JeanieD Posted January 16, 2014 Report Share Posted January 16, 2014 Oh yeah, right enough. Apologies. No need to apologise - perhaps natural thread drift when talking about bankruptcy, or indeed bankruptcies, double bankruptcies etc. Quote Link to comment Share on other sites More sharing options...
Blackpool Jags Posted January 16, 2014 Report Share Posted January 16, 2014 I suppose billko just wants to be our teddy bear. Alas, the indications are that his beloved mob are heading for Heartbreak Hotel. That said, it's unlikely they'll be found Crying In The Chapel. All football fans must feel their pain, even those with a Wooden Heart. Quote Link to comment Share on other sites More sharing options...
yoda-jag Posted January 16, 2014 Report Share Posted January 16, 2014 we should just have this thread renamed as the who's next to suffer a admin or liquidation event thread. on subject of clubs spending well beyond their means, looks like our old friends morton may also be heading to financial armageddon land too. while not on the scale of dunfermline, dundee, hearts, livi, rangers (deceased) or sevco (soon to be deceased), alls not well down inverclyde way. their yearly accounts are to 31st may, and have just published their latest financial results. for 2011/12 season (accounts up to 31st may 2012) they reported a loss of £215k. for last season they have just revealed they lost a further £320k that now means their overall debt has risen to £1.84m, all of it owed to golden casket. this season, they have sacked a management team, spunked money on failures like novo, and are now spunking even more cash on o'connor and another half dozen new signings, which will only lead to an even expenditure and resultant greater loss for this season. all the while on crowds little over 1500 a game. if morton fail to stay up this season, not only will their debts rack up even more in the red, and well past the £2m mark (thats a stick on certainty whether they stay up or go down), their income will drop dramatically next season if they find themselves in the seaside league. they are fast reaching the point (if not already passed it) of no return where reducing and working off a debt of that amount will become impossible without admin or worse (after all who is going to come in and give dougie rae over £2m just to pay off the debts, let alone whats required to invest in the club or improve the 19th century facilities (though the dublin end is one saving grace of that excuse for a stadium) now while the debt is all owed to their sweetie chairmans company, at no point has their owner actually said he will write it off, so there must and will come a point where he will either want rid of the club (and his money back), or he pops off this mortal coil, and theres no assurance his son will be so blind financially with the ever deepening blackhole that is morton fc. Quote Link to comment Share on other sites More sharing options...
paralytic thistle Posted January 16, 2014 Report Share Posted January 16, 2014 Alas, the indications are that his beloved mob are heading for Heartbreak Hotel. That said, it's unlikely they'll be found Crying In The Chapel. All football fans must feel their pain, even those with a Wooden Heart. don't be cruel Quote Link to comment Share on other sites More sharing options...
The Sunnylaw Jag Posted January 16, 2014 Report Share Posted January 16, 2014 Yeah, kicking a team when they're 'Way Down' Quote Link to comment Share on other sites More sharing options...
Jaggernaut Posted January 17, 2014 Report Share Posted January 17, 2014 even if the paycut was accepted, how many months before it would be implemented? even if paycut was implemented, what real difference would it make to the new club surviving? with a reported £1m/month loss being hemorrhaged, on a yearly wage bill reported to be £6-8m, at most it will save £1m a year, which is less than £100k/month. fact of matter is theres only one outcome going to happen, and it won't be winning any top league titles, but that of a short-lived lower league history. ding dong rangers are dead ding dong the sevco will soon be dead. If this is Armageddon, then bring it on!! Quote Link to comment Share on other sites More sharing options...
Paulo Posted January 17, 2014 Report Share Posted January 17, 2014 (edited) Yeah, kicking a team when they're 'Way Down' But maybe someone with a Burnin Love for the place will come in, relocate the club, and buy up the land at a handsome price. Though I'm not sure anyone would pay over the odds for property In The Ghetto. Edited January 17, 2014 by Paulo Quote Link to comment Share on other sites More sharing options...
Third Lanark Posted January 17, 2014 Report Share Posted January 17, 2014 we should just have this thread renamed as the who's next to suffer a admin or liquidation event thread. on subject of clubs spending well beyond their means, looks like our old friends morton may also be heading to financial armageddon land too. while not on the scale of dunfermline, dundee, hearts, livi, rangers (deceased) or sevco (soon to be deceased), alls not well down inverclyde way. their yearly accounts are to 31st may, and have just published their latest financial results. for 2011/12 season (accounts up to 31st may 2012) they reported a loss of £215k. for last season they have just revealed they lost a further £320k that now means their overall debt has risen to £1.84m, all of it owed to golden casket. this season, they have sacked a management team, spunked money on failures like novo, and are now spunking even more cash on o'connor and another half dozen new signings, which will only lead to an even expenditure and resultant greater loss for this season. all the while on crowds little over 1500 a game. if morton fail to stay up this season, not only will their debts rack up even more in the red, and well past the £2m mark (thats a stick on certainty whether they stay up or go down), their income will drop dramatically next season if they find themselves in the seaside league. they are fast reaching the point (if not already passed it) of no return where reducing and working off a debt of that amount will become impossible without admin or worse (after all who is going to come in and give dougie rae over £2m just to pay off the debts, let alone whats required to invest in the club or improve the 19th century facilities (though the dublin end is one saving grace of that excuse for a stadium) now while the debt is all owed to their sweetie chairmans company, at no point has their owner actually said he will write it off, so there must and will come a point where he will either want rid of the club (and his money back), or he pops off this mortal coil, and theres no assurance his son will be so blind financially with the ever deepening blackhole that is morton fc. I was surprised to hear that the Easdale's Company McGills paid for some morton players last year and apparently paid the wages for Novo and O' Connor this season. If Sevco and Morton are in the same divison next season I wonder if this would be a conflict of interests Quote Link to comment Share on other sites More sharing options...
Mr Bunny Posted January 17, 2014 Report Share Posted January 17, 2014 I was surprised to hear that the Easdale's Company McGills paid for some morton players last year and apparently paid the wages for Novo and O' Connor this season. If Sevco and Morton are in the same divison next season I wonder if this would be a conflict of interests Maybe they know something? Quote Link to comment Share on other sites More sharing options...
GrantB Posted January 17, 2014 Report Share Posted January 17, 2014 I was surprised to hear that the Easdale's Company McGills paid for some morton players last year and apparently paid the wages for Novo and O' Connor this season. If Sevco and Morton are in the same divison next season I wonder if this would be a conflict of interests They paid for Colin McMenamin last season Quote Link to comment Share on other sites More sharing options...
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