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Transfer Embargo, Winding Up Petition & Staff Salary Issues

Forums New posts
rlb999 said:
We struggled during the financial crash of 08/09 and unfortunately there's another financial crash on its way. It has to be noted that we've learned nothing about living within our means in the period in between - we were running the 5th highest wage bill in league 1 allegedly, which shows ambition but also financial recklessness.

Ron is now trying to arrange bridging finance in a market where borrowing money costs far more than it did 12 months ago - that's what concerns me. We need to hope he manages this - he's clearly trying to insulate the first team from the financial mess in the hope that results keep coming. But we need to remember he's not failing to pay staff / youth team for a laugh - he's not paying them because he doesn't have the money. Maybe offloading a player in January might help us in the short term if there's anyone who will give us money for one?
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If he doesn't have the money then he needs to sell. If you can't afford the house you've taken out a mortgage on then you sell it.

And I've no doubt the financial climate and the loan market is difficult, but his difficulty in loaning money is of his own making. His credit rating is shot and he has a history of defaulting on all kinds of repayments and payment plans. Plus he's a Z grade, cowboy "property developer" with an unsuccessful career behind him. He's developed comparatively little property and has run out of things to use as security for his next cap in hand request for money. Everything he does own is mortgaged to the hilt. He's ****ed.
 
Medway Blue said:
If he doesn't have the money then he needs to sell. If you can't afford the house you've taken out a mortgage on then you sell it.
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First stop would be to talk to the mortgage company (HMRC in our case) and arrange a payment plan to keep you in your home but with affordable payments, second step would be to reduce your outgoings - turn your thermostat down, stop takeaways, eating out etc, last resort would be sell the house, especially when you've got a large inheritance coming your way.

Whilst to us it feels like last chance saloon - presumably to Ron it isn't, otherwise as you say, he'd be seeking a buyer
 
MattE said:
First stop would be to talk to the mortgage company (HMRC in our case) and arrange a payment plan to keep you in your home but with affordable payments, second step would be to reduce your outgoings - turn your thermostat down, stop takeaways, eating out etc, last resort would be sell the house, especially when you've got a large inheritance coming your way.

Whilst to us it feels like last chance saloon - presumably to Ron it isn't, otherwise as you say, he'd be seeking a buyer
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Exactly, and the payment plan we'd agreed to was almost paid off (literally the last few payments left) when the latest WUO came out.
 
The Ron has no assets line is increasingly difficult to accept when he now has two very large plots of land with planning permission for many 100s of homes. For example, Fossetts Farm without planning was worth very little- with planning probably now into the 10s of millions and an asset to be leveraged?
The specific question he needs to be asked is at what point does this turn into funding/ recapitalisation as promised for the club, and how is that received over time?
 
OldBlueLady said:
Exactly, and the payment plan we'd agreed to was almost paid off (literally the last few payments left) when the latest WUO came out.
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Extraordinarily with the 56 day adjournment HMRC still don’t see any of the money until into next year and Ron ends up with longer to pay..
 
Medway Blue said:
If he doesn't have the money then he needs to sell. If you can't afford the house you've taken out a mortgage on then you sell it.

And I've no doubt the financial climate and the loan market is difficult, but his difficulty in loaning money is of his own making. His credit rating is shot and he has a history of defaulting on all kinds of repayments and payment plans. Plus he's a Z grade, cowboy "property developer" with an unsuccessful career behind him. He's developed comparatively little property and has run out of things to use as security for his next cap in hand request for money. Everything he does own is mortgaged to the hilt. He's ****ed.
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Agree 100 per cent with this post word for word.
 
probably been said elsewhere and if not, didnt know what thread to plonk this in, but with the qatar fancy dress competition going on, surely this is a great time to pick up some of those lost souls who go to premiership games normally. Are we expecting a raise in gates for a month? have we actively sought to bring some in?
 
thenobster said:
probably been said elsewhere and if not, didnt know what thread to plonk this in, but with the qatar fancy dress competition going on, surely this is a great time to pick up some of those lost souls who go to premiership games normally. Are we expecting a raise in gates for a month? have we actively sought to bring some in?
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The only problem being, we have just a game on 3rd December with the kick off already brought forward. Our game on Tuesday 13th December clashes with a semi final. Probably not much to gain.
 
Medway Blue said:
If he doesn't have the money then he needs to sell. If you can't afford the house you've taken out a mortgage on then you sell it.

And I've no doubt the financial climate and the loan market is difficult, but his difficulty in loaning money is of his own making. His credit rating is shot and he has a history of defaulting on all kinds of repayments and payment plans. Plus he's a Z grade, cowboy "property developer" with an unsuccessful career behind him. He's developed comparatively little property and has run out of things to use as security for his next cap in hand request for money. Everything he does own is mortgaged to the hilt. He's ****ed.
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To sell, he needs someone who will buy. And the buyer needs to have enough finance to stop these cash flow situations occurring, and also the willingness to keep spending his / her money on the Blues on an ongoing basis. Despite our financial problems being well documented, has one such person emerged in recent years?
 
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