Rotherham on brink?

Rotherham on brink?

Do we still have a "funding gap" or are we now balancing the books on a weekly/monthly basis ?
 

Rotherham on brink?

...leading the the obvious question: How comes you could afford :afro: and we couldn't?!? :scratch:
 

Rotherham on brink?

Boston Bee said:
...leading the the obvious question: How comes you could afford :afro: and we couldn't?!? :scratch:
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Obvious answer is that they fecking couldn't!:sorted: ;)
 

Rotherham on brink?

They also can't afford not to have him....if you see what I mean.
 

Rotherham on brink?

How many points have the top 6 taken from them? They would be deducted if they were to go out of business. Brentford would lose 3. :sad:
 

Rotherham on brink?

Col Utd have already beaten them once. Thats the extent of my geeking
 

Rotherham on brink?

nocoat said:
Col Utd have already beaten them once. Thats the extent of my geeking
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Huddersfield drew with them so would only lose a point if it came to it :(
 

Rotherham on brink?

come on, sod a point or 3, if 1 league club goes it could (somehow) start the ball rolling for others, business-wise
 

Rotherham on brink?

LboroBee said:
come on, sod a point or 3, if 1 league club goes it could (somehow) start the ball rolling for others, business-wise
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We know that and it is very sad and hopefully it won't happen, but you still need to know how it affects you and others also if they do go bust. :wave:
 

Rotherham on brink?

:imwith: Anyone who pretends they are not at all interested in how it would directly affect US doesn't understand how important the club is to its fans or is a liar :yes:
 

Rotherham on brink?

I will bet my bottom dollar that they wont go bust, administration at worst
 

Rotherham on brink?

hanworthbee said:
I will bet my bottom dollar that they wont go bust, administration at worst
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Reading between the lines, I would suggest unless they get a cash injection they could well be soon trading insolvently, which means liquidation and not administration. :wave: You are not allowed to trade insolvently, although many do unknowingly.;)
 

Rotherham on brink?

The financial mis-management of football clubs in recent years would be criminal in any other area of business. How is it possible for a club of that size to get to the position where they're losing £140k per month? :eek: They must take all of about £60k through the turnstiles on a good day.
 

Rotherham on brink?

Jimbee said:
The financial mis-management of football clubs in recent years would be criminal in any other area of business. How is it possible for a club of that size to get to the position where they're losing £140k per month? :eek: They must take all of about £60k through the turnstiles on a good day.
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At BFC we have two current directors plus the CEO who believe that in footy these are risks that are worth taking. They have told us this quite proudly and in all of the excitement it's best not to forget it.

Neither of the directors would have been prepared to continue on the BFC board if it was not erm.........balanced. Probably the first and only time that a football club has been taken over and the acquirer has deliberately restructured the football club board to ensure that it does not have a majority at board level.

"It's life (business) but not as we know it"

:(
 

Rotherham on brink?

All I can think is about the Burton acquisition. The financial hole was there last summer as well, so what was the owner thinking?!? I smell a Noades-esque asset stripper/tax dodger, me. :suspect:


Jimbee said:
The financial mis-management of football clubs in recent years would be criminal in any other area of business. How is it possible for a club of that size to get to the position where they're losing £140k per month? :eek: They must take all of about £60k through the turnstiles on a good day.
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Rotherham on brink?

Boston Bee said:
All I can think is about the Burton acquisition. The financial hole was there last summer as well, so what was the owner thinking?!? I smell a Noades-esque asset stripper/tax dodger, me. :suspect:
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As I understand it, they restructed their debts only a couple of years back, by selling their only asset, the ground!! They now pay an extortionate rent to the owner of the ground. Although I'm not sure if he/they are represented on the board at Rotherham. However it is a stark warning as to what happens when you sell your only remaining asset. :fishing:
Wrexham did it as have many others, to their peril. :wave:
 

Rotherham on brink?

Gee Bee said:
.... You are not allowed to trade insolvently;)
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I think the phrase is 'you are not allowed to continue trading knowing that you are insolvent.

As you said, many do it unknowingly but many do it knowingly but not admitting to knowing it.... if you see what I mean!

Also, they signed Burton for nothing (but a big wage for his contract) but sold him for £110,000. So they actually made a net profit after paying his wages.
 

Rotherham on brink?

RodBee said:
I think the phrase is 'you are not allowed to continue trading knowing that you are insolvent.

As you said, many do it unknowingly but many do it knowingly but not admitting to knowing it.... if you see what I mean!
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Indeed hence the ;)
Rotherham have snookered themselves by selling their only asset, which could also have had an inflated value in a balance sheet to make thier accounts look better than they are.
How much has Altonwood got Selhurst Park valued at in their books, then compare it to the independent valuation Jordan obtained. ;)
 

Rotherham on brink?

Gee Bee said:
Wrexham did it as have many others, to their peril. :wave:
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I believe Wrexham had it done to them by the thieving chairman.

Gee Bee said:
How much has Altonwood got Selhurst Park valued at in their books, then compare it to the independent valuation Jordan obtained. ;)
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Well, as Palace only have a very short term lease on Selhurst Park, not very much, I hope!

Gee Bee said:
Rotherham have snookered themselves by selling their only asset, which could also have had an inflated value in a balance sheet to make thier accounts look better than they are.
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If they've sold the ground and are still showing it as an asset in their accounts, wouldn't that be fraudulent?
 

Rotherham on brink?

Edmundo said:
Well, as Palace only have a very short term lease on Selhurst Park, not very much, I hope!
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You missed the point. Jordan wanted to buy Selhurst Park from Altonwood and had the freehold valued around £7m. Altonwood had it valued at that time at around £12m although it is considerably more in their books now.
If Jordans valuer is nearer the correct sum, Altonwoods accounts would be very badly hit. :fishing:

BTW Wrexham did own their ground, but sold it to their chairman to restructure their then debts, who you are quite right then shafted them as he then sold it to a property company he also owned. :sorted:
 

Rotherham on brink?

OK, fair point about Altonwood. Just as well we are out of that nightmare now. It was presumably Wrexham's chairman who sold the ground to himself. Did he pay a fair price?
 

Rotherham on brink?

Edmundo said:
I believe Wrexham had it done to them by the thieving chairman.

Well, as Palace only have a very short term lease on Selhurst Park, not very much, I hope!

If they've sold the ground and are still showing it as an asset in their accounts, wouldn't that be fraudulent?
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Thats not what I am saying though. By selling the ground they cannot hold the asset in their books. However if they had NOT sold the ground they would have and it is quite common for assets to be inflated for borrowing purposes.
 

Rotherham on brink?

The Daily Mail reports today that people are rallying around and :-

1) Roman Abramovitch was approached and responded with a cash donation "believed to be in excess of £20,000"

2) Sheffield United have agreed to pay the wages of two players presently on loan at Millmoor

3) Sheffield Wednesday are staging collections at Hillsborough

Never hurts to ask does it???

Sadly Bees United (aided and abetted by articles in the official programme) spent so much time between 2003/5 telling the world that everything was great here on Planet Happy that we probably forgot to have a chat with Mr Abramovitch. Still never mind eh??? It's only money.
 
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Rotherham on brink?

...can we get collections going at Loftarse Rd.????.................
 

Rotherham on brink?

This should be another warning come budget rounds, that BFC has to stop setting ridiculous budgets for playing staff, which sees the club saved by getting to the 5th round of the FA Cup.
 

Rotherham on brink?

Yeah I read in yesteday's current bun that Roman showered Rotherham with 20k, bit of a kick in the balls that we haven't asked or haven't received anything... thats a season of bucket collections :sad:
 

Rotherham on brink?

In addition to that we were well chuffed on soccer am when archer of Hard Fi had his back the bees T Shirt on. The millers had a save their club appeal to all supporters asking for donations and to text in etc. Why couldn't we have done something similar!!?
 

Rotherham on brink?

Rotherham United have just spent something like 5 million on a new stand.....

They then appeal to the clubs of South Yorkshire (who their supporters 'hate' more then they 'love' their own club) to bail them out.....

What a joke!
 

Rotherham on brink?

Chuckle Bros

One of 'em looks like that Edmundo:jester: character!!!!rofl rofl rofl
 

Rotherham on brink?

Spider have you really been living on Lundy?
 

Rotherham on brink?

Lundy Loon

Nah. But I did live in Ilfracombe for a while!!!:eek:
I've played at Torry FC too:rolleyes:
have you heard of the "Lundy Loon"?:moo:
 

Rotherham on brink?

Read today they are likely to be going into administration on 10th May. The article suggested that the points would not be deducted this season, which I believe is correct, but did suggest they will still lose points next season. Is that correct? :fishing:
 

Rotherham on brink?

Edmundo said:
Yes it is correct. You can't avoid the ten point deduction by doing your CVA in the close season.
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Therefore I would have thought that they should wait to see what their league position is in the last week of this season, because if they are doomed (unlikely at present but possible), surely they should go into administration before the season end. That way they start next season on level par and the 10 points deduction meaningless this season.
 

Rotherham on brink?

Worrying times for the Millers:

Rotherham United face extinction


Rotherham's administrator Jeremy Bleazard has said the club must find a buyer by 1700 BST on Friday or face liquidation.

Former directors Dino Maccio and Alan Cartledge are reportedly ready to submit a rescue bid and they have a deal to keep the club at Millmoor.

Millers manager Mark Robins told BBC Radio Sheffield: "A lot of people care deeply about this club.

"We've got to get things sorted out and resolved as quickly as possible."
 

Rotherham on brink?

bad scenes for Rotherham, but life goes on.....pop them down into the Conference North (like Boston) and see if they can survive that test...

If Rotherham go out of the league, there will be an opportunity for a well run non-league club..

One door closes, another one opens...
 

Rotherham on brink?

SmiffyBee said:
One door closes, another one opens...
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I thought it was 'one door closes, another one smashes you in the face'!

Going down divisions like Boston does not make it very easy to rise again even if well run.

Although Farnborough Town are on the verge of promotion after a very turbulent post Westley few years.
 

Rotherham on brink?

I wonder how the fans will feel about dropping down the divisions if the unfancied deal is declined and the club goes bust.
Leeds Utd fans I don't feel sorry for, but Rotherham have had similar to deal with as us so I do at least feel a bit sorry for them.
 

Rotherham on brink?

RodBee said:
I thought it was 'one door closes, another one smashes you in the face'!

Going down divisions like Boston does not make it very easy to rise again even if well run.

Although Farnborough Town are on the verge of promotion after a very turbulent post Westley few years.
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Farnborough are pretty much assured of promotion and can clinch the Championship this Saturday

VTG said:
I wonder how the fans will feel about dropping down the divisions if the unfancied deal is declined and the club goes bust.
Leeds Utd fans I don't feel sorry for, but Rotherham have had similar to deal with as us so I do at least feel a bit sorry for them.
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Indeed, it's the fans that suffer, but Rotherham should not have spent like they have in the past 3 seasons.
In that respect they are not similar to Brentford.

Siemprebee said:
I hope that Rotherham will survive.
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they will survive, but at which level ?
 

Rotherham on brink?

SmiffyBee said:
Indeed, it's the fans that suffer, but Rotherham should not have spent like they have in the past 3 seasons.
In that respect they are not similar to Brentford.
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What have they spent then? It appears they have spent more than their income, something Brentford have done this season and last and pretty much every year I can remember.
Maybe it's just that they haven't got a Benham type at present to pay for the losses. :idea:

Rotherham seem also to have to shell out on repairs above the amount Insurers would pay out. Were the floods their fault?
 
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