So the re mortgage of the training ground and sales of wilson, madderson and all the others without any of the money being put back into transfers but falling under the umberella of day to day cost of running a football club is ok. Owners of businesses and football clubs invest in their businesses to improve not to say we arnt putting any money in and you must fund yourselves. Some on here seem satified that we are now a tin pot league one club now and the only reason we had a top 6-8 budget last season is not from sisu putting their hand in their pockets but because we had top 6 attendencies.
I hope that those of you that are happy to now see a once top club languishing in a crap league because we have owners who couldnt give a toss about getting us out of here eat your words when tm leaves we have no team worth anything and we are either religated or worse
Whilst no one could accuse me of being in any way shape or form supportive of SISU I think you fail to understand the dire financial situation
- the Ryton training ground has been charged to secure borrowings (not mortgaged) for many years. It is apparently valued at Currently at £350k - it is charged to ARVO who have provided CCFC with loans of £7.7m (just as an aside it seems a private investor does lend more than asset worth)
- We had no real assets before SISU got here. Major fixed asset was Ryton and we still have that. Had we gone bust the players could have walked away
- Pretty pointless to "put back into transfers" if you cant afford to pay the players when they arrive.
- Expensive players even relative to L1 require expensive salaries and other add ons - how does that stack up with a reasonably fixed income without creating even more losses and debt. It is not a given that expensive players guarantee success and more income (see Portsmouth)
- 2015 the CCFC group of companies made £3m losses that has to be financed or interest etc deferred.
- The accounts show that the "investors" reduced the loans by approx. £1m in 2012, have deferred taking the interest, converted some interest and loans to frankly worthless preference shares and took back approx. £300k against the emergency loan according to 2015 accounts
- Any extra money "invested" by the owners is put in as a loan and therefore increases the debt CCFC owe - to 31-05-2015 CCFC owed £41.5m more than they had in assets. £36m of that was owed to SISU investors and ARVO. The vast majority of that was unsecured because there are no assets to secure on. Interest owed on those loans an accumulated £3m
- To keep just pouring money in leads to one situation - because sooner or later it all falls down
- they have no option but to fund themselves, to be self sufficient - they haven't done it yet because last year SISU had to provide an emergency fund due to getting their sums wrong.
- Just because it is a football club doesn't mean that financial rules do not apply. Would anyone here invest in a multi million pound loss making business with no assets, no base, - no I thought not
- NO ONE is happy CCFC are L1 with a potential to go lower
- SISU have invested other peoples money, been a disaster and lost those investors 10's of millions - will be very hard to persuade them to reinvest
- every club sells players and particularly in the lower divisions. Every lower division club is looking to do it as cheap as they can. Some take a punt at glory yes, most fail and the financial future of that club deteriorates, some like Bolton, Blackpool and even CCFC go right to the brink of oblivion, others fall off the cliff.
- We took a punt going for glory spending like others money we have not got and ended up with the disaster that has been SISU
- Fans can not expect owners just to keep putting money in the world has moved on in the lower leagues. How long has a "wealthy" club like Sheffield United been in L1 how long did Charlton take (a) to get out (b) return to L1.
- the only way to have kept the club going is player sales - that's not unusual in L1 or L2 or even higher
- The only way forward for CCFC is to live within its means, to sell players, there is no choice and no owner funds or white knight available
- pretty sure SISU would like a better return from their investment which looks to have been lost
Do I like being in L1 no certainly not, definitely not happy about it - however the solution without making the CCFC finances worse is what exactly? WE are lucky to still be going , not because of SISU but in spite of SISU
We are still a financial basket case one step from the brink - and we are on our own