Ken Fitlike Posted October 1, 2013 Share Posted October 1, 2013 According to Neil Patey of Ernst and Young, if you strip out exceptional items, the present rate of spend will take us into next season. Obviously something will need to be done..... need somebody with wealth off the radar 0 Quote Link to comment Share on other sites More sharing options...
lithgierose Posted October 1, 2013 Share Posted October 1, 2013 I'm a huge supporter of McCoist, but his pay is ridiculous. Even allowing for his TUPE rights, that should have been sorted long, long ago. surely thats before the pay cut he said he would take. ? 0 Quote Link to comment Share on other sites More sharing options...
Frank de bear Posted October 1, 2013 Share Posted October 1, 2013 Operating losses of £14m – approx £1.15M a month in June, they had £10.2M in the bank – so, today, 3 months later, we can take 3.45m off that. That gives them £6.75M in the bank. That should see them through for another 6 months. – the end of March 2014 Unless they have another share issue, sale/leaseback or some other injection of cash – they won’t see out the season. They may time admin nicely for the end of the season and have close season to sort it all out. but it looks like it will be the gift that keeps giving. Now, will Ally do enough to ensure they secure promotion even with the points deduction for admin? Aberdeen fc bank debt £10,800,000 Rangers fc bank debt £0 Nearly £6m in loans owed to two major shareholders by Aberdeen Football Club will be converted. The £3.7m due to chairman Stewart Milne and £2.25m owed to Aberdeen Asset Management will be turned into shares, cutting Dons' debt to £10.82m. Some of the £5.75m is to be invested in development costs of a new stadium. Over the past few years the major shareholders have invested substantially in the club with interest free loans now standing at £5.75m in aggregate," said chief executive Duncan Fraser in a statement on the club's website. Hows the new staduim going btw?? oh wait!!! Aberdeen have unveiled plans for a new £38million super stadium that will glow red in the dark. Following widespread public consultation and engagement with the fans, Aberdeen Football Club has lodged a planning application for its new stadium at Loriston Loch AFC chairman said that the decision had “effectively killed off” plans for a £38m 21,000-capacity stadium at Loirston Loch. We want to deal in facts but there are serious challenges out there economically that the club needs to face up to. We cannot continue to reinvest in a stadium that is more than 100-years-old only to stand still 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted October 1, 2013 Share Posted October 1, 2013 (edited) According to Neil Patey of Ernst and Young, if you strip out exceptional items, the present rate of spend will take us into next season. Obviously something will need to be done..... This Neil Patey? Rangers backed to seal CVA deal by leading finance expert A leading football finance expert predicted on Sunday night there was a ‘better than even chance’ of key creditors HMRC and Ticketus approving Charles Green’s CVA proposal. The English businessman requires a minimum of 75 per cent of creditors - voting on a pound-per-vote basis - to back his plan, which is believed to offer as little as 9p in the pound. Some 276 creditors, from small businesses owed a few hundred pounds to HMRC and Ticketus who are owed around £15million and £25m respectively, have the right to vote at Thursday’s meeting. Positive: The CVA deal could be viable Given the spread of the £55m debt, however, both Ticketus and HMRC hold the balance of power as to the success or failure of the CVA. And Neil Patey, of accountancy giants Ernst & Young, last night told Sportsmail he feels the key indicators point to the CVA proposal being carried and the club that was formed in 1872 continuing in its current form. ‘I was initially in the camp that said it was more likely than not that it (CVA) would be rejected by HMRC,’ he revealed. ‘To be honest, I’m now in the camp that thinks it’s more likely HMRC will vote it through. ‘I say that for two reasons: The way the options have been presented gives the creditors a very stark choice. It’s £8.5m gross for a CVA or £5.5m for a newco route. There’s a £3m incentive there which would probably rise to £4m by the time you take in liquidation costs. ‘They (HMRC) have been put in, let’s say, a difficult position by Duff & Phelps whereby if they want the better return, it’s going to be by a CVA. ‘In addition to that, there seems to be quite positive noises coming from Duff & Phelps and Charles Green. ‘I won’t count my chickens. There’s still a chance HMRC will reject this. But the noises and the structure of the deal lead me to believe there’s maybe a better than evens chance that HMRC will sign up to this. I feel Ticketus will be thinking along similar lines.’ ---------------------------------------------------------------------------------------------------------------------------------------------- Forgive me if I take his views with a large dose of Sodium Chloride. You might, just might, be able to cling on till the end of the season, but what then? Time for you all to top up the spivs retirement fund again? #leaseback Edited October 1, 2013 by AberdeenBud 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted October 1, 2013 Share Posted October 1, 2013 Aberdeen fc bank debt £10,800,000 Rangers fc bank debt £0 Hows the new staduim going btw?? oh wait!!! Orctastic, this one's obviously not learned to read yet. 0 Quote Link to comment Share on other sites More sharing options...
Bearwithme Posted October 1, 2013 Share Posted October 1, 2013 (edited) AberdeenBud, Neil Patey is a partner at Ernst and Young (which is not to say he's infallible). What are your qualifications and status in the accountancy profession? Edited October 1, 2013 by Bearwithme 0 Quote Link to comment Share on other sites More sharing options...
Romeo Posted October 1, 2013 Share Posted October 1, 2013 Does this all mean the new Rangers won't get to build their floating pitch, hover Casino, mega stadium? 0 Quote Link to comment Share on other sites More sharing options...
Bendarroch Posted October 1, 2013 Share Posted October 1, 2013 surely thats before the pay cut he said he would take. ? Either way - what's he's being paid is a joke in relation to what he's currently tasked with. 0 Quote Link to comment Share on other sites More sharing options...
Frank de bear Posted October 1, 2013 Share Posted October 1, 2013 (edited) you tell him, Frankie baby! still be only supports a pish club. lucky you have had 2 pish clubs to support. Probably a third coming along in due course. Tell you something Aberdeens bank debts are £10,800,000 bigger than that of Rangers right now!!!! How is sell out saturday going???? Aberdeen Football Club is to close part of its ground from the start of next season. Oh right Edited October 1, 2013 by Frank de bear 0 Quote Link to comment Share on other sites More sharing options...
Tio Pepe Posted October 1, 2013 Share Posted October 1, 2013 I'm a huge supporter of McCoist, but his pay is ridiculous. Even allowing for his TUPE rights, that should have been sorted long, long ago. TUPE? Surely he would only have TUPE rights if he was transferred to a different club? If the club continued then he just continues in employment, there is no transfer of undertaking. 0 Quote Link to comment Share on other sites More sharing options...
Whisky First Posted October 1, 2013 Share Posted October 1, 2013 Either way - what's he's being paid is a joke in relation to what he's currently tasked with. What a task but when super has to always win. He also took a pay cut. Might have been to much before but Im not sure what he's on now are you? 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted October 1, 2013 Share Posted October 1, 2013 Where do you get these figures from? You can't surely be taking an average from last years spend as they contain numerous one off costs that will not re-occur. Back of my lunch box tbh. The Cash in hand also includes some of this season earnings as well. As i've said as a best case scenario you may be able to limp on till the end of the season. AberdeenBud, Neil Patey is a partner at Ernst and Young (which is not to say he's infallible). What are your qualifications and status in the accountancy profession? Rattled? He said the CVA had a 'better than even chance of being accepted'. The man is a joke figure who's reputation as 'football finance expert' was destroyed during the death of rangers. HTH. 0 Quote Link to comment Share on other sites More sharing options...
yorkshirepud Posted October 1, 2013 Share Posted October 1, 2013 "Tell you something Aberdeens bank debts are £10,800,000 times that of Rangers right now!!!!" You said Rangers' bank debt was £0. 0 x 10,800,000 = ? Take yer time now and think about it. 0 Quote Link to comment Share on other sites More sharing options...
Bendarroch Posted October 1, 2013 Share Posted October 1, 2013 AberdeenBud, Neil Patey is a partner at Ernst and Young (which is not to say he's infallible). What are your qualifications and status in the accountancy profession? All accounting advice on this board must first pass stress tests set by Hellish who, whilst a fully qualified a/c, only works part-time at it these days because his full time job as janny at the applepine takes up most of his time. 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted October 1, 2013 Share Posted October 1, 2013 (edited) Poor Frankie is not taking it too well! Have to say I've been impressed with Bendy's posts today, honesty, humility and a sense of humour, shame it's taken so long for him to show us this side. Edited October 1, 2013 by AberdeenBud 0 Quote Link to comment Share on other sites More sharing options...
Bearwithme Posted October 1, 2013 Share Posted October 1, 2013 Back of my lunch box tbh. The Cash in hand also includes some of this season earnings as well. As i've said as a best case scenario you may be able to limp on till the end of the season. Rattled? He said the CVA had a 'better than even chance of being accepted'. The man is a joke figure who's reputation as 'football finance expert' was destroyed during the death of rangers. HTH. Eh? Do I take it the answer to my question to you is "zero"? 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted October 1, 2013 Share Posted October 1, 2013 Tell you something Aberdeens bank debts are £10,800,000 times that of Rangers right now!!!! How is sell out saturday going???? Oh right Better to close part of your ground than the whole club, angry franky. 0 Quote Link to comment Share on other sites More sharing options...
GreenockRover Posted October 1, 2013 Share Posted October 1, 2013 Back of my lunch box tbh. The Cash in hand also includes some of this season earnings as well. As i've said as a best case scenario you may be able to limp on till the end of the season. Rattled? He said the CVA had a 'better than even chance of being accepted'. The man is a joke figure who's reputation as 'football finance expert' was destroyed during the death of rangers. HTH. yeah but, yeah but, yeah but............ Green and them were all lying and covering stuff up. There's no way the current people in charge are telling lie.............................. oh, f**k. 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted October 1, 2013 Share Posted October 1, 2013 Eh? Do I take it the answer to my question to you is "zero"? Yip, definitely rattled. Neil Patey. 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted October 1, 2013 Share Posted October 1, 2013 Charlotte Fakeovers @CharlotteFakes2h Broken promises and a threat of winding up. First sighting of additional Pinsent Investigation into payments. http://www.scribd.com/doc/172434771/Broken-Promises … Charlotte Fakeovers @CharlotteFakes 49m What the accounts don't tell you #1 Subscriber receiving refund of £0.30 per share. £300k in total. http://www.scribd.com/doc/172464409/Refunds … Charlotte Fakeovers @CharlotteFakes 6h Sneaking though a change of nomad after Strand jumps ship. Here's some earlier thoughts. http://www.scribd.com/doc/172380378/Nomads-1 … http://www.scribd.com/doc/172380995/Nomads-2 … Could that be more 'one-off' costs on the horizon? 0 Quote Link to comment Share on other sites More sharing options...
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