Tonight's AGM

[derick_ipsw]

Town's debt now £95 million. Oh f*ck.

[derick_ipsw]

Town's debt now £95 million. Oh f*ck.

https://www.twtd.co.uk/ipswich-town-new ... e-tax-loss

[Bluemike]

It's all pretty meaningless though in truth

[derick_ipsw]

It's all pretty meaningless though in truth

Why do you say that?

[Bluemike]

Cus all we get told is that its pretty much all owed to Evans and he will never get it back, they've said it again this year. I think for any business to lose that amount of money is ahameful.

[marko69]

Its arguably the only business that still continues to operate with such debt. Sometimes makes no sense at all. Department stores closing down because profits slip into losses, and they close. Football clubs just keep going on and on and on. If my small business goes over the monthly credit, the merchants bigwigs are on my case by lunchtime on the 1st of the month.

[Bluemike]

Exactly Marko, I have a four figure sum to pay the HMRC at end of Dec and if I am a day late im fooked, bloody ridiculous

[marko69]

You VAT registered, Mike? I usually find the HMRC a bit more human (not much more )......, but if that is VAT you have to pay, then yes, get that paid on time. Those guys are relentless. It'd be like something out of NCIS Los Angeles; sirens, cars surrounding the house......, "Come out of the house with your hands up....., and a cheque made payable to Customs and Excise!"

[Bluemike]

Corporation Tax

[derick_ipsw]

Cus all we get told is that its pretty much all owed to Evans and he will never get it back, they've said it again this year. I think for any business to lose that amount of money is ahameful.

See what you mean, I suppose all the time his assets are greater than the debt there is know problem. You can see why he does not want to invest large sums though. If somebody offered him 10 - 20 million he would gone like a shot.

[derick_ipsw]

https://www.eadt.co.uk/sport/lambert-s- ... -1-5806444 Interesting read.

[charlton837]

Comes down to Evans and what he would want to do. Debt may be £95m but if he sold the club for £1 that debt would effectively be written off as it's all against the owner and not the club. I'm not saying he would do that, not unless he felt he really wanted to cut his ongoing losses.

[hallamblue]

Ipswich Town ( the football Club), is not in “debt” apparently.

This £95m is the amount of money that Evans has cumulative put into his business venture “ Ipswich Town FC”, to service the annual losses incured. The owner would settle that debt ( write off), as soon as he sold the Club on.

ITFC plc, does not owe a brass farthing to any 3rd party, which makes the figures disclosed each financial year, nothing more than a book keeping entry, because there is no 3rd party to call in the debt.

Just about every Club other than the big five, run at annual losses. The fact is the sky parachute money, hides this accounting fact. Which is why Clubs are so gunhoe when buying players and paying obscene wages. Ie scum are not an6 better r7n than Town, they have just had the PL parachute money to hide behind.

It will be interesting to see how their accounts fair if the6 don’t achieve promotion this season. Despite their good run to date, I’m not convinced they will be promoted either. There are too many better squads now starting to get up a head of steam, IMO.

Clubs are in real trouble if they have borrowed money from banks, or don’t have enough money to pay the Inland Revenue when the bill is due. At least Evans covers this each year.

[number 9]

It's all smoke and mirrors! I mean do we really need to keep being reminded of the debt ME absorbed when he bought the club? Seems to me that once you make a purchase of property, you accept the property as is...right? If I trade my financed car in and purchase a new car...I don't assume the loss from the financed car. I just maintain my new car with whatever cost it may take.

Or, are they saying the 95-mill has accumulated since ME purchased the club minus the initial debt?

Ok I'm getting a headache. Do we have any accountants on the forum?

[marko69]

That is an excellent post, 9. Tried to type something up last night asking about the debt and Mevans but couldn’t word it properly. I’d genuinely like to know answers to the whole debt scenario regarding Mevans & ITFC.

[Bluemike]

"Do we really need to keep being reminded of the debt"

Absolutely spot on Number 9, we all know it and we all know it's gonna grow EVERY year, all I am interested in is where the next Three points are coming from!!!

[Bluemike]

And I wasn't meaning you Derick, I meant the media etc

[Bluemike]

This place is full of w*nkers

[Bluemike]

I've been hacked !!!

[Bluemike]

Sorry I haven't really, I just wanted to say it

[marko69]

Think that could be the whole essence of the massive catch 22 that is football.
Q. Where are the next three points coming from?
A. Probably in January thanks to a striker that the club can’t afford.

Russians, Arabs, Chelsea & Citeh aside...... it’s a catch 22.

[marko69]

I raise my hand and stand accused. I am indeed, a w4nker.
9/10 are, the other? A liar! (Billy Connolly)

[derick_ipsw]

http://c.newsnow.co.uk/A/965484560?-1060:818 latest rumour rubbish.