Argyle financial Report

At least we are sustainable under Brent, that's the best thing about him, no more spending money we haven't got, thankful to have a club, ect, ect....
With hindsight (which ATD had at the time) it would have been much cheaper to get a decent manager in at the start and pay some decent wages to some decent players and we could have been clear of this league by now and probably better off, penny wise, pound foolish. No one can argue with the fact that Brent's management of Argyle has been lacklustre to say the least.

Greenjock wrote:

Coxside_Green wrote:

Greenjock wrote:

Wasn't the amount raised by the GT's only a loan to accelerate the payments though? I thought that it was making sure the non-playing staff got their rightfully due wages more quickly but that Mr Brent would be reimbursing the GT's at a later date.

Or am I on mushrooms?

Yes, but there wont be any urgency to repay it, will there?.

If he's leaving for pastures new they might want it back but I don't think there's anything set in stone over the terms. It's just another sum to add onto the total debt that's all I was thinking.

If the club went into admin, and it was the GTs who were owed money rather than the players/staff, would they be classed as secured creditors? Would they feck.

FC debt was £5 million when the club came out of Administration. It is being paid off at an agreed rate that means that over 50% will still be outstanding after five years-hence the figure of about £3 million.


Just to clarify, the FC debt is the figure that was owed to all football clubs and all wages outstanding at the time the Club went into Administration. So it includes all wages of non playing employees at Home Park-office and admin staff, coaches and the manager at the time (Peter Reid,) the full Contractual amounts outstanding on player contracts (so Fletcher and Walton are still owed up to the end of their contracts), all outstanding transfer fee payments (as most transfers are on the never-never, this will include payments to QPR for Barker and Walton, Cardiff City for Stevie whatsit and even the loan fee for the centre forward we borrowed from a German club)

(Given the length of Contracts and probable salaries they were on, I suspect that Reid Fletcher & Walton alone are owed a seven figure sum between them)


The FL, in effect, broke their own rules in allowing PAFC to come out of Admin. without paying this in full- a "leap of faith" they called it. If PAFC/Brent/whoever owns the club at the time, fails to make the final payment in full, four things will happen:

Every Club with a cash flow problem will try the same "trick" to avoid paying their debts.

The League will be vilified by every club that's not going to try the same "trick" for letting a debtor club off the hook

At least one of the creditors will try to pursue their claim against PAFC through the Courts

HMRC will more than likely do the same as they are still owed massive amounts of PAYE and NI on outstanding wages.

We were £5m or so in debt when we left administration and we're about the same now. The non-playing staff have been paid, which is good for them, but the debt has not gone away and is now owed to the GTs instead. If Brent has lent the club another £1m then we must have paid £1m of that original debt off. Again this is good. But overall the total debt remains roughly the same.

And the £2.5M - £3M that will need to be paid at the end of the 5 year agreement looms ever closer. And we have nothing left to sell.

Grovehill suggests that there is no avoiding that last payment and I'm in full agreement with him. When the time comes somebody somewhere is going to have to cough up or else it's very likely to be curtains.

I think it's very, very frightening and hardly anybody seems to give a toss. Or even acknowledge that the issue exists.

Sir Francis Drake wrote:

We were £5m or so in debt when we left administration and we're about the same now. The non-playing staff have been paid, which is good for them, but the debt has not gone away and is now owed to the GTs instead. If Brent has lent the club another £1m then we must have paid £1m of that original debt off. Again this is good. But overall the total debt remains roughly the same.

And the £2.5M - £3M that will need to be paid at the end of the 5 year agreement looms ever closer. And we have nothing left to sell.

Grovehill suggests that there is no avoiding that last payment and I'm in full agreement with him. When the time comes somebody somewhere is going to have to cough up or else it's very likely to be curtains.

I think it's very, very frightening and hardly anybody seems to give a toss. Or even acknowledge that the issue exists.

I'm sure the PASB will be asking the right questions and will soon be providing the answers. After all .... that is the reason it was created.

 

Sir Francis Drake wrote:

We were £5m or so in debt when we left administration and we're about the same now. The non-playing staff have been paid, which is good for them, but the debt has not gone away and is now owed to the GTs instead. If Brent has lent the club another £1m then we must have paid £1m of that original debt off. Again this is good. But overall the total debt remains roughly the same.

And the £2.5M - £3M that will need to be paid at the end of the 5 year agreement looms ever closer. And we have nothing left to sell.

Grovehill suggests that there is no avoiding that last payment and I'm in full agreement with him. When the time comes somebody somewhere is going to have to cough up or else it's very likely to be curtains.

I think it's very, very frightening and hardly anybody seems to give a toss. Or even acknowledge that the issue exists.

In a considered way SFD what is your take on the long game? Is Brent hoping to fluke a promotion or two, sell the club and keep the freehold rights on the shops? Where's his get out? 12 months / 5 years?

I have no idea what his plan is. I'm not even sure there is a plan. Apart from the development. And that plan is rubbish. The desperately sad thing is that the development could be so much better instead of which it couldn't be much worse.

The "get out" isn't at all obvious. Who would buy a club with no assets, £5m in debt, losing money as a going concern and with an non-negotiable £3m bill looming? More to the point he probably couldn't even give it away let alone sell it.

Sir Francis Drake wrote:

I have no idea what his plan is. I'm not even sure there is a plan. Apart from the development. And that plan is rubbish. The desperately sad thing is that the development could be so much better instead of which it couldn't be much worse.

The "get out" isn't at all obvious. Who would buy a club with no assets, £5m in debt, losing money as a going concern and with an non-negotiable £3m bill looming? More to the point he probably couldn't even give it away let alone sell it.

Oh I think there might be a couple of brightsparks been lined up for that - the day that happens my links to this club dissapear!! There is something not right about this club and it's not all about the money either - the very fabric is sodden!!