davieG Posted 14 September 2006 Share Posted 14 September 2006 The new owners of Derby County have said they have reduced the club's debt by more than £40m. The consortium led by property developer Peter Gadsby said the club's deficit had been brought down from more than £50m to £8.5m. The six directors have invested £21m into the club since the takeover. Mr Gadsby, now chairman of the Championship side, said the achievement was also down to a restructuring of finances and assistance from the bank. He said: "There has been a series of accounts methodology or restructuring, in which certain debts are put to one side and then transferred back but in realistic terms there has been a substantial write-off." Link to comment Share on other sites More sharing options...
Swedging Posted 14 September 2006 Share Posted 14 September 2006 "There has been a series of accounts methodology or restructuring, in which certain debts are put to one side and then transferred back That bit is accounting jiggery-pokery, or selling debt. Which might superficially look nice but changes nowt. but in realistic terms there has been a substantial write-off. But this sounds more like their last set of spiv owners have accepted that their attempt to fleece the club came to nowt and have just agreed to walk away from the obligations they put on their 'loans' to the club. Which I'm pleased to see. Light from dark, as it were. Even if it is the shaggers. Link to comment Share on other sites More sharing options...
Ultra Posted 14 September 2006 Share Posted 14 September 2006 I think they had more than a little help from the Co-op Bank. The bank was anxious to be seen assisting the club in order to protect its reputation in the town. Link to comment Share on other sites More sharing options...
Chrysalis Posted 15 September 2006 Share Posted 15 September 2006 leeds have also got their debts right down to around 5million, we seem to be the only club unable to make any progress on our debts. I wonder if in 10 years we will still be strangled by the same debt. Link to comment Share on other sites More sharing options...
The People's Hero Posted 15 September 2006 Share Posted 15 September 2006 leeds have also got their debts right down to around 5million, we seem to be the only club unable to make any progress on our debts. I wonder if in 10 years we will still be strangled by the same debt. Isn't this partly because our board is fu cking useless? Link to comment Share on other sites More sharing options...
Louise Posted 15 September 2006 Share Posted 15 September 2006 leeds have also got their debts right down to around 5million, we seem to be the only club unable to make any progress on our debts. I wonder if in 10 years we will still be strangled by the same debt. No, by then it'll be much bigger. Link to comment Share on other sites More sharing options...
Magictv Posted 15 September 2006 Share Posted 15 September 2006 why can't we get our debts down? Everyone else is Link to comment Share on other sites More sharing options...
Surreal Madrid Posted 15 September 2006 Share Posted 15 September 2006 I think they had more than a little help from the Co-op Bank. The bank was anxious to be seen assisting the club in order to protect its reputation in the town. I think you are right, for some reason the Co-op Bank took a big hit. As a member of the Co-op I will be making my feelings known......... Link to comment Share on other sites More sharing options...
bigboy Posted 15 September 2006 Share Posted 15 September 2006 leeds have also got their debts right down to around 5million, we seem to be the only club unable to make any progress on our debts. I wonder if in 10 years we will still be strangled by the same debt. We won't be here in 10 years time the way thing are going Link to comment Share on other sites More sharing options...
Mort Posted 15 September 2006 Share Posted 15 September 2006 We won't be here in 10 years time the way thing are going Tell me about it Link to comment Share on other sites More sharing options...
zoomzoom55 Posted 16 September 2006 Share Posted 16 September 2006 Isn't this partly because our board is fu cking useless? Hey, don't put yourselves down!! Since I've been here the hospitality has been great!! Talking of which, that is the secret to Derby's debt reduction. They, just, opened the bars early when we were there, last weekend!! Link to comment Share on other sites More sharing options...
ithuriel Posted 16 September 2006 Share Posted 16 September 2006 other clubs like derby and leeds can reduce their debt and find investment and yet city cannot. city have never been able to attract any decent investment so i can only assume that there is something seriously wrong with the set-up of the club or the board. Link to comment Share on other sites More sharing options...
fosseman Posted 16 September 2006 Share Posted 16 September 2006 other clubs like derby and leeds can reduce their debt and find investment and yet city cannot. city have never been able to attract any decent investment so i can only assume that there is something seriously wrong with the set-up of the club or the board. It's a Leicester thing. We've never had megarich businessmen in the city. Now the economy has changed there are not many folk around prepared to lose loads of cash for a very variable sporting outfit. Let's face it, we're muddling on with what we've got. If the present board members pulled out, we would not have a club to talk about. Link to comment Share on other sites More sharing options...
lcfc_jme Posted 16 September 2006 Share Posted 16 September 2006 It's a Leicester thing. We've never had megarich businessmen in the city. Now the economy has changed there are not many folk around prepared to lose loads of cash for a very variable sporting outfit. Let's face it, we're muddling on with what we've got. If the present board members pulled out, we would not have a club to talk about. But I really find it hard to believe we have no businessmen in a city of this size, or in neighbouring cities, willing to take over our club and put a lot of money into it. We aren't exactly a small club, and, with finances for new players and no debts to pay on the stadium, I reckon that we could easily make a return to the Premiership and stay there for a while. It's a gamble ploughing your own hard-earned money into the club based on the current situation, but I feel it'd pay itself off in little time. Link to comment Share on other sites More sharing options...
Jay Posted 16 September 2006 Share Posted 16 September 2006 I personally think some of this may be down to the way the club is set up when we came out of administration, too many cooks and all that. I read something by CL this week about how it was difficult to work with the board and that at Hearts he only worked direclty for one person and at Leicester it was 10 or 11 equal shareholders, and theat made sense to me this in my opinion could be one of the problems with different people wanting different things we have no real direction behind the scenes and although we should be thankfull to those that rescued the club I am not so sure they have the right short and long term aims Link to comment Share on other sites More sharing options...
davieG Posted 16 September 2006 Author Share Posted 16 September 2006 I personally think some of this may be down to the way the club is set up when we came out of administration, too many cooks and all that. I read something by CL this week about how it was difficult to work with the board and that at Hearts he only worked direclty for one person and at Leicester it was 10 or 11 equal shareholders, and theat made sense to me this in my opinion could be one of the problems with different people wanting different things we have no real direction behind the scenes and although we should be thankfull to those that rescued the club I am not so sure they have the right short and long term aims I read that and CL, at best is making a poor excuse at worst he's talking utter bollocks. Most organisations have Boards of Directors, many of the smaller ones being made up of shareholders, they also have a Chairmen and many like City have a Chief Executive. The CE is responsible, after consulting with the board of running the organisation and will report back periodically. I just cannot see that CL would have been discussing all and sundry with the full board. He would say what he wanted, they would discuss it and give CL their decision via the CE. Now that's not to say we have the right set up or even the right board members but I hardly think the fact that we have a board of directors is in itself the problem. It could be a lack of ongoing investment, but we've certainly wasted all the parachute payments It could be weak leadership at Chairmen or CE level. Or it could be we've just employed shit managers. Link to comment Share on other sites More sharing options...
Jay Posted 16 September 2006 Share Posted 16 September 2006 I read that and CL, at best is making a poor excuse at worst he's talking utter bollocks. Most organisations have Boards of Directors, many of the smaller ones being made up of shareholders, they also have a Chairmen and many like City have a Chief Executive. The CE is responsible, after consulting with the board of running the organisation and will report back periodically. I just cannot see that CL would have been discussing all and sundry with the full board. He would say what he wanted, they would discuss it and give CL their decision via the CE. Now that's not to say we have the right set up or even the right board members but I hardly think the fact that we have a board of directors is in itself the problem. It could be a lack of ongoing investment, but we've certainly wasted all the parachute payments It could be weak leadership at Chairmen or CE level. Or it could be we've just employed shit managers. I know what you mean I did get more than a hint of bitterness in CL's words however I have been thinking the same for a while!! IMO the way the "new club" was formed may limit and harm us in the long run!! the playing it safe way we are being run may well have a negative effect on us, I am not sure that the club gave full financial support to Kelly in the summer I realise we don't have much money but it has to be more than what 100k including wages as a budget for the entire season League 2 clubs have better than that!! maybe they weren't sure Rob Kelly could carry on the same form and are holding things back "just in case" which could prove to be a disaster!! I think the lack of long term investement could well be a factor as you suggest but I somehow think the current directors have failed us in the past couple of seasons Link to comment Share on other sites More sharing options...
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