Breaking News Chairman's Statement - OS

[please delete my account]

What is is worth for me to go down the hall to the next open plan office, walk to the bottom and batter the **** out of Carrow Road numpty????

OR, you could take a big dump into a bucket and slam the bucket over his head.

Make sure you twist the bucket so that said faeces is shmeared all over his head.

Better still, slip one out that has nuts in it, then it'll be gritty and scratchy and thoroughly unpleasant.


I have too much time on my hands.

Kind Regards

 

[DTS]

Duuno... the only thing we have left now are Tilson and the players, so hopefully everyone will get behind them and try to lift them.

Gonna be a very hard game on Friday given all thats gone on - coupled with all the rumours. Plus with only Joyce as sub, he will need lots of support to keep him company :D

Ron Martin is still at the club and a number of the more hardline of our support have never trusted him. I personally feel you may hear a lot of vocals against him come Friday.

 

[Yorkshire Blue]

I cant help but think the natives are going to be fairly restless on Friday night. This is the lowest of the low.

This isn't as bad a situation as it was under Anton Johnson or John Main.

Administration isn't the end of the world and it's not the end of the club. Losing 10 points isn't ideal but it isn't crippling. Even if we get relegated to the 4th division it isn't that big a deal. It would be a backwards step, but we live to fight another day.

 

[Jay_Shrimper]

As dire as the club seems to find itself in, I am in no doubt Ron will manage to find a solution.

I'm holding onto hope until there is no more hope to hold onto.

 

[BrettieAngell]

This isn't as bad a situation as it was under Anton Johnson or John Main.

Administration isn't the end of the world and it's not the end of the club. Losing 10 points isn't ideal but it isn't crippling. Even if we get relegated to the 4th division it isn't that big a deal. It would be a backwards step, but we live to fight another day.

Try explaining that to some our fans though. I still think the majority will be behind the team though!

 

[pringlejon]

i might be shot down for saying this but it's not definite we're going into admin. can we not defer the ron bashing until we know what is happening for definite. he may release a statement before the weekend saying we have everything paid up and stadium is gonna start being built 1st november. probably won't, but i'm not gonna start saying he's ruined the club etc etc until we're docked 10 points or next week the club no longer exists. i know with this viewpoint many of you would have to do more work as you wouldnt have as much to post, but none of us for sure no what will happen before next wed.

 

[OldBlueLady]

i might be shot down for saying this but it's not definite we're going into admin. can we not defer the ron bashing until we know what is happening for definite. he may release a statement before the weekend saying we have everything paid up and stadium is gonna start being built 1st november. probably won't, but i'm not gonna start saying he's ruined the club etc etc until we're docked 10 points or next week the club no longer exists. i know with this viewpoint many of you would have to do more work as you wouldnt have as much to post, but none of us for sure no what will happen before next wed.

Think - and hope - you're right. Someone had better text me next Wednesday if it's not resolved before then, and I still don't see how the Council/Sainsburys can let it.

 

[ldnfatso]

This isn't as bad a situation as it was under Anton Johnson or John Main.

Administration isn't the end of the world and it's not the end of the club. Losing 10 points isn't ideal but it isn't crippling. Even if we get relegated to the 4th division it isn't that big a deal. It would be a backwards step, but we live to fight another day.

100% agree.

 

[grassroots]

Lower than the club has ever been before?

What utter rubbish. The club is no lower than when Ron Martin first took active control of the club when John Main was forced out. If you remember then we didn't own our stadium, we were saddled with debts and we were facing the taxman wanting to wind us down. What has changed since then?

Not to mention that we are in a higher division, so that even if administration gets us relegated we'd still be a league club, as compared to when we were perpetually in 17th in the 4th division when Ron Martin first took over as de facto chairman or during the mid 80s.

The only way the club was ever going to escape from the situation of being saddled by debt and not owning its ground was if it managed to pull off a bit of property speculation and build a new out of town ground and development.

I'd always thought that Ron Martin/John Main and various partners were behind the takeover and John Main was installed to oversee the club, but was forced out for 'falling in love with the Club' and being a little too free with his company's money. The Blues debts(£4.5M I think) were supposedly written off in exchange for the club's freehold assets and we were then going to rent the ground at £400K - to be deferred. Sorry if I'm wrong here - if so, I'm sure you will enlighten me.

 

[Yorkshire Blue]

Which, presumably, they are only doing because:

(a) Ron has failed to show them any evidence of funds to be received from Sainsbury on grant of planning permission; or

(b) no such evidence has been provided because it simply doesn't exist.

Either way, we'll find out this week.

Not sure I'd agree with that analysis.

If I was in the Revenue's shoes, its only after I've seen documentary proof that funds could be coming in and the business might have a long term future that I'd look to get a receiver appointed rather than merely wind them up.

My reading of it is that they are now willing to have a receiver appointed because Ron has showed them the contract which says they will be due funds if planning permission is granted.

Appointing a receiver means that they get the money if/when the planning permission is granted and that whilst waiting for that money, it isn't going to be frittered away. If there is such a contract, appointing a receiver best protects the revenue's position. As such, I see it as a positive step as compared to the nuclear option we were facing.

I think you will find that most people that bought the shares bought them because they love the club and desired a tiny part of it. Very few bought them for their monetary value just centimental value.

Exactly.

Centimental, as in barely worth a cent.

 

[Matt the Shrimp]

John Main was installed to oversee the club, but was forced out for 'falling in love with the Club' and being a little too free with his company's money.

If by "a little too free" you mean:

(a) appointing Peter Storrie as chief exec (and achieving...?)

(b) having a players' wage bill alone (never mind the club's other costs / liabilities) at 123% of turnover.

(c) Losing in excess of £2m year on year.

Main was a disastrously bad chairman - be under no illusions about that - even if he was appointed jointly by Martin Dawn and Delancey.

 

[SUFCStu]

Chris Phillips now on SSN

talking about the problems.

 

[Yorkshire Blue]

I'd always thought that Ron Martin/John Main and various partners were behind the takeover and John Main was installed to oversee the club, but was forced out for 'falling in love with the Club' and being a little too free with his company's money. The Blues debts(£4.5M I think) were supposedly written off in exchange for the club's freehold assets and we were then going to rent the ground at £400K - to be deferred. Sorry if I'm wrong here - if so, I'm sure you will enlighten me.

That sounds about right.

Ron Martin didn't take an active role in the club until about 2000(?) when John Main was forced out by Delancey. Ron Martin only then started taking an active role in the club.

The debts of £4.5m (sounds about right) were debts largely racked up under Vic Jobson (and possibly even Anton Johnson and before) but rather than controlling them John Main added to them. The interest was crippling and without drastic action the club would have gone under then.

The actual club's finances aren't that much worse than the position we've been in for the last decade (although that isn't much of a boast). The really crippling factor is that our owner's finances are.

 

[BILLERICAY BLUE]

Not sure I'd agree with that analysis.

If I was in the Revenue's shoes, its only after I've seen documentary proof that funds could be coming in and the business might have a long term future that I'd look to get a receiver appointed rather than merely wind them up.

My reading of it is that they are now willing to have a receiver appointed because Ron has showed them the contract which says they will be due funds if planning permission is granted.

Appointing a receiver means that they get the money if/when the planning permission is granted and that whilst waiting for that money, it isn't going to be frittered away. If there is such a contract, appointing a receiver best protects the revenue's position. As such, I see it as a positive step as compared to the nuclear option we were facing.

I might be being thick here, but is appointing a receiver the same as going into administration. I'm guessing it is....

 

[Matt the Shrimp]

Not sure I'd agree with that analysis.

If I was in the Revenue's shoes, its only after I've seen documentary proof that funds could be coming in and the business might have a long term future that I'd look to get a receiver appointed rather than merely wind them up.

My reading of it is that they are now willing to have a receiver appointed because Ron has showed them the contract which says they will be due funds if planning permission is granted.

Appointing a receiver means that they get the money if/when the planning permission is granted and that whilst waiting for that money, it isn't going to be frittered away. If there is such a contract, appointing a receiver best protects the revenue's position. As such, I see it as a positive step as compared to the nuclear option we were facing.

Why does the revenue care about our long-term ability to trade? That's a matter for the club's directors, not for them.

An administrator is not appointed simply to pay money out to HMRC. He pays to the revenue first, as a preferential creditor, but only once all assets and liabilities have been ascertained. The revenue would be in no position to require the administrator to ring-fence monies received in a few weeks' time, after the administrator had been appointed. It will result in the exchequer receiving less money at an uncertain date in the future (probably 6 or 12 months from appointment) - rather than all the money by the end of November. There's little doubt in my mind that HMRC are as guilty of employing scare tactics and headline-grabbing as Ron, rather than acting in the best interests of the public purse (query whether they could be said to be acting Wednesbury unreasonable - IF, and it's a big if - the Sainos money is actually potentially there at all).

Moreover, the entry into insolvency of SUFC may be a termination event under any existing deal between Sainos and SUFC, allowing the former to renegotiate on substantially preferable terms, thereby further reducing potential income to the administrator.

Centimental, as in barely worth a cent.

And you'd have to be mental to think it was a decent investment.

 

[Napster]

really crippling factor is that our owner's finances are.

The really crippling factor is the lack of fluidity in the capital markets and the depreciation of the commercial property market, combined with the lack of progress on the stadium development (thanks to the bureaucracy involved)...

 

[Welly7]

As dire as the club seems to find itself in, I am in no doubt Ron will manage to find a solution.

The situation we find ourselves in is down to Martin - whether you have sympathy for him and the reasons why it's come to this - it's his mis-management that leads us to where we are now. He's the man in charge and so the buck must stop with him.
After being assured by Ron that it's nothing to worry about and the debt will be settled, I find it very hard to have any confidence in the man whatsoever.

 

[canveyshrimper]

TBH though, there are 91 other clubs in the football league, and i can only see us in this kind of trouble at the moment

Recently Southampton (a far bigger club than us) and Stockport have been in administration. Accrington have their own problems with HMRC, Bournemouth are still under a transfrer embargo, and I'd bet there'll be others.

 

[BluesMike61]

Chris Phillips. interviewed live on SSN--sounded very downbeat."If money not found in 3 months--what chance in 1 extra week?" "Barnard would be 1st to go in transfer window--Macca,Francis,Barrett and Moussa also likely to go with no replacements possible due to transfer embargo".

 

[Shrimper51]

Recently Southampton (a far bigger club than us) and Stockport have been in administration. Accrington have their own problems with HMRC, Bournemouth are still under a transfrer embargo, and I'd bet there'll be others.

As are Rangers...