k pw and that’s £1.6m leaving £2.4m for running the club - £50k pw. That’s rent, staff (only office all year as matchday staff is pay per match surely) and running costs - heating, lighting, pitch and youth. AL promised to be transparent but I doubt we’ll ever learn what’s come in and being spent out plus what he “inherited” in known and unknown debts. If some debts weren’t disclosed by Corney then surely he can sue? I get impression he’d be less open about showing us the books as Corney was. Not sure if season ticket sales will be worth £1.5million are there are around 3,200, with a fair few of those being children and other concessions at a lower value. £1.5m / 3,200 = £468.75 Link to comment Share on other sites More sharing options...
oafc1955 Posted October 30, 2018 Share Posted October 30, 2018 You’ll be lucky if ST’s amount half of that...I heard 3000 this season so x that by £270 = £810k at full price. Allowing for concessions it’ll be closer to 650k. Link to comment Share on other sites More sharing options...
Latics and England Posted October 30, 2018 Share Posted October 30, 2018 It’s a bit of a circular argument for me. To know how long to give him the benefit of the doubt I need to know what the plan is. We have to be aiming to get out of this division (in the right direction) as a bare minimum. I would have expected the best way to do that to have gone all out to bounce back at the first attempt. This clearly was not the strategy. As soon as a rookie manager was appointed that became very difficult in my eyes. Appointing that rookie so late in the closed season meant it became virtually impossible. If the strategy is to build to a promotion push next season or the year afterwards I think we need to be told. We need to be able to identify improvements so that we can see how such a strategy might be playing out. I can only imagine that Abdallah has a limited pot of cash so all logic suggests that the longer he owns a loss making club, the lighter that pot gets and so the more difficult a promotion charge becomes. If, however, he is doing a load of work to cut down on expenditure to make us profitable and therefore increase the war chest then it puts us in a different place. The ridiculous spend on players last year didn’t point towards this as a strategy but things might have changed. He just needs to tell us or else people will fear the worst and crowds will drop which will again deplete the available funds. Link to comment Share on other sites More sharing options...
GlossopLatic Posted October 30, 2018 Share Posted October 30, 2018 I think we are now past the point of blaming the previous regime for what is currently going on. The cut off point for that was this summer he knew what he had bought he had been around the club for 12 months. As far as I was concerned mistakes were made last season which AL takes a % but not all of the blame but I was happy to wipe the slate clean there and then and move forward this season. It appears that AL has come in and is seriously underprepared for what he has taken on. I don't buy into this idea that clearing the debt or even buying back the land will make us seriously cash rich either. I don't actually expect AL to spend ridiculous amounts of money but I do think being a top7 team in this division should be reasonable expectation certainly to begin with. Once we get into league1 then try and slowly build the club up to challenge at the top end of that and beyond maybe. I also expect him to provide stability off the pitch. Stability is not the same as stagnation. Some might point to Corney as offering stability he didnt he offered us stability on the pitch interms of league position. But off the pitch his final years were characterised by late payment of wages, winding up petitions, and various other cashflow related shitstorms. This circus has carried on infact has got worse. For all Corneys faults we never heard players having serious grievances with him when they left the football club yet we had 3 this summer who did, including 2 who were experienced professionals who had played for the club and left before. If he wants to turn things around he might want to start with a board of directors to administrate the running of the football club and let them get on with the job although Im not sure if he can resist interfering. Link to comment Share on other sites More sharing options...
League one forever Posted October 30, 2018 Share Posted October 30, 2018 I think the phrase ‘It’s taking longer to clear old club debts’ should be, ’give me more time to find some investment, because I did my money in the first six months’ Link to comment Share on other sites More sharing options...
Hands on Posted October 30, 2018 Share Posted October 30, 2018 It is worth pointing out that we don't know what he paid for the shares nor do we have any idea what the balance sheet was when the company was transferred to him. No one in their right mind would pay for the shares and take on the £9.6m debt. Link to comment Share on other sites More sharing options...
latics22 Posted October 30, 2018 Share Posted October 30, 2018 6 hours ago, jorvik_latic said: To play a bit of devils advocate, it's not just debts by the looks of things. In AL's latest statement he mentions 'financial commitments' that have come to light since the takeover. It's a bit harder to spot these during due diligence as it will be contractual rather than historical debt. It still looks to be in a shit state though. Any idea what they could be? Link to comment Share on other sites More sharing options...
latics22 Posted October 30, 2018 Share Posted October 30, 2018 19 minutes ago, Hands on said: It is worth pointing out that we don't know what he paid for the shares nor do we have any idea what the balance sheet was when the company was transferred to him. No one in their right mind would pay for the shares and take on the £9.6m debt. Is he in his right mind? U have to question his understanding of anything, when it was Simon Brooke that had to tell him that he was only buying the players essentially. Throw in the fact he’s a football agent that’s seems to have his pants pulled down in all the deals he did last jan. corney was a few things, but he seemed to know how to break a deal and keep players happy. Link to comment Share on other sites More sharing options...
Lags Posted October 30, 2018 Share Posted October 30, 2018 16 minutes ago, latics22 said: Is he in his right mind? U have to question his understanding of anything, when it was Simon Brooke that had to tell him that he was only buying the players essentially. Throw in the fact he’s a football agent that’s seems to have his pants pulled down in all the deals he did last jan. corney was a few things, but he seemed to know how to break a deal and keep players happy. Dodgy and dodgier..... as they say, you can't kid a kidder. Link to comment Share on other sites More sharing options...
al_bro Posted October 30, 2018 Share Posted October 30, 2018 8 hours ago, Lags said: Serious question to all members, not just those that doubt Abdullah ( which may or may not prove right, given he doesn't have enough ready cash to make it work throwing bucket loads at it. More property rich), How long do you give him to clear the debts enabling to fund the team more? It's not really a question of how long we give him, because he can stay as long as he wants, we can't do anything about it. Blackpool fans have wanted rid of the Oystons for years but they are still there. It is taking a law suit to force them to pay out a huge sum to get rid of them. AL can't have the kind of money we hoped he had, otherwise these issues that have come to light would have been paid without affecting the squad. He didn't do the due diligence himself, he had accountants to do it for him, and he should have a case against them if they didn't find these hidden debts. If he had serious cash he wouldn't have employed a rookie manager, he should have gone for the best available, whether they were already employed or not. You don't throw silly money on wages, but enough to get decent L1 players in, so that we get back there, and then add more who could push us to the top end of that league. With real cash, he would have bought Blitz and Gazal out by now, and the club would own the whole stadium and land. He'd be looking at places to build a good training facility, and had the pitch at BP sorted out. Link to comment Share on other sites More sharing options...
jorvik_latic Posted October 30, 2018 Share Posted October 30, 2018 1 hour ago, Hands on said: It is worth pointing out that we don't know what he paid for the shares nor do we have any idea what the balance sheet was when the company was transferred to him. No one in their right mind would pay for the shares and take on the £9.6m debt. £1 Link to comment Share on other sites More sharing options...
jorvik_latic Posted October 30, 2018 Share Posted October 30, 2018 1 hour ago, latics22 said: Any idea what they could be? I don't. Struggling to think of anything that would be that substantial that we've dodged paying under Corney and then come to light months later TBH. Link to comment Share on other sites More sharing options...
laticsrblue Posted October 30, 2018 Share Posted October 30, 2018 2 hours ago, latics22 said: Any idea what they could be? Could it be the Prem pension scheme that I think we still have to pay into. Link to comment Share on other sites More sharing options...
singe Posted October 30, 2018 Share Posted October 30, 2018 More info on the drone Co was a pro Company. Their over the ground shot is great though. Link to comment Share on other sites More sharing options...
jorvik_latic Posted October 30, 2018 Share Posted October 30, 2018 26 minutes ago, laticsrblue said: Could it be the Prem pension scheme that I think we still have to pay into. If due diligence didn’t find that then it definitely was shit. Link to comment Share on other sites More sharing options...
archiecat Posted October 30, 2018 Share Posted October 30, 2018 22 minutes ago, jorvik_latic said: If due diligence didn’t find that then it definitely was shit. Whatever it is the diligence appears not to be diligent, but if you only buy something for a quid how much did the diligence cost? Link to comment Share on other sites More sharing options...
underdog Posted October 30, 2018 Share Posted October 30, 2018 10 minutes ago, archiecat said: Whatever it is the diligence appears not to be diligent, but if you only buy something for a quid how much did the diligence cost? depends on the other deal with the ex owner....think the newspaper article in the Sun said £3 million... Link to comment Share on other sites More sharing options...
archiecat Posted October 30, 2018 Share Posted October 30, 2018 6 minutes ago, underdog said: depends on the other deal with the ex owner....think the newspaper article in the Sun said £3 million... Part with 3 million for very little and then have to pump in much more before you settle on 200k per month and still don't manage to meet running costs. hmmmmmmmmmmmmm Link to comment Share on other sites More sharing options...
latics22 Posted October 30, 2018 Share Posted October 30, 2018 If he paid 3 mill for the squad alone, the guy needs sectioning! Link to comment Share on other sites More sharing options...
Nohairdontcare Posted October 30, 2018 Share Posted October 30, 2018 1 hour ago, singe said: More info on the drone Co was a pro Company. Their over the ground shot is great though. AL is probably using it to help spot people to sack... Link to comment Share on other sites More sharing options...
latics22 Posted October 30, 2018 Share Posted October 30, 2018 15 minutes ago, Nohairdontcare said: AL is probably using it to help spot people to sack... They don’t even no it yet, but he’s sacked the people flying the drone Link to comment Share on other sites More sharing options...
Monty Burns Posted October 31, 2018 Share Posted October 31, 2018 Looks quite dark in the middle of the pitch. Floodlights out. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.