When CCFC was sold to SISU didn't we have 30 million pounds of debt? (1 Viewer)
- Thread starter OyJimmy
- Start date
oldskyblue58
CCFC Finance Director
Actually the last accounts 2010 showed SBS&L owed £24m to funds managed by SISU. The 2008 accounts showed £11m (year of accounts that they took over). During 2009 SISU increased the loans to SBS&L by £12.3m and a further £700k in 2010 to cover the cashflow implications of the losses since takeover
The group had net debts of £43m on take over and the deal to take over required £35m to be written off. So SISU took on £8m of that debt and funded the losses since
The group had net debts of £43m on take over and the deal to take over required £35m to be written off. So SISU took on £8m of that debt and funded the losses since
SkyBlueScottie
Well-Known Member
No it isnt, and if you dont believe me you can download the accounts for yourself.
SkyBlueScottie
Well-Known Member
Ill informed rantings / musings are the curse of many an internet site. A good guide, think too yourself before posting, "would I say this out aloud, in the company of others" if the answer is no then dont bloody post it! and also have a bloody good think about what you are gopint to post as they are representative of yourself.
It's better they ask and get answers than speculate based on false premisses.
OSB will shortly give a brief walkthrough on the most common questions about the finances.
Look for FAQ - 2 Money Talks within the next few days.
Paxman II
Well-Known Member
Perhaps it needs to be set out in 'bullet form' for all to see and understand about what is the debt, who it is owed to, who holds the debt, what options there are, where the income streams are etc etc so once and for all speculation on this board does not get carried away so widely with "admin" continuously and more understanding to why SISU are operating like they do and also why bids like Hoffman's had little substance.
Now anyone with more patience than me like to try that please?
Now anyone with more patience than me like to try that please?
Nonleagueherewecome
Well-Known Member
Now that is patronising! Hope you guys don't get too much vertigo looking down from that perch. Just because some of us don't agree with your reading of events doesn't entitle you to assume you are correct in such a mocking, condescending manner. No wonder people get accused of being board members with that tone!
Keep OSB out of the 'you guys' - he is nowhere near mocking anyone or being condensending. In fact he is very balanced in his oppinions.
Me you can call whatever you like - I write my oppinion without weighing my words.
singers_pore
Well-Known Member
So we wrote off 35m when SISU took over and we now owe a further 24m (according to the 2010 accounts) plus Xm for the 16 month period since that fiscal year end date.
By my calculations then, the club has burned around 63 million pounds over the last decade.
And we are currently winless and in the relegation zone.
Doesn't look good does it?:facepalm:
By my calculations then, the club has burned around 63 million pounds over the last decade.
And we are currently winless and in the relegation zone.
Doesn't look good does it?:facepalm:
So we wrote off 35m when SISU took over and we now owe a further 24m (according to the 2010 accounts) plus Xm for the 16 month period since that fiscal year end date.
By my calculations then, the club has burned around 63 million pounds over the last decade.
And we are currently winless and in the relegation zone.
Doesn't look good does it?:facepalm:
Yes but bearing in mind our Premier league debts were written off by SISU, how on earth are we still accumulating debt at a similar rate?
Poor management? Or clever accounting that has meant the debt wasn't really written off but hidden for a few years? I really think it's niave to think our spending is so astronomical at this level that we are accumalating this debt by ourselves, even after we sell assets like Prozone.
The maths doesn't add up.
skybluesam66
Well-Known Member
Lets put it this way
from 2001 to 2008 our debts increased by about £2m per year
Good old sisu claimed that in 2 years 2008 -2010 , that they had accumulated £24m of debt.
Now the 7 years was after the initial player sales (we only really sold sheff and davenport but bought players like ward kyle and Mckenzie )
Sisu in effect have broke even and claim that overheads are stripped right down
Lies, damn lies and creative accounting come to mind
from 2001 to 2008 our debts increased by about £2m per year
Good old sisu claimed that in 2 years 2008 -2010 , that they had accumulated £24m of debt.
Now the 7 years was after the initial player sales (we only really sold sheff and davenport but bought players like ward kyle and Mckenzie )
Sisu in effect have broke even and claim that overheads are stripped right down
Lies, damn lies and creative accounting come to mind
Disorganised1
New Member
I won't stand for people decrying ill-informed rants, they are the mainstay of any site. :slap:
That's it I'm leaving !
Senior Vick from Alicante
Well-Known Member
The majority of the monthly losses will be either repayments to sisu for the loan they gave the club or to fund the endebtedness, who ever holds the loan. The club cannot be loosing money to the tune of half a mill a month on wages as the squad is not big enough.
You should read OSB's analysis - top thread Money Talks. Should you still think the losses are bogus, then write a comment in that thread.