italiahorse
Well-Known Member
For crying out Dave, wake up and smell the coffee.
We are relying on luck, kids, loans and we won't start until September.
However feel free to stuff this post in my face come May.
What are you basing this on? Why do we have little chance of promotion?
There is no endgame. Drift along with no investors prepared to fund anymore. The club is virtually separate from its portfolio anyway.
It's got zero attraction to new owners. No ground probably soon no academy and a council who have never been helpful whoever has owned the club
Nothing will happen for the foreseeable future. No money is being taken out (there isn't any) it's only staying alive by sales funding the non playing side.
are you asking me why I think SISU have done a good job? In a post where I have said I'm anti SISU?ive never been and i never will and never mention them - no interest in them at all. Have a season ticket for CCFC though. I dont complain when a competitor competes though as that is the nature of business. Do you not think those uber capitalists in charge of CCFC can cope - poor things and I thought they were tough and had a long term plan other than to waste other peoples money and fuck up CCFC. Maybe not or you can explain why you think they have done such a good job.
Have you never heard of foreclosures? There are lots of houses sold in negative equity.this. Its like owning a house in negative equity, your not going to sell it at a loss, just keep it, keeping paying the mortgage and hope one day it will go up in value
We're a L1 team, that's what happens in L1. Its not like every other team has a squad of 30 experienced pros. Swindon played Connor Thomas in defence for christ sake.We are relying on luck, kids, loans and we won't start until September.
We're a L1 team, that's what happens in L1. Its not like every other team has a squad of 30 experienced pros. Swindon played Connor Thomas in defence for christ sake.
Have you never heard of foreclosures? There are lots of houses sold in negative equity.
To still be in charge of the club whilst it earns them nothing and potentially may cost them something.
PYeah, what crap business people, I sure wouldn't like them to run anything I'm involved in.
There are claims on here that the club's accounts show that SISU have not taken any money out of CCFC. That is simply not true. And before anyone asks, yes, I am an accountant (ex-KPMG) as well as being a professor in a business school.
While it is incorrect to conclude from the accounts that SISU have not taken any money out of CCFC, it is equally the case that the accounts do not show that SISU have taken money out of CCFC. In other words, it could be that SISU have taken money out, but the accounts are simply not shown at a level of granularity that would prove it to be the case (or not). In short, we simply don't know.
To clarify my point in relation to previous comments by OSB and others, the accounts show that SISU have not received any dividend (in fact such a dividend would be illegal) or interest payments from the club. However, the absence of a dividend or interest payment does not necessarily imply, in and of itself, that SISU have not taken any cash out of the business. There are many ways for an owner to take cash out of the business other than through a dividend or interest payment. Moreover, those other ways wouldn't have to show up as a separate line item in the published accounts.
For example, consider the 2014 accounts which show that the club's direct operating costs were 1.1m. According to note 4 of the accounts, the 1.1m charge covers "match expenses and the direct costs relating to commercial activities". In the same year, the club reported "administrative expenses" of 4.1m. What were these admin expenses? Certainly they are not salaries because salaries are reported as a separate line item with an amount of 5.3m.
I am not saying necessarily that any of the 4.1m in "admin expenses" represent "management charges" or other types of expenses paid to SISU. On the other hand, neither am I ruling that out as a possibility. We simply DO NOT KNOW for sure because the accounts do not provide a sufficient level of detail for us to say one way or another what these numbers actually represent.
That's not to say that the accounts are materially misstated or in violation of financial reporting standards. Rather, we do not have enough detail from the published accounts about all the club's transactions in order for us to draw any firm conclusions.
For example, it was previously alleged (*) that under the club's previous ownership (Richardson and Robinson) the club had overstated its expenses paid to former players for the services they provided in entertaining corporate clients on a match day. Because the accounts are shown at a highly aggregated level, there would have been no way for me, OSB or anyone else to ascertain that from the published accounts.
* This allegation appeared on a now defunct fans forum. I am not saying that the allegation is necessarily true; rather I am using it for illustrative purposes.
To go back to the OP, I believe that SISU are hanging around for two reasons:
1. It's not costing them anything as long as the club can pay its own way.
2. Wasps will likely encounter significant financial difficulties when the bond becomes due for repayment as they are still making huge losses.
We have so far had three "explanations" from the club as to what has happened to the Maddison money:
1. According to CA's statement at the time of JM's sale, the money will be used to build the club's infrastructure.
2. Later it was stated - mainly by Nick and others on this forum - that, according to the club, the Maddison money was being used to repay a loan that SISU had made to the club in the previous year.
3. Most recently, MV has said that, in fact, none of the Maddison money was paid to SISU.
A generous interpretation of the above is that the club's communications lack clarity and cause confusion.
A harsher interpretation is that the club's representatives have not been entirely honest with the fans.
For them to just wait around on the hope that Wasps go bust is a bit of a massive gamble. Even then, what are the chances of them getting the Ricoh?
What do they do then? Do they package it with the club and sell off? Would they have done everything to just then charge high rent to the club like people seem to think?
I don't think that is the strategy, if it was likely Wasps were going bust any time soon those bonds would be trading at under issue value.
I think if the club shows break even at the next accounts then it will be worth something.
Moving a loss making business to profit/break even is after all if what SISU do.
I guess having a break even business is a good start.
then they could splash out on some new marketing ideas to get bums on seats and make it better!
Tobe honest , That much damage has been done to the fan base , no amount of marketing will get Anti Sisu fans back ...
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