Breaking News Today's Echo - Who owns the Blues? (2010 thread)

[Jay_Shrimper]

A bit more in today's Echo.......

Since Feb 2009 the Echo can reveal the club has diverted all money it has received from season ticket sales £1 to £1.5 Mill according to the club to paying off debts to financial loan Company Charterhouse Finance.....the club has also being using another mainstay of it's income a £640k a season basic award payment from the FA to pay off debts to the firm since 2008.

The Echo can also reveal Ron Martin borrowed money from Charterhouse Commercial Finance against land he owns at Ferry Road, Benfleet, where he unsuccessfully tried to develop 30 homes in the mid 90's

Where was that? I can't see that. Call me stupid.

 

[Boreham Shrimper]

A bit more in today's Echo.......

Since Feb 2009 the Echo can reveal the club has diverted all money it has received from season ticket sales £1 to £1.5 Mill according to the club to paying off debts to financial loan Company Charterhouse Finance.....the club has also being using another mainstay of it's income a £640k a season basic award payment from the FA to pay off debts to the firm since 2008.

The Echo can also reveal Ron Martin borrowed money from Charterhouse Commercial Finance against land he owns at Ferry Road, Benfleet, where he unsuccessfully tried to develop 30 homes in the mid 90's

Great, so how the hell do we pay the wages this season (if we manage to con anyone into signing for us) and how do we meet our tax liabilities?!

 

[pickledseal]

It's on P13

It is eye-watering...

 

[Jay_Shrimper]

It's on P13

It is eye-watering...

Thanks for that.

All I can add, is OUCH.

 

[BrettieAngell]

I am reading that right, WE having been paying Ron Martin's loan with our season ticket money and money from the FA?

 

[Boreham Shrimper]

I had until fairly recently been willing to give the Dear Leader the benefit of the doubt but how about a statement Ron you duplicitous ****? :madman:

 

[canveyshrimper]

The Echo can also reveal Ron Martin borrowed money from Charterhouse Commercial Finance against land he owns at Ferry Road, Benfleet, where he unsuccessfully tried to develop 30 homes in the mid 90's

The very land he's put a charge on in favour of Sainsbury's should he default on his various loans to Sainsbury's.

Does anyone know, or can it be ascertained that Charterhouse Commercial Finance still have a charge on this parcel of land?

 

[Somerset Ex-TTB]

Just proves what I have been saying for years. The club's income is being siphoned off to RM other companies, then RM makes a big song and dance about putting it back.

It should of been impossible to lose money over the past 4 seasons with income from our fanbase and tiny squads of less than 20 players. How many times did we hear players turning us down due to the wages on offer? We were not paying any more and in some cases less than other League one clubs with income a lot less than us. We also had a squad a lot smaller than other League one clubs with less income.

This hasn't made sense for years and 99% of us have buried our heads in the sands saying that the money has gone on the stadium.

The club need to make a statement today, for christ's sake our player returns for pre-season training in less than 48 hours.

 

[North Wales Shrimper]

ISTR that when the accounts came out last year I did a bit of digging and mentioned the Charterhouse Finance. The money is actually being used as a factoring service. The document is available to download from Companies House.

Basically, Charterhouse pay the season ticket money up front and then SUFC collect the season ticket money over however long. Perfectly normal arrangement and Charterhouse are at the end of the day a bank so would want some form of security and a piece of land is perfect for a bank.

 

[pringlejon]

A bit more in today's Echo.......

Since Feb 2009 the Echo can reveal the club has diverted all money it has received from season ticket sales £1 to £1.5 Mill according to the club to paying off debts to financial loan Company Charterhouse Finance.....the club has also being using another mainstay of it's income a £640k a season basic award payment from the FA to pay off debts to the firm since 2008.

The Echo can also reveal Ron Martin borrowed money from Charterhouse Commercial Finance against land he owns at Ferry Road, Benfleet, where he unsuccessfully tried to develop 30 homes in the mid 90's

The plot thickens..........

 

[Cricko]

I am reading that right, WE having been paying Ron Martin's loan with our season ticket money and money from the FA?

I believe Charterhouse collect the direct debits from season ticket buyers?? so pass Rich......but surely somebody needs to investigate this whole can of worms before to long.

Edit:North Wales answered my question.

 

[canveyshrimper]

ISTR that when the accounts came out last year I did a bit of digging and mentioned the Charterhouse Finance. The money is actually being used as a factoring service. The document is available to download from Companies House.

Basically, Charterhouse pay the season ticket money up front and then SUFC collect the season ticket money over however long. Perfectly normal arrangement and Charterhouse are at the end of the day a bank so would want some form of security and a piece of land is perfect for a bank.

Indeed and I understand that it makes perfect sense as in theory land should not decrease in value. However it appears that RM has secured one of his loans with Sainsbury's on the same parcel of land.

 

[pickledseal]

Ron's position is becoming untenable.
He needs to say something....

but if all this is true, and I've no reason to doubt it, where can he go?

 

[Boreham Shrimper]

ISTR that when the accounts came out last year I did a bit of digging and mentioned the Charterhouse Finance. The money is actually being used as a factoring service. The document is available to download from Companies House.

Basically, Charterhouse pay the season ticket money up front and then SUFC collect the season ticket money over however long. Perfectly normal arrangement and Charterhouse are at the end of the day a bank so would want some form of security and a piece of land is perfect for a bank.

Seems like a plausible solution to me. It would however be wise for Ron to tell us what the hell is going on. People could easily be forgiven at the moment for fearing and believing the worst when they see a true die-hard Blues fan leaving the club and having just been relegated. With no news whatsoever on the incoming transfer front and no public movement regarding the stadium for months and months, you'd have thought our chairman would have found the time in between police interviews and Bentley collections to keep us, the lifeblood of this club, informed as to just what is happening to our beloved club!

 

[canveyshrimper]

Ron's position is becoming untenable.
He needs to say something....

but if all this is true, and I've no reason to doubt it, where can he go?

Directly to jail, without passing Go or collecting the season ticket money.;) That's not an accusation of fraud, but more of a plea to try and explain his convoluted financial affairs.

 

[THE SEVENTIES NORTH BANK]

Just proves what I have been saying for years. The club's income is being siphoned off to RM other companies, then RM makes a big song and dance about putting it back.

It should of been impossible to lose money over the past 4 seasons with income from our fanbase and tiny squads of less than 20 players. How many times did we hear players turning us down due to the wages on offer? We were not paying any more and in some cases less than other League one clubs with income a lot less than us. We also had a squad a lot smaller than other League one clubs with less income.

This hasn't made sense for years and 99% of us have buried our heads in the sands saying that the money has gone on the stadium.

The club need to make a statement today, for christ's sake our player returns for pre-season training in less than 48 hours.

I see what you did there, nice one.

 

[THE SEVENTIES NORTH BANK]

The plot thickens..........

So he seems to be in deep doo doo all over the place with his firms owing over £22million, but he now has a new Bentley. Things are not what they seem.
Somebody needs to catch him with his hand's in the cookie jar.

 

[Interpol Shrimper]

Somebody needs to catch him with his hand in the cookie jar.

As apposed to his cleaner :whistling:

 

[Angell Delight]

DONT YOU THINK YOU ARE READING TO MUCH INTO IT, ITS A HUGE GROUP OF COMPANIES, AND A FOOTBALL CLUB, OFCOURSE THERE ARE DEBTS, WHY CANT YOU STOP SEEING THE NEGATIVES AND THINK THAT SAINSBURY IS OUR SAVING GRACE, AND LOOK AT THE GAME AND SUPPORT US ON THE PITCH AND LET THE PEOPLE WHO ARE INCHAGE OF IT DEAL WITH THE THINGS WE DONT HAVE TO WORRY ABOUT. wE DON'T NEED TO GET CONCERNED WITH IT, IT JUST MAKES US ALL MORE WORRIED!!!!

Are you crazy??? Surely you can see the state our club is in and you think we should all just chill out and stop worrying about it???!!! I can only imagine you're one of the "floaters" - ie. a West Ham fan who comes to watch us when the Shammers are away. No true Shrimper could fail to be worried sick by what's happening to our football club.

 

[Rayleigh Weir]

Rayleigh Weir has never been the same since the Wimpy was replaced by a Sainsburys cafe.

It's true - I can no longer snigger at the signs for a large bender whilst the wife does the shopping...