Monkeys Fist 41494 Posted September 5, 2013 Share Posted September 5, 2013 The club confirmed last night a fans meeting that the balance from Ashley's interest free loan(£30m) from the relegation year would be paid back this year. £19m If true,that is utterly infuriating. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted September 5, 2013 Share Posted September 5, 2013 I'm no Ashley apologist, but it should be remembered that prior to his arrival we were hemorrhaging £6m a season on interest for a £70m loan. If that had continued we would have pissed away £30m on nothing during Ashley's 5 year tenure. More, because the loan has doubled in size. The fact the club can repay £30m of debt in 2 seasons and still break even is excellent news in the long term, as frustrating as it is in the short term. That's why the question of 'which debt is deemed repayable?' is paramount in my mind. There was always a timeframe on that £29m being paid back. The other £111m has never been expected to be repaid until Ashley leaves the club. If that remains the plan it gives a great deal of confidence over investment next season. Unfortunately the people spending the money that becomes available no longer inspire an iota of the confidence they did a year or two ago. Link to comment Share on other sites More sharing options...
trophyshy 7066 Posted September 5, 2013 Share Posted September 5, 2013 Loaning your own football club money because you got it relegated is like loaning your wife money because she lost her job because you wouldn't let her out the house. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted September 5, 2013 Share Posted September 5, 2013 Very true, but it does give me hope, nevertheless. Ashley is not a dastardly villain looking to crush Geordie spirits, no matter what some people think. He's just careful with his money. Half of me wonders if he brought in Kinnear because he would take a lower wage than Llambias. Link to comment Share on other sites More sharing options...
Park Life 71 Posted September 5, 2013 Share Posted September 5, 2013 I'm no Ashley apologist, but it should be remembered that prior to his arrival we were hemorrhaging £6m a season on interest for a £70m loan. If that had continued we would have pissed away £30m on nothing during Ashley's 5 year tenure. More, because the loan has doubled in size. The fact the club can repay £30m of debt in 2 seasons and still break even is excellent news in the long term, as frustrating as it is in the short term. That's why the question of 'which debt is deemed repayable?' is paramount in my mind. There was always a timeframe on that £29m being paid back. The other £111m has never been expected to be repaid until Ashley leaves the club. If that remains the plan it gives a great deal of confidence over investment next season. Unfortunately the people spending the money that becomes available no longer inspire an iota of the confidence they did a year or two ago. Balanced view. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted September 5, 2013 Share Posted September 5, 2013 Loaning your own football club money because you got it relegated is like loaning your wife money because she lost her job because you wouldn't let her out the house. 3 clubs a year get relegated, it does happen and not every owner then decides well i'd better spend 30m of my own money sorting this out because it was my fault. Many (not all) relegations can be put down to idiotic decisions at the top. We carried a wage bill of 50m whilst in the lower division (an unprecedented sum in world football is my guess). That cost him a lot but got us straight back. If he's decided to re-pay the limited debt to himself now because he thinks we have a strong enough squad to 'survive' then fair enough. If that's the plan why doesn't he just say it!! Also, money was there for Gomis but it was probably '7m and not a penny more' hence the inability to get him signed. Link to comment Share on other sites More sharing options...
Kevin Carr's Gloves 3739 Posted September 5, 2013 Share Posted September 5, 2013 Very true, but it does give me hope, nevertheless. Ashley is not a dastardly villain looking to crush Geordie spirits, no matter what some people think. He's just careful with his money. Half of me wonders if he brought in Kinnear because he would take a lower wage than Llambias. I honestly believe that JFK was a smokescreen that Ashley didn't want to spend anything this summer to ensure the loan was payable I think he will look for cheap signings in January on players entering their last year at clubs. I also think JFK will stand down due to health or something before xmas. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted September 5, 2013 Share Posted September 5, 2013 It was the worst smokescreen ever if so, it only drew attention to the comedy situation at the club. Link to comment Share on other sites More sharing options...
trophyshy 7066 Posted September 5, 2013 Share Posted September 5, 2013 It just could be strategic, another way of lowering expectations and diverting attention. I can't believe anyone other than Kinnear believed all the shite he came out with, especially Ashley. Where is the little lush anyway? Not a peep from him since the window slammed down on his fingers. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted September 5, 2013 Share Posted September 5, 2013 Caulkin says Pardew (and Carr?) asked for a football man to be given an executive position. To help Llambias and Ashley understand that side of it. The question is, who apart from Kinnear could Ashley have brought in? Was he ever going to bring in a fresh, enthusiastic, professional bloke that would fight to recruit players in the interests of the team rather than the balance sheet? No. Who would go along with zero investment? Who could be trusted to keep their mouth shut (or flapping total bollocks on unrelated matters) and collect the wage. Kinnear was perfect. Not to divert any attention, to provide a smokecreen or lower expectations but just to give Ashley's middle managers what they asked for without risking a firebrand coming in and embarrassing Ashley himself (as opposed to the club), Keegan style. A slap in the face to the people that (apparently) wanted it, certainly. I'm not sure Ashley appreciates the contempt Kinnear is held in by people that pay attention. Again, he's not a football man himself. Llambias was the only one who was so disgusted he walked (who saw him having a bone of principal in his body?). But then Llambias would have been the one working closest with him in the board room, while pardew and and Carr got on with footballing matters. Link to comment Share on other sites More sharing options...
Barney 0 Posted September 5, 2013 Share Posted September 5, 2013 Sorry for the delay in replying, the info came from the @nufcfansutd twitter account who were sending out bits and piees of information. They were doing it live, I think, so it was quite hard to follow what was going on. A PR rep from United was there. There may be a more comprehensive write up online. Link to comment Share on other sites More sharing options...
Barney 0 Posted September 5, 2013 Share Posted September 5, 2013 The minutes will likely be posted here at some stage : http://www.nufcfansutd.com/htl-blog.html Link to comment Share on other sites More sharing options...
Barney 0 Posted September 7, 2013 Share Posted September 7, 2013 http://www.nufcfansutd.com/1/post/2013/09/minutes-from-4913.html Above is the minutes from that meeting. I've not read it yet. When I get the chance ill lash up whatever important quotes I can find. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted September 8, 2013 Share Posted September 8, 2013 http://www.nufcfansutd.com/1/post/2013/09/minutes-from-4913.html Above is the minutes from that meeting. I've not read it yet. When I get the chance ill lash up whatever important quotes I can find. Interesting stuff on a Harvey tribute. He should definitely get a stand. Link to comment Share on other sites More sharing options...
Barney 0 Posted September 8, 2013 Share Posted September 8, 2013 It's not a long read, but here are the main points: Club confirmed MA took out £11m from his £30m loan Mike Ashley is not actively trying to sell NUFC. The NUFC pr team have no input into the SportsDirect website Question from the floor regarding whether we were still following the Arsenal model or the Villa model(!). Club rep would seek clarification. 'Club could have used the money to bringing in a number of players during the transfer window, but they would have been ‘bodies’ filling up the dressing room rather than the right players for NUFC. He went onto say that a number of deals done in January had originally been earmarked for this summer, but brought forward. He said had Yoan Gouffran and Moussa Sissoko been signed this summer rather than in January, then these signings along with the loan for Loic Remy would have changed fans’ opinions and that NUFC have been amongst the biggest spenders during the 2013 calendar year and of the current premier league clubs we were the 8th highest spenders over that period. It was pointed out from the floor that choosing dates to suit he would counter that over the previous 6 years we were bottom of that spending group. Regarding Joe Kinnear’s role, Lee stated that Alan Pardew manages the team and as far as Lee is aware, Pardew and chief scout Graham Carr work together on identifying transfer targets, which they then take to Joe Kinnear for him to justify to Mike Ashley. Club rep asked about possibility of streaming the meetings, but said that if reporters were present or the meetings were streamed, the club would be less candid. Club has yet to decide what way to use the 'Away Ticket Enhancement fund'. One idea suggested would be free away travel with every away ticket. Fans raised the possibility for singing section or allowance for flags & banners Concern raised about the shite official club twitter account. Need for improvement acknowledged by the club. Someone from the floor suggested the Club should rename the East Stand in honour of Joe Harvey. Link to comment Share on other sites More sharing options...
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