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King Power Writes Off Entire Club Debt

By FoxesWalk, in Leicester City Forum

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Babylon

Babylon

Posted
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Posted
1 minute ago, st albans fox said:

So he may have missed 2 out of our last seven home games, even though his trip to see a game is 12 hours !

I can't be arsed and I'm 10 minutes away lol

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moore_94

moore_94

Posted
Posted
Just now, st albans fox said:

He has missed three I think

man u

man c

fulham 

 

Ignoring cup games 

Been more home games than me and I have a season ticket and no 12 hour travel time lol

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st albans fox

st albans fox

Posted
Posted
Just now, AKCJ said:

Nah, I see him at most home games.

Exactly 

he generally isn’t at evening midweek games although he stayed in the country for the leeds game (a few days after palace) which was a surprise 

 

 

turlo

turlo

Posted
Posted
15 minutes ago, Fox92 said:

As always, I'm not an expert on this sort of stuff but this doesn't mean we are debt free though does it? Because of loans from elsewhere?

 

Isn't this just wiping off debt that we (the club) owed to King Power?

Just the debt owed to King Power. Last years accounts showed we owed 180m to KP, and 69mill to Macqurie bank, which was due to be paid within the year when the EPL TV money was paid out. However, these accounts are a year out of date and would've taken out a new loan with Macqurie since then

 

image.png.9950486c9cabf5e47be82b2aca9a2d39.png

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cityfanlee23

cityfanlee23

Posted
Posted (edited)
29 minutes ago, Sol thewall Bamba said:

He's wiped off the debt owed to his business. We still owe the money to the bank which was secured against future earnings. 

True, any idea what the total debt owed to banks is? according to SSN it's tiny compared to this 194m. 

Edit - Post above from Turlo posted at the same time as me answers this. 

Edited by cityfanlee23
Ginger_Filbert

Ginger_Filbert

Posted
Posted
1 minute ago, turlo said:

Just the debt owed to King Power. Last years accounts showed we owed 180m to KP, and 69mill to Macqurie bank, which was due to be paid within the year when the EPL TV money was paid out. However, these accounts are a year out of date and would've taken out a new loan with Macqurie since then

 

image.png.9950486c9cabf5e47be82b2aca9a2d39.png

I think we will always have ‘debt’ to Macquarie because we basically use it to get money at the start of the season that we’re due to receive at the end. 
 

Whilst it is debt in the true sense of the word it’s paid off every year. 

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Ginger_Filbert

Ginger_Filbert

Posted
Posted
2 minutes ago, Lesta2014 said:

If wonder if the timing is in preparation for the amount of ins/outs we anticipate this summer giving us more wiggle room? 

Should free up approx £14m per year in interest payments. 

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StriderHiryu

StriderHiryu

Posted
Posted
1 minute ago, Lesta2014 said:

If wonder if the timing is in preparation for the amount of ins/outs we anticipate this summer giving us more wiggle room? 

100% it's this. A lot of us criticised the club over the summer, but if you look at the accounts and the way things are structured it's looking more and more clear that it's this summer that we will be in a position to strengthen and it seems like the plan was to wait until that point in time. Still a massive risk because we could go down, but it means we could be a bit more aggressive than usual, such as in the first summer Brendan was here in the market. 

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turlo

turlo

Posted
Posted
5 minutes ago, Ginger_Filbert said:

I think we will always have ‘debt’ to Macquarie because we basically use it to get money at the start of the season that we’re due to receive at the end. 
 

Whilst it is debt in the true sense of the word it’s paid off every year. 

Yep it's short term debt, which is possible why the article by Deloitte referred to us a debt free club as we had no long term debt

StanSP

StanSP

Posted
Posted
5 minutes ago, StriderHiryu said:

100% it's this. A lot of us criticised the club over the summer, but if you look at the accounts and the way things are structured it's looking more and more clear that it's this summer that we will be in a position to strengthen and it seems like the plan was to wait until that point in time. Still a massive risk because we could go down, but it means we could be a bit more aggressive than usual, such as in the first summer Brendan was here in the market. 

And it makes sense even more when you think about who's out of contract and who needs naturally moving on. Not to mention further income from the Maddison sale. 

 

This summer could be huge in terms of transfers. Not just in volume of players going out/coming in, but in terms of personnel. I'm glad we've got Glover in to identify the right targets. The signings of Kristiansen and Souttar make me think we're on the way to getting it right more than wrong again.

 

We know Soyuncu is out this summer. Amartey, Mendy, Tielemans and Evans all have contracts ending this summer. Not sure how much that takes off the wage bill but the latter 2 are going to be the biggest misses in terms of quality. 

 

We'll probably see Praet sold too, and hopefully Vestergaard/Bertrand. I've got a feeling Vardy may retire too... 

 

 

 

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shiv

shiv

Posted
Posted
47 minutes ago, SemperEadem said:

Top himself has been at very few games for a quite a while now.

He’s been at most games I sit directly to the right of him. 

Lambert09

Lambert09

Posted
Posted
53 minutes ago, Mee-9 said:

I think he’s selling. 
 

I think the fact he and the board have been missing before the past few weeks shows that he had lost heart. 

Why would he write off 200m if he was selling lol

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