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...these days is their ability to be able to go out and get a player in to cover for injuries. We cant even afford to get a player in on loan, cos we cant pay the player's wages !!

Still this situation will only last until 2007 guys eh !!?

God now Im really depressed....but at least we are still above the sh*te

why 2007?

The CVA ends in 2007

uefacup81 wrote:The CVA ends in 2007

f**king YESH!!!

Sorry to be so negative but I'm not sure that the CVA ending changes things very much. We don't have that much debt now under the CVA anyway. Its a milestone but all it really means is that it will be easier to run up silly debt if our board chooses to.

I suspect that they will continue to run the club in the same way as under the CVA.

Dubai Blue wrote:Sorry to be so negative but I'm not sure that the CVA ending changes things very much. We don't have that much debt now under the CVA anyway. Its a milestone but all it really means is that it will be easier to run up silly debt if our board chooses to.

I suspect that they will continue to run the club in the same way as under the CVA.

Unfortunately you are right DB, the CVA payments are only a couple of hundred thousand a year, so in the overall scheme of things they are hardly significant!
The only way out of this mess, is through new investment and increased income, neither of which appear likely at present!

bluebird wrote:

Dubai Blue wrote:Sorry to be so negative but I'm not sure that the CVA ending changes things very much. We don't have that much debt now under the CVA anyway. Its a milestone but all it really means is that it will be easier to run up silly debt if our board chooses to.

I suspect that they will continue to run the club in the same way as under the CVA.

Unfortunately you are right DB, the CVA payments are only a couple of hundred thousand a year, so in the overall scheme of things they are hardly significant!
The only way out of this mess, is through new investment and increased income, neither of which appear likely at present!

If the CVA payments are only a coupe of hundred thousand pounds how come we had no change left over from the sale of darren Bent! As i'm led to believe that was why we had to sell Kelvin Davis because Benty's money was swallowed up by the CVA?

GavITFC wrote:

bluebird wrote:

Dubai Blue wrote:Sorry to be so negative but I'm not sure that the CVA ending changes things very much. We don't have that much debt now under the CVA anyway. Its a milestone but all it really means is that it will be easier to run up silly debt if our board chooses to.

I suspect that they will continue to run the club in the same way as under the CVA.

Unfortunately you are right DB, the CVA payments are only a couple of hundred thousand a year, so in the overall scheme of things they are hardly significant!
The only way out of this mess, is through new investment and increased income, neither of which appear likely at present!

If the CVA payments are only a coupe of hundred thousand pounds how come we had no change left over from the sale of darren Bent! As i'm led to believe that was why we had to sell Kelvin Davis because Benty's money was swallowed up by the CVA?

Our good honest board would have to explain that for you!!

Our finances are not fully clear. CVA means we have to run the ship a certain way. Trying to make payments to smaller companies. In essence this reduced alot of the outstanding debt as many creditors were only paid 10p out of every £1 they were owed. Plus some people were paid nothing if there weren't big enough creditors.

The people that rinsed this club dry above and beyond anyone else were the players. The ones on huge salaries and big bonus schemes. They were the ones who could really have helped the club out had they of wanted to.

People can point the finger at Sereni and Finidi - but unfortunately you need to look at the whole squad from that era. They are the ones who cleared the club out! Yes the Matt Hollands, Jermaine Wrights, Hermans etc etc - as much as we loved them (jamma excluded) they are the main reason we are so f**ked now!!

Whilst the CVA will end we still have a huge debt tied around our neck which will remain for at least the next 10 years if not longer. Unless we can make a big sale each season we will be struggling until that debt is cleared.

People may think this club is on the up. Whilst finances may be solid, we are living on a knifeedge. If next season is as dismal as this one is you can expect us to be right in the sh*te!!! The debt is so huge because of the over the top contracts we dished out because overnight we thought we were a big club. We had no back-up plan, it wasn;t a fail safe option!!

If the CVA payments are only a coupe of hundred thousand pounds how come we had no change left over from the sale of darren Bent! As i'm led to believe that was why we had to sell Kelvin Davis because Benty's money was swallowed up by the CVA?

Bents transfer fee was taken into last years accounts to reduce the reported trading loss. However, our cash flow has yet to see the benefit as I believe the fee is being paid in two hits - one at Xmas followed by another payment next summer.

The club are claiming that Davis's fee was used to sign Parkin, eith the remainder added to our wage budget for the season.

Having studied the latest accounts, IMO our problem is not our level of debt, most of which is in affect a long term "mortgage". It is more to do with our short term cash flow, in that we are failing to generate sufficient working capital to fund the short term requirements of the business.

As, Rossi has pointed out in another thread, it is the responsibilty of the directors to ensure that the business has sufficient funding. This can only come through investment or through significant improvement to our income.

As others have pointed out before, if we keep playing as badly as we are at present, season ticket sales are likely to be down by a least 33% next summer, so this problem is likely to get worse in the medium term.

bluebird wrote:

If the CVA payments are only a coupe of hundred thousand pounds how come we had no change left over from the sale of darren Bent! As i'm led to believe that was why we had to sell Kelvin Davis because Benty's money was swallowed up by the CVA?

Bents transfer fee was taken into last years accounts to reduce the reported trading loss. However, our cash flow has yet to see the benefit as I believe the fee is being paid in two hits - one at Xmas followed by another payment next summer.

The club are claiming that Davis's fee was used to sign Parkin, eith the remainder added to our wage budget for the season.

Having studied the latest accounts, IMO our problem is not our level of debt, most of which is in affect a long term "mortgage". It is more to do with our short term cash flow, in that we are failing to generate sufficient working capital to fund the short term requirements of the business.

As, Rossi has pointed out in another thread, it is the responsibilty of the directors to ensure that the business has sufficient funding. This can only come through investment or through significant improvement to our income.

As others have pointed out before, if we keep playing as badly as we are at present, season ticket sales are likely to be down by a least 33% next summer, so this problem is likely to get worse in the medium term.

Interesting points being raised by all on here. But surely there isnt a Club in this land that hasnt got a significant debt hanging round it's neck at the moment ....(Leeds £70-80m ?? Cardiff, Derby..Newcastle...the list goes on).

As you say BB Town suffer from a lack of "working capital" which should be the Boards area to sort. But we have drastically reduced our outgoings as a Club - our wage bill must now be one of the lowest in the division. In addition our income from gate receipts must be one of the most consisitant over the last two / three seasons. So why is there no working capital for Joe to use ??

The problem appears to have no end to it - and with the likelyhood of smaller Season Ticket sales next year - it appears to be only going to get worse.

When Town are released from this CVA - will this not allow Us to "borrow" money from the Banks , in order to buy decent players ? - something that appears forbidden at the moment !

[/i]

dont wanna sound stupid,

but wot CVA mean??

tim_itfc wrote:dont wanna sound stupid,

but wot CVA mean??

neither do i , but i suspect its better that we dont.

G'daddy wrote:

tim_itfc wrote:dont wanna sound stupid,

but wot CVA mean??

neither do i , but i suspect its better that we dont.

...must admit I dont know either ...how about "company's voluntary administration"

s'ppose we will have to wait until the "business heads" of the forum wake up and tell us !

tim_itfc wrote:dont wanna sound stupid,

but wot CVA mean??

CVA Stands for Company Voluntary Arrangement..

---

If your company has a viable business and you have debts you
can choose this option as oppose to liquidation.

The main factors of a CVA that stand out in ITFC terms are

a). Under a CVA you can negotiate with your creditors a reduced
payment arrangement. 1 which if you were to be put into full
liquidation the creditors would possibly not stand a chance of
getting such a good deal. A bit of a catch 22 situ for the Creditors.

b). Under CVA rules Directors of the company do not have to
concern themselves with any personal investigations by the
Department of Trade and Industry.


Hope that explains it a bit mor for ya..

alrite cheers.

I thought it was something along those line