It didn't include the revenues the club needs to buy them back, but not including the revenues doesn't change anything, there was MASSIVLY!!!!!!! more revenue staying where they were with no food and beverage revenue than moving to northampton. Why are we discussing this? This is stuff from 9 months ago the decision to move was stupid and made no financial sense and that was the case even at 1.2mill rent with no revenue and there are NO logical arguements for it.
Only the first of the 2 desperation offers required dropping the JR the one that involved signing the cva. The offer to play for costs this season and next didn't come with that restriction as the cva had already been rejected. But it should never of gotten to any of that. They should have at the latest paid the rent and agreed the 400k (yes without revenue) before admin happened.
However what would Sisu do in that situation? Knowing our luck they would simply cut out budget.
To be honest, none of know the full facts, and like you said we would be better off staying put and handing ACL £1.2m in rent £250k+ in matchday costs, and letting them benefit from £1m+ in F&Bs and other matchday revenue than being at Northampton.
We would've all been so happy and content.
compared to now, not just happy and content but fucking delirious, we'd be excitingly looking forward to playoffs at the end of the season. Complaining about the fans coming out of the woodwork for the big games, not arguing over finance and wondering weather its this season or next season we get relegated to league 2 and will be even be competitive when we get there.
But obviously not having revenues from food and beverage and renting our ground are issues and the solutions of course are to buy them back. The solutions arn't to do something an order of magnetude worse than not having the revenues.
You're right a lot of people bills are too high, that's why we move house, remortgage, change energy suppliers, change mobile contracts, move insurers, shop in different super markets on a regular basis.
So if Tesco on the Arena Park sell a pint of milk for 50p but at the Northampton Lidl it was 30p would you spend a fiver on petrol and an hour and a half of your time to get there as it was a better offer?
FFS. That wasn't what I was getting at and you know it.
We can't even win that to be fair. Portsmouth are head and shoulders above us in those stakes.Reasoning and sense don't seem to cover our situation. If it did we wouldn't be the laughing stock of English football.
We can't even win that to be fair. Portsmouth are head and shoulders above us in those stakes.
The £400k still didn't solve the longer term issue of accessing revenues, the offer was cross invoicing for FFP, the club at that point had also asked for a break clause IIRC which ACL had rejected, so whilst the rent level was ok, the fine print wasn't acceptable. They should have took one if the desperation offers as an interim, but that included having to withdraw the JR, and after ACL tried to force a regime change by backing Haskell, then rejecting the CVA to give the clubs 10 point penalty.
Whether the JR will actually achieve anything or not, etc, etc, etc
But people know what went wrong there. It was utter greed and stupidity.
We debate all the crap every day and still find half of what has happened missing.......other than the greed and stupidity.
We can't even win that to be fair. Portsmouth are head and shoulders above us in those stakes.
You can't just be given the other revenues, you have to buy them.
Significant investment was put into providing the facilities and no offer was forthcoming. They just saw it as there right to have it.
They could have made an offer for catering contract but never even considered it apparently.
Reasoning and sense don't seem to cover our situation. If it did we wouldn't be the laughing stock of English football.
From what I've heard,, Portsmouth are in further financial trouble and this is even with majority fan ownership!
But now the contract has gone to compass, the F&Bs are almost worthless. So therein lies the problem.
Without revenues, we will continue to struggle,but because ACL did the deal with compass they're not worth buying.
I think the Compass deal is a red herring. Many other clubs have similar deals, including Northampton, it's not something weird and wonderful ACL have done and they have done it as they feel it is the deal that gives the best return. You're just getting the profit from the joint venture company rather than from selling the pies yourself, the Compass deal doesn't mean there is no longer any money. Either way the amount you're going to make through F&B isn't worth all this hassle and clearly isn't the cause of the issues.
Maybe time to get the Pompey thread back up and running!!! There's a lot of talk round here that they are just working day to day and have big problems round the corner. Part of the ground is closed of as it's unsafe, they had to borrow half a million to even get the ground through health and safety this year. Most suspect they can just about get through next season but if they don't get promotion they will be back in admin. Their business plan called for huge growth year on year (in some areas over 100%) and around now they should have been about to be promoted to the championship where in reality they are still in danger of dropping out of the league.
People are also working out that their shares aren't really shares more of a donation. They have no value and can't be sold. That's not gone down well and some are saying they've basically been conned and it was far from clear as they were always referred to as shares.
I think the Compass deal is a red herring. Many other clubs have similar deals, including Northampton, it's not something weird and wonderful ACL have done and they have done it as they feel it is the deal that gives the best return. You're just getting the profit from the joint venture company rather than from selling the pies yourself, the Compass deal doesn't mean there is no longer any money. Either way the amount you're going to make through F&B isn't worth all this hassle and clearly isn't the cause of the issues.
It's not really a red herring though is it? The model sees them make a measly 11-12% profit on F&B's, where as Charlton were making 40%, and if you have a little google restaurants, pubs etc look to make around 60-65% profit.
Then ACL offered to sell is something's worth c£100k for £24m!
I thought Fisher wanted to give AEG a similar deal.
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