teblin Posted 21 December 2013 Posted 21 December 2013 Hate to be a party pooper but... http://www.lcfcworld.co.uk/owners-wipe-debt/? This is the only website which reports this news and it has a massive add for 'Carling' at the top. I've personally never seen this website before. Is it a rather sick joke? It's in the mercury site! It's in the first post of the thread!
cityfanlee23 Posted 21 December 2013 Posted 21 December 2013 Am I the only one who doesn't think it's a good idea and doesn't want us to now go and spend big in January? Were probably still operating at a loss every year. If we can get some contracts sorted (most importantly Nigel Pearsons) and one new player to strengthen our promotion push, we'll be in a very good place for the rest of this season. As people have said, this probably won't affect the short term of the club much but if we can secure ourselves mid to long term, that is superb news indeed. At the end of the day basing, this is not a hobby for them, they have invested greatly and althought this statement proves their intent that they love the club, they are not going to want to keep throwing money at the situation.... Last years losses were huge, and every year we run this club in the championship we will make a loss, and will continue to do so. The average revenue for a championship club annually is 20m, The average revenue for a premiership club is 140m I think their approach as we saw with their budget to Sven is "we need to get out of this league pronto" I would expect 3/4 new faces in January, with some leaving, then if we gain promotion, anywhere around 30-50m to spend for Nigel. My opinion of course, I hope they don't go made and just secure promotion on bare minimums... But I expect their approach may be slightly different on a business point of view, thank god Nigel is sensible!! Absolutely love the owners for this and have done since they came!!! Just hope they don't do a Vincent tan on us. Up the foxes!!!! 3 points today!!!!!
Blanesta Posted 21 December 2013 Posted 21 December 2013 This is really great news, I'll feel happier about the stability of our future, I just hope we don't rack up another ridiculous debt. TOP stuff :xmasbiggrin:
teblin Posted 21 December 2013 Posted 21 December 2013 Hate to be a party pooper but... http://www.lcfcworld.co.uk/owners-wipe-debt/? This is the only website which reports this news and it has a massive add for 'Carling' at the top. I've personally never seen this website before. Is it a rather sick joke? It's in the mercury site! It's in the first post of the thread!
whoareyaaa Posted 21 December 2013 Posted 21 December 2013 This is brilliant! Looks like they are here for the long-term. Champions League in 4 years haha.
MooseBreath Posted 21 December 2013 Posted 21 December 2013 Would like to see it from an official source, but I wouldn't be surprised if this was true. They did afterall tell everybody this was what they were going to do a few months back. The owners have come in for some completely unwarranted stick about their financial dealings here in the past, and some slightly more warranted stick for taking Mandaric's advice on Sousa and Sven. But while some people have taken every and any scrap of an opportunity to take a pot shot at them (usually based on pure ignorance), they've done nothing but quietly strive towards achieving honest success at this club, going about their business with impeccable class and dignity. They are superb owners, and it's about time they got some recognition.
cityfanlee23 Posted 21 December 2013 Posted 21 December 2013 Would like to see it from an official source, but I wouldn't be surprised if this was true. They did afterall tell everybody this was what they were going to do a few months back. The owners have come in for some completely unwarranted stick about their financial dealings here in the past, and some slightly more warrented stick for taking Mandaric's advice on Spuds and Sven. But while some people have taken every and any scrap of an opportunity to take a pot shot at them (usually based on pure ignorance), they've done nothing but quietly strive towards achieving honest success at this club, going about their business with impeccable class and dignity. They are superb owners, and it's about time they got some recognition. In the best way we can, sing to them....
MooseBreath Posted 21 December 2013 Posted 21 December 2013 This is not that surprising, why pay interest on loans when you can buy debt cheaply, take ownership of all the debt security for a discount, and have complete control of the business? It's like us winning the lottery and paying off the mortgage, the car loan, credit card, and doing the same for all our friends and relatives - but with a catch for them: they have to sign over everything they own to us, just in case we ever want the money back! There's nothing to celebrate here, we just have one creditor now rather than half a dozen. Call me cynical but if we all got the banks to lend us the money and we could offer the club's assets as security couldn't we have bought the club with a bit of help from Gary and one or two other people who care? Totally wrong. They haven't consolidated external debts into one debt for which they become the creditor. They have wiped out the one debt for which they were the creditor. The club no longer owes the holding company (essentially itself anyway) any money. This means two things, one that the club no longer has an interest payment showing on the balance sheet, and two if the owners were to leave suddenly they wouldn't be leaving us with a large debt.
Monsell1976 Posted 21 December 2013 Posted 21 December 2013 Does this mean, we can afford Lionel Messi?No but Ronaldo might be an option
Julian Joachim Jr Shabadoo Posted 21 December 2013 Posted 21 December 2013 We really are lucky, our owners are brilliant. Look at what other owners of similar-sized clubs are doing, stirring up trouble, confronting fans, ruining club identities - ours are all you could ask for. Merry Christmas!
wattolcfc Posted 21 December 2013 Posted 21 December 2013 Best news ever. I'm always cynical but this leaves me in no doubt that we're better off with these guys in charge. Better start saving for some European away days in a few years!
cityfanlee23 Posted 21 December 2013 Posted 21 December 2013 Best news ever. I'm always cynical but this leaves me in no doubt that we're better off with these guys in charge. Better start saving for some European away days in a few years! I just cannot believe how our fans say our owners are not "Rich" Even if the owners gave the 100m as a present it would hardly effect them, just look at their latest set of accounts between them.... No money tied anymore, and with the potential of a windfall of 90m for promotion, 150m for tv rights, as well as 40m a year extra for the first 3 years... Our future looks very bright if we can go up... and if not, we are still one of the richest clubs outside the top flight, and one of the richest in it to some extent... simple business knowledge tells us that... We are in a much much better place with these in charge as you say, days like this make you proud Leicester city?? Debt???? WHAT DEBT!! :xmascool: Merry christmas all
jamesmilner Posted 21 December 2013 Posted 21 December 2013 I just cannot believe how our fans say our owners are not "Rich" Even if the owners gave the 100m as a present it would hardly effect them, just look at their latest set of accounts between them.... No money tied anymore, and with the potential of a windfall of 90m for promotion, 150m for tv rights, as well as 40m a year extra for the first 3 years... Our future looks very bright if we can go up... and if not, we are still one of the richest clubs outside the top flight, and one of the richest in it to some extent... simple business knowledge tells us that... We are in a much much better place with these in charge as you say, days like this make you proud Leicester city?? Debt???? WHAT DEBT!! :xmascool: Merry christmas all have a look at the debt some prem teams are in ? we are one of the richest clubs in the world now . our owner is a billionaire , his company linked to our club . ffp just throws the spanner on huge wage/transfers . the prem is the blessed land then the wallet can come out !!
cityfanlee23 Posted 21 December 2013 Posted 21 December 2013 have a look at the debt some prem teams are in ? we are one of the richest clubs in the world now . our owner is a billionaire , his company linked to our club . ffp just throws the spanner on huge wage/transfers . the prem is the blessed land then the wallet can come out !! I know, officially we are one of the few clubs in the whole football pyramid that are not in debt.. which makes us richer than most... I.e We are now officially better of than manchester united, our owners are not as rich.. but the club is Do not spend now, spend in the summer to keep us up!! if we go up that is...
DennisNedry Posted 21 December 2013 Posted 21 December 2013 Pah, £100,000,000 is only 10% of his wealth In all seriousness though, what a result this is. We do have fantastic owners when you think about it. A few iffy managerial changes (although it has worked out well getting Nige back) is the only blot on a pretty much perfect stint.
Langley Posted 21 December 2013 Posted 21 December 2013 Since that it's going to be only a matter of time that we can get promoted either this, next or the one after maybe it was cheaper to do it this way then get the fines and get sent back to the Championship with bugger all but fines and a transfer embargo?
cityfanlee23 Posted 21 December 2013 Posted 21 December 2013 Totally wrong. They haven't consolidated external debts into one debt for which they become the creditor. They have wiped out the one debt for which they were the creditor. The club no longer owes the holding company (essentially itself anyway) any money. This means two things, one that the club no longer has an interest payment showing on the balance sheet, and two if the owners were to leave suddenly they wouldn't be leaving us with a large debt. Just to correct you on that moose, We did not make any interest payments, they were being added onto the debt of the club/business. Apart form that spot on, we have a very promising future!
Deucalion Posted 21 December 2013 Posted 21 December 2013 I see the advert had a big effect on you........its carlsburg It was Carling earlier, hence looking for the punchline, 'if Carling did news stories...' or something to that effect. It looks true. Fantastic news !! :xmassmile:
Strokes Posted 21 December 2013 Posted 21 December 2013 Just to correct you on that moose, We did not make any interest payments, they were being added onto the debt of the club/business. Apart form that spot on, we have a very promising future! So they would appear on the balance sheet then.
cityfanlee23 Posted 21 December 2013 Posted 21 December 2013 So they would appear on the balance sheet then. Didn't say it would not? I just pointed out it was not an "Interest PAYMENT" As we have not paid it The poster suggested we were paying interest, petty to point out that we are not, but best knowing...
jdmoore Posted 21 December 2013 Posted 21 December 2013 It was Carling earlier, hence looking for the punchline, 'if Carling did news stories...' or something to that effect. It looks true. Fantastic news !! :xmassmile: Don't Carlsberg do them adverts? haha
fazzyfox Posted 21 December 2013 Posted 21 December 2013 I think it just gives another indication that they are in for the long haul. Just hope they dont go changing our name or anything. I hear that there's a clause that Andy King must marry a girl named Power and have a double-barrelled surname on his shirt
MC Prussian Posted 21 December 2013 Posted 21 December 2013 Is it Christmas already? This, coupled with the QPR result, has made my weekend. A big thanks to the owners and the club management for leading the club debt-free into the future, emphasizing their long-term commitment. It just makes for such fresh and exciting news after the years of sportive and financial turmoil. Stability and continuation is the key. I love it.
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