Matt
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Posts posted by Matt
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Please God, not Diouf. Woman beating shit of a man.
Not sure I'd be able to go watch us if he was playing.
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Threads like these mark this forum as superior imo.
A bit of a tangent, and I apologise for it, but does the debt lying with one man make the club a more attractive purchase than, say, Arsenal's situation with many shareholders?
If he's a willing seller, it's much more straightforward. However at least with a plc you can make a rational investment case and win over shareholders, here you are purely down to one man's whim.
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The questions still remain, why do we owe this money and why is he paying it off? If i borrow money to buy a business then use profits to reduce my debts, then i didnt pay for it out my own pocket. If i lend myself money and then pay this back out of the business, then i didnt pay for it out my own pocket.
In this case i bought the club out of the future income of the club and used a bridging loan to facilitate it. Its not an LBO but the principle is the same and should be, if true, recognised as such by the financial and football community.
We don't owe the money, really. It's like taking a tenner out of one pocket and putting it in another. NUFC, SJHL etc, it's all 100% Ashley. There is no evidence to suggest he borrowed money to buy the club and his personal cicumstances at the time of purchase make this highly unlikely. Also important to note that NUFC owes the cash, NUFC has not lent the cash up to shareholders.
Why is he paying it off? Probably because he feels he has a better use than leaving it knocking around in NUFC and rather than declare a taxable dividend, he can just partly repay the shareholder loan.
Your underlying point is 'Are the fans paying Ashley the cash back' and the answer is quite clearly yes. He realised he has screwed up but after realising he wouldn't get his money back decided the best thing would be for the fans and TV stations to extricate him from his woeful return on investment.
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Lots of debate in this thread, but in reality the 'debt' is simply a useful way of putting money into the business.
The ultimate beneficial owner of NUFC, SJHL, MASH Holdings is Mike Ashley. When he purchased the club he will have set up a bid vehicle (SJHL) which purchased the shares on NUFC. The funds to purchase were loaned to SJHL from Ashley (later restructured to be via MASH) and subsequently Ashley was required to inject further cash to repay maturing debt and also significant working capital to keep the club able to pay the wage bill.
The confusion arises because all of the cash involves was placed by way of shareholder loan. This has a number of advantages, if the club were to make a profit, Ashley could choose not to waive the interest as in the past, this would reduce pre-tax profit and hence improve the overall return. Tax deductibility varies on the type of structure and juristiction, but essentially gives a benefit not enjoyed by cash. In some cases of insolvency, the loans will also rank alongside other creditors (though any type of bank / institutional debt will always rank ahead of the shareholder loan)- equity always comes out last.
All the risks and rewards of these loans rest with the same man who owns the club, therefore for practical purposes should be considered as equity- you can simply remove them from the debt total. If you do that, you will see that in fact external debt has fallen as Ashley has replaced this with his own funds.
I cannot see the funds coming from anyone other than Ashley for two reasons- firstly he had just cashed in on the Sports Direct flotation and had some £800m floating around so why pay to borrow, secondly that the LBO structure would not allow non-payment of interest and let Ashley maintain control.
There are some similarities to an LBO, Ashley is trying to turn the club into something which generates a stable cash flow (because stability can be sold) by keeping wages down, generating net transfer income and maintaining a place in the PL (17th or above is fine each year).
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Been out for the night so wasn't aware we hadn't done any business until now. What a depressingly predictable disgrace. I feel sorry for all you poor fuckers that renewed.
Aye, won't make that mistake again!
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The spell over Christmas and New Year could be particularly horrendous.
This is what happens when Leon Best actually controls a ball with his first touch for once.
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Clearly we sold enough STs this time around not to bother.
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£7m on Flo. Forgot about that.
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Birminham after Ranger now Jerome is off.
We'll snap their hands off.
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I wonder if the club will use this as a way of getting down a fee for Cissokho, while quietly peddling Simpson to QPR?
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I've been on the back row of the SE corner for 6 years now and yesterday was my worst matchday experience. In the past standing on the back row was fine and generally people in front were sat down for most of the game- no-one was bothered by it but now it seems loads of people have been moved in and they want to stand up for long periods in the rows further down. Then you have an army of stewards writing down where people are standing but not actually doing anything about it- retards haven't even figured out that people moved rows to stand and just crammed themselves into spaces which weren't there.
It's got nothing to do with NUFC, they are required by law to enforce that people sit, so if you want to change it then call your MP. I think there should be standing allowed at games in specially designed areas- but that's not the case now so people have to live with it. There was an old bloke who could see fuck all on Sunday and told the steward who did nothing but sit there watching the game.
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Christ lads get it on the deck.
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#meandjoseandjonasnext
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That NS article is utter bollocks- effectively any wrong-doing in the riots can be explained away by horrors committed by the rich. In a typical ultra-left reaction (note the sarcastic use of the word 'entrepreneurs'). And its attempts to criticise those who chose to stand by their communities as unintentionaly complicit in some kind of oppression only serves to underestimate the genuine feeling of people in London to these events.
And just serves a nice reminder why Darcus Howe is a cunt. He doesn't like black people being written off, but he was more than happy to it to plenty of white-majority towns (including Newcastle) in his miserable 'White Tribe' series.
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It's no wonder he got caught with other people's wives- lying just comes naturally to him.
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People tipped us to go down in the season we won the Championhsip. Because we're seen as bigger profile and our woes have been well-published, no-one has paid any attention to the fact that QPR and Norwich have barely made a decent signing between them.
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What about actual cannon?
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Well, so far so quiet, our local minicab office got a pounding, Evans Cycles and Dominos are boarded up but otherwise it looks like the police did a decent job of keeping this contained.
Lots of local shops taking preventative measures- a real shame as most of the shops round here are small businesses in a nice area, where people act with a degree of respect for each other. These scumbags want to drag us all down to their level.
Going home on the tube was bizarre, everyone looked well on edge.
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Going to attempt to sleep now, police have bottled people up further down Camden, hopefully they'll eventually get bored and fuck off home. What would be even better is a biblical downpour.
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Supposed to be in Camden this weekend as well. Looks like it'll still be raging on. Some horrible scenes going on; my mate's got family down there and thankfully, they're alright.
I'm on holiday next week and I'm not sure if that's a good thing or not.
Personally I think it's been so intense tonight that tomorrow will be on absolute lockdown.
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Right, Bravo Two Zero here at Chalk Farm, looting over, bricks being thrown at motorists.
I fear only armed support will stop this. Will people have to die before someone actually takes action?
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From a local blog that's very canny but obsessed with train schedules, house prices and mung beans:UPDATE 22:32: BBC News just described Lewisham as being "relatively close to central London." Every cloud.
Deptford High Street is apparently taking a kicking right now with no police in sight, so I wouldn't be surprised to see the Tesco Express out here getting done in before the night is over. Is it wrong that I'm quietly glad I ordered a load of stuff online the other day? #middleclasswoes
I am sufficiently stocked with Copella Apple Juice. It takes more than a few riots to stop Ocado.
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Pretty worrying stuff. Seems to be spreading all over the place, scum think they have a free licence to do whatever they want.
Can see some emergency legislation being passed tomorrow.
The Asset stripper
in Newcastle Forum
Posted
A few more cow pies and it'll be down to his knees, I reckon.