+- TrueBlueArmy Forums (https://forum.truebluearmy.com)
+-- Forum: TBA forums (https://forum.truebluearmy.com/forumdisplay.php?fid=1)
+--- Forum: Play Up Pompey (https://forum.truebluearmy.com/forumdisplay.php?fid=2)
+--- Thread: £1bn Debt (/showthread.php?tid=2944)
£1bn Debt - Cleaver Greene - 30-03-2023
Following the 2.9M thread I am slightly confused.
When we were up to out ears in Debt, the banks or whoever we owed money to wanted thier money back.
We had a wholesale get rid of players and to try and reduce the debt and pay creditors. Points deductions etc. etc. I dont need to go into detail, we all know what happened next.
What I am confused about is that Manchester F***ing United have announced they are £1bn in debt.
https://www.bbc.co.uk/sport/football/65131177
How come they are not subject to the same rules we were back in the day?
I'm sure the more knowledgeable of you out there can explain the difference?
Or is it one rule for that so called "big club" and one rule for everyone else.
RE: £1bn Debt - dsmg - 30-03-2023
Maybe they don’t owe the taxman
RE: £1bn Debt - DeepBlue - 30-03-2023
(30-03-2023, 06:48 PM)Cleaver Greene Wrote: Following the 2.9M thread I am slightly confused.
When we were up to out ears in Debt, the banks or whoever we owed money to wanted thier money back.
We had a wholesale get rid of players and to try and reduce the debt and pay creditors. Points deductions etc. etc. I dont need to go into detail, we all know what happened next.
What I am confused about is that Manchester F***ing United have announced they are £1bn in debt.
https://www.bbc.co.uk/sport/football/65131177
How come they are not subject to the same rules we were back in the day?
I'm sure the more knowledgeable of you out there can explain the difference?
Or is it one rule for that so called "big club" and one rule for everyone else.
They have not been given a couple of months to pay their debts back to the bank.
Running on debt is a standard football club model, we were no different to anyone else in that respect, but that debt has to be sustainable and backed by someone. That way the banks are happy to lend the money. But when your backer's father is arrested by Interpol in the middle of a world recession they can panic.
RE: £1bn Debt - Pedalo_menders - 30-03-2023
Out of the £180,000,000 we recieved from player sales a grand total of £0 was paid back to the banks. It all went to Gaydamec's mafia creditors
RE: £1bn Debt - Smirnoffexpress - 31-03-2023
(30-03-2023, 09:51 PM)Pedalo_menders Wrote: Out of the £180,000,000 we recieved from player sales a grand total of £0 was paid back to the banks. It all went to Gaydamec's mafia creditors
To this day I cannot understand why no Police investigation happened.
RE: £1bn Debt - blueandwight - 31-03-2023
It's all history now...onwards and upwards, as they say.
Or should that be onwards and sideways under the current administration?!!
I suspect that the difference with the Mancs is that with their income they can 'service' the debt.
RE: £1bn Debt - slayer - 31-03-2023
They are well leveraged, we were not.
Their overdraft is enormous, distributed and has not been called in.
Ours was relatively enormous to our turnover, was not distributed, and was called in.
We then defaulted on debts to the taxman and it's game over if you take that risk.
RE: £1bn Debt - Hammie - 31-03-2023
owing money to HMRC should be an automatic block on promotion, that the govt could enact.