shiv Posted 13 May 2009 Posted 13 May 2009 Does anyone actually know what our financial situation is? I just find it amazing how we are bidding millions of pounds for players when: -We lost £14M last season -We supposedly couldn't afford to fix the scoreboard -Milan's value in the rich list is more than half of what it was last year Not that I'm a pessimist
flanimal Posted 13 May 2009 Posted 13 May 2009 Milan's value in the rich list is more than half of what it was last yearNot that I'm a pessimist If it's more than half, isn't that a good thing? Last time I noticed his wealth he was £75m, more than half would place him around £150m! We can buy two Ronaldos with that!
hairy Posted 13 May 2009 Posted 13 May 2009 I assume we owe Milan about £30m by now using his private accountant to do the sums
Babylon Posted 13 May 2009 Posted 13 May 2009 I assume we owe Milan about £30m by now using his private accountant to do the sums I doubt owe him anything, the money will have been borrowed against the clubs assets no doubt.
shiv Posted 13 May 2009 Author Posted 13 May 2009 If it's more than half, isn't that a good thing? Last time I noticed his wealth he was £75m, more than half would place him around £150m! We can buy two Ronaldos with that! i meant less than half haha he's worth like £28M as opposed to £75M my bad!
flanimal Posted 13 May 2009 Posted 13 May 2009 i meant less than half hahahe's worth like £28M as opposed to £75M my bad! He must be worth more than £28m. I would've guessed £40m
hairy Posted 13 May 2009 Posted 13 May 2009 I doubt owe him anything, the money will have been borrowed against the clubs assets no doubt. I dont follow that. What assets? The training ground and players? And if we borrowed against them then we are in debt to someone, or Milan is in debt to someone, or the club borrowed and owes Milan.
shiv Posted 13 May 2009 Author Posted 13 May 2009 He must be worth more than £28m. I would've guessed £40m that's what i thought cos in january he was valued at £77M which means he went up but someone told me the other day that it's £28M so
Babylon Posted 13 May 2009 Posted 13 May 2009 I dont follow that. What assets? The training ground and players? Players, training ground, ground (or what we own of it)... it's standard practice for most clubs, rather like a mortgage. a) And if we borrowed against them then we are in debt to someone, b) or Milan is in debt to someone, c) or the club borrowed and owes Milan. a) Yes I think we are in debt to someone. b) Unlikely, he is too shrewd for that. You could say he owns the club and thus holds responsibility, but I imagine he could put us into admin and walk away. c) Again I feel this is unlikely as he is again risking his personal fortune. My guess is, he uses his good standing / name and our assets to borrow money from banks etc. I'm sure he is personally putting some money in, but definitely not everything. When he bought us didn't he have to guarantee he would personally put in something like £4.5m a season for two years. I'm only speculating on what I think is most likely, if I was in his shoes I would not risk my fortune.
flanimal Posted 13 May 2009 Posted 13 May 2009 I'm only speculating on what I think is most likely, if I was in his shoes I would not risk my fortune. If he is £30m, then surely the interest on that alone would allow him to put in £2m annually. I'm not sure how it works, but if he got to amass £75m, he must be reasonable at dealing with money.
Babylon Posted 13 May 2009 Posted 13 May 2009 If he is £30m, then surely the interest on that alone would allow him to put in £2m annually. I'm not sure how it works, but if he got to amass £75m, he must be reasonable at dealing with money. You're presuming he has £30m in the bank. These lists take into account the value of companies, stock, cash, houses etc. Even if by some miracle he did have a spare £2m a year and put that into the club, we made a loss of £14m last year... where is the other £12m coming from?
flanimal Posted 13 May 2009 Posted 13 May 2009 You're presuming he has £30m in the bank. These lists take into account the value of companies, stock, cash, houses etc.Even if by some miracle he did have a spare £2m a year and put that into the club, we made a loss of £14m last year... where is the other £12m coming from? True. He must borrowing against his assets maybe. But last year was an exception, in the Championship the club won't be so financially wounded. I mean, TV money etc, should be a little better.
Babylon Posted 13 May 2009 Posted 13 May 2009 True. He must borrowing against his assets maybe. Would you risk your fortune? Remember this guy wasn't doing it for the love of Leicester, he is trying to get us up to flog us for a profit. But last year was an exception, in the Championship the club won't be so financially wounded. I mean, TV money etc, should be a little better. It won't be as bad, but we will still run at a loss. Especially if we are buying players.
flanimal Posted 13 May 2009 Posted 13 May 2009 You think Mandaric is just trying to get Leicester into The Premier League, then run off with a tidy profit? I thought he was all about the glory...
AmericanScott Posted 13 May 2009 Posted 13 May 2009 You think Mandaric is just trying to get Leicester into The Premier League, then run off with a tidy profit? I thought he was all about the glory... It's called bussiness.
flanimal Posted 13 May 2009 Posted 13 May 2009 It's called bussiness. There are easier, more reliable ways to make cash. Surely a lot of rich guys get into chairman roles because they enjoy the thrill and excitement - as well as the money.
flanimal Posted 13 May 2009 Posted 13 May 2009 Does anyone actually know what our financial situation is?I just find it amazing how we are bidding millions of pounds for players when: -We lost £14M last season -We supposedly couldn't afford to fix the scoreboard -Milan's value in the rich list is more than half of what it was last year Not that I'm a pessimist Hey Shiv, do you by any chance have a YouTube channel called 'ShivTube' - I remember watching the Steve Howard Leeds goal on it!
Babylon Posted 13 May 2009 Posted 13 May 2009 There are easier, more reliable ways to make cash. Surely a lot of rich guys get into chairman roles because they enjoy the thrill and excitement - as well as the money. I'm sure he's in it for both... he loves the adulation.
foxoffderby Posted 13 May 2009 Posted 13 May 2009 Would you risk your fortune? Remember this guy wasn't doing it for the love of Leicester, he is trying to get us up to flog us for a profit.It won't be as bad, but we will still run at a loss. Especially if we are buying players. Totally agree with this comment about him doing it for a profigt remember his pompey record. Can anyone tell me does MM now own the ground out right when he bought the club? When we got relegated from the prem first time round I was under the impression some finance company in america owned the ground. pls advise.
soley118 Posted 13 May 2009 Posted 13 May 2009 He must be worth more than £28m. I would've guessed £40m Depends if we are talking man city money or not
Ultra Posted 13 May 2009 Posted 13 May 2009 Totally agree with this comment about him doing it for a profigt remember his pompey record. Can anyone tell me does MM now own the ground out right when he bought the club? When we got relegated from the prem first time round I was under the impression some finance company in america owned the ground. pls advise. They still do. One of their reps sits with Mandaric on the board.
foxoffderby Posted 13 May 2009 Posted 13 May 2009 They still do. One of their reps sits with Mandaric on the board. thanks. thats a shame and it worries me....
Ultra Posted 13 May 2009 Posted 13 May 2009 As far as I'm aware, it will stay that way until we return to the Premier League and can start paying off the loan again..
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