Lenziejag Posted July 4, 2013 Report Share Posted July 4, 2013 Lets just wait and see. Quote Link to comment Share on other sites More sharing options...
the saint Posted July 4, 2013 Report Share Posted July 4, 2013 Am i the only one that thinks the statement re segregation on the official site is actually a pretty clear and well worded statement which paints the picture and depicts the position the club found themselves in due to a number of important factors outwith their control. 4 Quote Link to comment Share on other sites More sharing options...
twinny Posted July 5, 2013 Report Share Posted July 5, 2013 I would be interested to know if any other clubs have ignored police advice on such matters. Should the police suggest we place Celtic fans in one place to reduce mixing outside the ground and we ignore that (as it is a little bit silly, fans will mix anyway), that makes the club responsible for liable if something does go wrong, and for that reason I understand the club's decision, even if I don't like it. Quote Link to comment Share on other sites More sharing options...
Jaggernaut Posted July 5, 2013 Report Share Posted July 5, 2013 Does anybody know what will be happening with the Aitken Suite in the season ahead -- will it be open for drinks before/after the match? Will supporters of other clubs again be welcome? What will happen when you-know-who are the opponents? What if somebody sets off a flare inside ?? Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted July 5, 2013 Report Share Posted July 5, 2013 What if somebody sets off a flare inside ?? Attention seeking won't work. Still have to queue for a drink like everyone else. Quote Link to comment Share on other sites More sharing options...
potty trained Posted July 8, 2013 Report Share Posted July 8, 2013 IIRC debt was just over £1.2 mill at time of propco. If propco had bought Firhill 100% the deal would have virtually wiped out debt. When revised to 50% it almost halved it. Found these notes taken from the september 2011 meet the board. Long Term Debt Owed £1.4m in 2009 but this has now reduced to £600k in 2011. This is a decrease of £800k and the club are now meeting all obligations on long term loans and also has no VAT implications. Hoping to pay off another couple of hundred thousand of bank debt by 2015. The club would be liable for an exit fee if debts are paid off early. The club have a £417k overdraft with the bank which is to help with the day to day running of the club. At the moment we can break even with an attendance of 2,500. Losses 2009 - 100K in the Red 2010 - 200K in the Red 2011 - 46K in the black For the first time in a long number of years we are not losing money. Focus is on tight cash control and procedures to ensure every penny is accounted for on a weekly basis -Two Accountants Moira and David are focussed 100% on ensuring we run a tight financial ship. Quote Link to comment Share on other sites More sharing options...
ian_mac Posted July 8, 2013 Report Share Posted July 8, 2013 Found these notes taken from the september 2011 meet the board. Long Term Debt Owed £1.4m in 2009 but this has now reduced to £600k in 2011. This is a decrease of £800k and the club are now meeting all obligations on long term loans and also has no VAT implications. Hoping to pay off another couple of hundred thousand of bank debt by 2015. The club would be liable for an exit fee if debts are paid off early. The club have a £417k overdraft with the bank which is to help with the day to day running of the club. At the moment we can break even with an attendance of 2,500. Losses 2009 - 100K in the Red 2010 - 200K in the Red 2011 - 46K in the black For the first time in a long number of years we are not losing money. Focus is on tight cash control and procedures to ensure every penny is accounted for on a weekly basis -Two Accountants Moira and David are focussed 100% on ensuring we run a tight financial ship. Sounds like we owe a hell of a lot to those accountants. Can someone confirm if they are still at the club? Would seem like they are both real assets who have probably had a big influence on the long term sustainability of the club. Quote Link to comment Share on other sites More sharing options...
Norgethistle Posted July 8, 2013 Report Share Posted July 8, 2013 Found these notes taken from the september 2011 meet the board. Long Term Debt Owed £1.4m in 2009 but this has now reduced to £600k in 2011. This is a decrease of £800k and the club are now meeting all obligations on long term loans and also has no VAT implications. Hoping to pay off another couple of hundred thousand of bank debt by 2015. The club would be liable for an exit fee if debts are paid off early. The club have a £417k overdraft with the bank which is to help with the day to day running of the club. At the moment we can break even with an attendance of 2,500. Losses 2009 - 100K in the Red 2010 - 200K in the Red 2011 - 46K in the black For the first time in a long number of years we are not losing money. Focus is on tight cash control and procedures to ensure every penny is accounted for on a weekly basis -Two Accountants Moira and David are focussed 100% on ensuring we run a tight financial ship. So £1.4M in debt 2009, we then lost 100K (2009) & 200K (2010) = £1.7M in Debt, but we state we are only now in Debt to £600K so thats a £1.1M swing (Even removing the 500K for Propco thats us dropped the debt by another 500K) Or Taking into account our 417K overdraft + the 600K bank loan = £1.17M in debt add to that the money we got from Propco (500K) and we are at £1.67M we have reduced the debt by 30K by my reckoning not allowing for Propco and seem to have moved some off it from a loan to an overdraft............. or am I reading this wrong 1 Quote Link to comment Share on other sites More sharing options...
LawleffErskeneDoohlan_Inc Posted July 9, 2013 Report Share Posted July 9, 2013 ........ or am I reading this wrong You are. Pottytrained posted somewhere a couple of weeks ago about the figures, quoting some old articles and other infi, after I posted a semi accurate analysis of our debts pre and post propco. To summarise: Pre propco, we were £1.6 mill in debt. Propco provided a £1 mill cash injection. Of that £800k went to half rhe debt to 800K. Where the other 200k went, was unspecified, and it seems no onecan say what it went to or was spent on (the general acceptance or assumption was it went towards costs for that season or budget). (the cynic in me says the propco boys or board took their 20% cut and gave themselves a big pat on the back and a mega jolly, for a job well done in halving the debt in one day..............,....,......i am joking of course....i think) Quote Link to comment Share on other sites More sharing options...
Norgethistle Posted July 9, 2013 Report Share Posted July 9, 2013 You are. Pottytrained posted somewhere a couple of weeks ago about the figures, quoting some old articles and other infi, after I posted a semi accurate analysis of our debts pre and post propco. To summarise: Pre propco, we were £1.6 mill in debt. Propco provided a £1 mill cash injection. Of that £800k went to half rhe debt to 800K. Where the other 200k went, was unspecified, and it seems no onecan say what it went to or was spent on (the general acceptance or assumption was it went towards costs for that season or budget). (the cynic in me says the propco boys or board took their 20% cut and gave themselves a big pat on the back and a mega jolly, for a job well done in halving the debt in one day..............,....,......i am joking of course....i think) So from £1.6 M in debt we paid £800K off leaving us £800K in debt after Plopco We are now £600K in debt with a £417K overdraft on top leaving us £1,02M in debt now Maybe I'm putting 2 + 2 together and getting 5 but although our "Loan" debt has dropped since Plopco our overall debt "Overdraft + Loan" is actually up, and what about these "Soft Loans" we heard about last year to Europa are they still needing paid Quote Link to comment Share on other sites More sharing options...
jags365 Posted July 9, 2013 Report Share Posted July 9, 2013 So from £1.6 M in debt we paid £800K off leaving us £800K in debt after Plopco We are now £600K in debt with a £417K overdraft on top leaving us £1,02M in debt now Maybe I'm putting 2 + 2 together and getting 5 but although our "Loan" debt has dropped since Plopco our overall debt "Overdraft + Loan" is actually up, and what about these "Soft Loans" we heard about last year to Europa are they still needing paid I believe the 'missing' 200k from the previous post was used to pay Europa. (Actual figure about 135k IIRC) Quote Link to comment Share on other sites More sharing options...
Norgethistle Posted July 9, 2013 Report Share Posted July 9, 2013 I believe the 'missing' 200k from the previous post was used to pay Europa. (Actual figure about 135k IIRC) Glad of the clarification so £1.02 Million in debt then Quote Link to comment Share on other sites More sharing options...
Mediocre Pundit Posted July 9, 2013 Report Share Posted July 9, 2013 For what reason are people thinking an overdraft, which is a debt instrument, is not part of our outstanding debt and instead needs to be added on top. I read it that we have £600k debt, and if £417k is on overdraft then £183k remains on a term loan. I assume its the loan that has an early repayment penalty (which isn't unusual in commercial banking and is build into the banks risk based pricing model for acceptable return on assets) but I'd hope once this is paid off the club can look at the most cost effective way for managing, and reducing, the outstanding debt. Quote Link to comment Share on other sites More sharing options...
Norgethistle Posted July 9, 2013 Report Share Posted July 9, 2013 For what reason are people thinking an overdraft, which is a debt instrument, is not part of our outstanding debt and instead needs to be added on top. I read it that we have £600k debt, and if £417k is on overdraft then £183k remains on a term loan. I assume its the loan that has an early repayment penalty (which isn't unusual in commercial banking and is build into the banks risk based pricing model for acceptable return on assets) but I'd hope once this is paid off the club can look at the most cost effective way for managing, and reducing, the outstanding debt. If this is true then thats great, I just read it from the OP as being 2 different debts Quote Link to comment Share on other sites More sharing options...
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