Vale's 'Holiday' over

[Timothius]

As Bill says this morning its been budgeted for, so probably the wage budget for next season will be cut again.

 

Bill is a liar though. It may have been budgeted for but that will be by cutting costs elsewhere, how can he say he has budgeted for another £132k a year bill?

 

The club's cash position is more interesting now than ever.

 

IMO they have only stayed solvent merely through extending their debt facility - taking out more and more loans (eg Harlequin), whilst deferring the existing ones and using the cash to pay creditors instead.

 

This was always going to store up trouble in the longer term. £11,000 a month is now a massive hit for their cashflow to take on top of everything else. You would assume they have budgeted for this. You'd assume.

 

According to companies House Records, the ground is used as security to cover the Council loan and borrowings to the Co-Op Bank and the bank also have a fixed and floating charge over all the clubs other assets, so in effect if we couldn't repay them, then they could seize everything down to Speedies lawnmower and forks! There is nothing left for them to mortgage to borrow anymore money.

[Edge81]

As **** as this is for our club, we have the boards by the balls now...well, they have themselves by the balls, because it was their dealings of these affairs that has lead to this position.

 

Bratty et al. out!

[fairportnick]

According to companies House Records, the ground is used as security to cover the Council loan and borrowings to the Co-Op Bank and the bank also have a fixed and floating charge over all the clubs other assets, so in effect if we couldn't repay them, then they could seize everything down to Speedies lawnmower and forks! There is nothing left for them to mortgage to borrow anymore money.

 

Not quite , the fixed charge kicks in first but the prefs (ie the employees) would get whats owed to them before the floating charge kicks in.

[Santa]

According to companies House Records, the ground is used as security to cover the Council loan and borrowings to the Co-Op Bank and the bank also have a fixed and floating charge over all the clubs other assets, so in effect if we couldn't repay them, then they could seize everything down to Speedies lawnmower and forks! There is nothing left for them to mortgage to borrow anymore money.

They could in theory muddle on if directors or sponsors were prepared to stump up more unsecured loans. Quite how they'd expect to be paid back would be a different matter.

 

The other option would be to increase turnover. Good luck to them with that.

[fairportnick]

They could in theory muddle on if directors or sponsors were prepared to stump up more unsecured loans. Quite how they'd expect to be paid back would be a different matter.

 

The other option would be to increase turnover. Good luck to them with that.

 

I hope they enjoy looking out at crowds of under 3000.===

[Guest Sandyfordvalefan]

There's just been someone on from the Taxpayers Alliance about the loan, saying that it wasn't good for taxpayers and she can't understand how it's still outstanding.

 

Well the payment date is 2026, what do you expect ?

 

Why not ask the council to chase some Council Tax nonpayers ?

 

2026 - that means the the earliest we are going to be in debt for the next 15 seasons!!!!! Funny how the board never tell you these things, so no money for players, no finished RS suite / LS stand for the next 15 YEARS!!!!

 

11k a month - lets face is we clearly are not generating that surplus no are we so we are ******ed. Oh well.

[fairportnick]

2026 - that means the the earliest we are going to be in debt for the next 15 seasons!!!!! Funny how the board never tell you these things,

 

Its in the accounts!

[Guest Sandyfordvalefan]

Its in the accounts!

 

so?

[fairportnick]

so?

 

You said the Board dont tell anyone. They have told the shareholders.===

[Guest Sandyfordvalefan]

Ok i'll rephase, "they don't tell the fans"

[Fosse69]

2026 - that means the the earliest we are going to be in debt for the next 15 seasons!!!!! Funny how the board never tell you these things, so no money for players, no finished RS suite / LS stand for the next 15 YEARS!!!!

 

11k a month - lets face is we clearly are not generating that surplus no are we so we are ******ed. Oh well.

 

Dont panic! Its only like a mortgage, OK as long as you keep the payments up, one day it will be yours/ours. Players etc come from increased turnover, due to having better players/facilities from investment, investment comes from investors, any about? Oh! Wait a Mo before you go.

[old sage]

What really greives me is that the 'kind' Sjoke city council loaned us the money for community projects and not for direct improvements to benefit Port Vale.

Our stupid, stupid board should have said no to the deal. In truth the council lent us money to do their work improvements.

On the other hand they helped finance a new stadium for the 'Sjipey eyes' and then sold it to them for a pittance. Very fair I dont think.

[billbee33]

If I was Stoke City council, I would ask for all the two million or so back with immediate effect, because if they can turn away up to five million pounds, in investment, then they could in effect, pay this money back in one lump sum.

[Santa]

This quote is taken from a Sentinel article in August 2009.

 

Mr Bratt said: "It's not costing the council or the council tax payer anything.

 

"They are not giving us anything, they have just deferred the capital payments for two years so we are only paying the interest.

 

"After that, we start repaying the capital at a higher rate so it is paid off over the same period, so no-one is missing out.

When he says "higher rate", does he just mean paying back the outstanding amount over fewer repayments?

 

Or does he mean that the loan is now subject to a higher rate of interest?

[fairportnick]

Perhaps they thought that if they forgot about it for a couple of years it might go away.

Instead its the ST holders that will be going away, some possibly never to return.