PL charge City for alleged breaches of financial rules

[tweety]

Organic and money earned apparently, how can it be classed as that when it’s all on the never never from the bank. What is interesting at the moment is four of the protagonists that put their name on a letter to hurry up and fuck us over to CAS are all in the financial shit or about to be. Liverpool posted a pre tax profit of £7 million which will be losses next year without Champions league and new players added to the balance sheet. Spurs’ losses are £50 million from their recent accounts, United owe nearly a billion with interest rates creeping up. Chelsea accrued losses of £121 million and their owners have embarked on a very risky strategy of player recruitment.

You can understand why they want to come after City, they have extended business loans and overdrafts to keep up with us. We have a second to non academy that produces players that if they don’t make it here they can be sold on for good profit elsewhere. We have a new arena opening and a new stand extension with a hotel which will put more money in the clubs coffers. We have a network of clubs across the world in the City football group which brings in revenue and raises the profile of the club further.

Instead of plotting to bring City down they should have been trying what City have done to create a successful football club. It’s too late for them now which is why they attempted the super league as one last throw of the dice. No wonder some of their current owners don’t want their clubs anymore.

Your post has given me a warm fuzzy feeling and set me up for the day. It's quite incredible what the club has achieved in the last 15 years. The so called old top 4 will never catch up, they're in deep do do.

 

[BrianW]

United's accounts are like a bloke earning 90k and spending 87k so he thinks he's 3k in front. He just happens to owe 2 million in loans, credit cards and a mortgage, and the debt is growing, not falling.

Sounds like a recipe for sustained success. Especially when he desperately needs a new kitchen and bathroom.

 

[Bluubooii]

United's accounts are like a bloke earning 90k and spending 87k so he thinks he's 3k in front. He just happens to owe 2 million in loans, credit cards and a mortgage, and the debt is growing, not falling.

Sounds like a recipe for sustained success. Especially when he desperately needs a new kitchen and bathroom.

Great analogy and spot on, let's hope the roof springs a leak soon, oh wait it already has.

 

[Stoned Rose]

United's accounts are like a bloke earning 90k and spending 87k so he thinks he's 3k in front. He just happens to owe 2 million in loans, credit cards and a mortgage, and the debt is growing, not falling.

Sounds like a recipe for sustained success. Especially when he desperately needs a new kitchen and bathroom.

You forgot to mention he pretends his gaff is in Manchester.

 

[manimanc]

You forgot to mention he pretends his gaff is in Manchester.

Love it.

 

[Eoiyflem]

1894 YEEEEEEEEEEEOOOOOOOOOOOO

 

[Blue_Lightsaber]

Sometimes an image is worth a 1000 words

 

[Prestwich_Blue]

United's accounts are like a bloke earning 90k and spending 87k so he thinks he's 3k in front. He just happens to owe 2 million in loans, credit cards and a mortgage, and the debt is growing, not falling.

Sounds like a recipe for sustained success. Especially when he desperately needs a new kitchen and bathroom.

Over the 6 months to December their gross finance costs were £22m. Their Operating Loss (before Finance Costs) was £6.2m.They can't even cover a penny of their finance costs from profits.

They claim their debt is "manageable" but adapting your example, in their case the bloke is earning £87k, spending £90k, plus he's paying about £10k interest alone on his debts. It's the end of their third quarter today. I suspect they'll be searching down the back of any couches. They didn't hold an investor call for those half-year results.

The reason is almost certainly that they'd have to report that they're fucking skint.

 

[SilverFox2]

Over the 6 months to December their gross finance costs were £22m. Their Operating Loss (before Finance Costs) was £6.2m.They can't even cover a penny of their finance costs from profits.

They claim their debt is "manageable" but adapting your example, in their case the bloke is earning £87k, spending £90k, plus he's paying about £10k interest alone on his debts. It's the end of their third quarter today. I suspect they'll be searching down the back of any couches. They didn't hold an investor call for those half-year results.

The reason is almost certainly that they'd have to report that they're fucking skint.

Great post as per normal Col..
Is being unable to service one's debt from their income sources when debt has
become the problem as distinct from being a recognized method of raising investment?

 

[Prestwich_Blue]

Great post as per normal Col..
Is being unable to service one's debt from their income sources when debt has
become the problem as distinct from being a recognized method of raising investment?

Yes, I'd say that was the case. It was the same for us after we moved to the Etihad in 2003. We borrowed long to finance short-term expenditure, then Wardle & Makin had to pump in a few million a year. We had to sell SWP to raise cash, when Wardle declined to put any more in.

That charlatan Mackintosh used to say "our debts are manageable" but we couldn't cover the interest out of our profits (we made small losses before interest) let alone the capital that we we due to start paying,

Shinawatra nearly put us into administration when we couldn't meet the second instalment on Sven's transfer dealings. It seems they're going the same way.