Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
The Lone Gunman
Keith: in basic terms, what is the club's current level of debt and who is the money owed to?
that would be an interesting piece of info
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
life on mars
that would be an interesting piece of info
It would also be interesting to know how the current level of debt compares to previous years. For instance, how does it compare with the debt before Tan took over, or following the club’s first season in the Premier League, or two years ago, etc?
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
The Lone Gunman
It would also be interesting to know how the current level of debt compares to previous years. For instance, how does it compare with the debt before Tan took over, or following the club’s first season in the Premier League, or two years ago, etc?
Is it not a fair assumption that without Vincent Tan's continued investment, City would be in the Welsh Premiership by now:yikes:
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
Chris Pontprennau Blues
Is it not a fair assumption that without Vincent Tan's continued investment, City would be in the Welsh Premiership by now:yikes:
European football every season............maybe!!!!
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
The Lone Gunman
It would also be interesting to know how the current level of debt compares to previous years. For instance, how does it compare with the debt before Tan took over, or following the club’s first season in the Premier League, or two years ago, etc?
Nobody ever answers the good questions
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
dml1954
Thats not what I concluded it means or says at all - £32.3m of his previous debt was repaid to him during the year and the club now only owes him £40.1m. Considerably down from the £150m+ owed to him a few seasons ago, mainly due to his conversion of debt to equity. The £39.5m new debt could easily be from banks or other lending institutions, advanced against the guaranteed income due from tv money, to run the club on a day to day basis or possibly fund players. This is entirely normal practice.
Could be - but what is the £39.5 new debt - for all we know it could be owed to Langston!
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
Chris Pontprennau Blues
Is it not a fair assumption that without Vincent Tan's continued investment, City would be in the Welsh Premiership by now
It's a ridiculous assumption.
Personally, I'd rather consider the facts than delve into the realms of fiction.
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
The Lone Gunman
It's a ridiculous assumption.
Personally, I'd rather consider the facts than delve into the realms of fiction.
I think hes making a very good point , we would be right in the cabbage if it wasnt for tan , albeit not forgetting the rebrand
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
The Lone Gunman
It would also be interesting to know how the current level of debt compares to previous years. For instance, how does it compare with the debt before Tan took over, or following the club’s first season in the Premier League, or two years ago, etc?
Sorry Dave. Thought I had answered your previous post but I must have forgotten to press “submit reply”.Put it down to old age!
The total debt the club owed at 31 May 2019 was £114m. £40m of this was due to Vincent Tan, £41m due to other (unnamed ) secured creditors, £10m due for future instalments on player purchases, £4m due in v.a.t and Paye which would have been paid just after the year end , £1.5m due to trade suppliers,and £17m in accruals and deferred income. That last figure would include the following season’s season ticket money already received by 31 May and loan interest charged but not paid ( in past accounts Vincent Tan has charged interest on his loans then later waived his right to it).
I don’t have comparable figures to the £114m for many years to hand but in 2018 it was £116m and in 2017 it was £152m.
Keith
Re: Since 62's commentary on club accounts y/e 31/5/19.
Still don't get how we can have stories of sixty odd million pounds worth of debt converted to shares in the 18/19 financial year and the overall debt only goes down by £2 million in the accounts for that period - I thought we were supposed to be well on the way to being debt free once that big debt to equity conversion had taken place?
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
the other bob wilson
Still don't get how we can have stories of sixty odd million pounds worth of debt converted to shares in the 18/19 financial year and the overall debt only goes down by £2 million in the accounts for that period - I thought we were supposed to be well on the way to being debt free once that big debt to equity conversion had taken place?
Paul
The big debt to equity conversion took place at the end of May 2018 and was reflected in the 31 May 2018 accounts. No debt conversions or debt write offs were done by Vincent Tan in the year to 31 May 2019
Keith
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
Since62
Paul
The big debt to equity conversion took place at the end of May 2018 and was reflected in the 31 May 2018 accounts. No debt conversions or debt write offs were done by Vincent Tan in the year to 31 May 2019
Keith
I did wonder about that Keith, but was influenced by the date of the story I put a link to earlier - I do find it disappointing though that we still have a debt of over £100 million despite the fact that the big debt to equity conversion was reported as being part of a process which would leave us debt free eventually.
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
the other bob wilson
I did wonder about that Keith, but was influenced by the date of the story I put a link to earlier - I do find it disappointing though that we still have a debt of over £100 million despite the fact that the big debt to equity conversion was reported as being part of a process which would leave us debt free eventually.
It looks like the club has had a change of tack, whereby they’ve borrowed money to lower the Tan debt, but this seems to have increased the total debt.
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
The Hooded Claw
It looks like the club has had a change of tack, whereby they’ve borrowed money to lower the Tan debt, but this seems to have increased the total debt.
It does doesn't it - perhaps I'm worrying unnecessarily, but I preferred it when all of our debt was owed to Vincent Tan.
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
the other bob wilson
I qualify what I put in this message with the rider that I'm no expert, so there may be a perfectly valid and simple explanation to it, but I'm confused by the appearance of stories like this one during the 18/19 financial year;-
https://www.walesonline.co.uk/sport/...t-tan-14872242
which does not seem to be reflected in the latest accounts.
Also, should we be worried about the "other loans" totalling £39.5 million not provided by the Directors or Shareholders? From what I can gather, it seems they will be paid off by television money (nearly all of the parachute payments for next season?), but, on the face of it, this seems like a move into Hammam territory to me and, surely, we don't want to be heading there again?
We're debt free, we should be thankful to Tan for that. Or something along those lines wasn't it?
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
the other bob wilson
It does doesn't it - perhaps I'm worrying unnecessarily, but I preferred it when all of our debt was owed to Vincent Tan.
But but but but but, we are debt free.
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
The Hooded Claw
It looks like the club has had a change of tack, whereby they’ve borrowed money to lower the Tan debt, but this seems to have increased the total debt.
The total debt has actually gone down slightly since the previous accounts and by a lot since two years ago
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
splott parker
European football every season............maybe!!!!
cheaper seats
Re: Since 62's commentary on club accounts y/e 31/5/19.
Quote:
Originally Posted by
the other bob wilson
It does doesn't it - perhaps I'm worrying unnecessarily, but I preferred it when all of our debt was owed to Vincent Tan.
I don’t like the thought of debt with external lenders, either.
At least with money owing to Tan, there is less pressure for the moulah to be paid over, whereas there’ll surely be an obligatory payment schedule with a lender.
