Jaan Kenbrovin
12:34 Wed Mar 7
Re: Club accounts
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Iron2010 11:58 Wed Mar 7
It wasn't sold on for 20m more inside 24 hours though. It was over a year after Galliard won the bidding process that Barratt's announced they had joined a joint venture with Galliard to build the homes, before fully buying them out in 2016.
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Krap not Pu
12:29 Wed Mar 7
Re: Club accounts
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Infidel...well done, got it in one...great post
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Westside
12:05 Wed Mar 7
Re: Club accounts
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Irons, hadn't seen the 9.36 post. Wasn't aware of any of that. Dodgy springs to mind.
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Iron2010
11:58 Wed Mar 7
Re: Club accounts
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We sold for 38 million and it was sold on by Sullys pals company for 60 million 24 hours later. Later that month the same company took at 17 million pound dividend.
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Iron2010
11:52 Wed Mar 7
Re: Club accounts
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West side
Did you see my post at 9.36 ?
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Westside
11:47 Wed Mar 7
Re: Club accounts
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What is your take on the missing 20 million from the ground sale ?
Not sure there is £20 million missing. In round numbers, the ground had a carrying value in the accounts of £30 million. We received £29 million this year, £10 million in earlier years (on account payments). A booked profit of £9 million is shown this year.
All seems there to me.
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Iron2010
11:31 Wed Mar 7
Re: Club accounts
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Infidel
What is your take on the missing 20 million from the ground sale ?
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Infidel
11:26 Wed Mar 7
Re: Club accounts
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Kronic
I think you mean ownership is the problem.
Otherwise you're confusing me with another poster.
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Grumpster
11:15 Wed Mar 7
Re: Club accounts
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Didn't take Nostrodamus to know that moving to that shit stadium wasn't going to earn us any extra revenue.
I mean loads lapped it up, but with there being more chance (minimal obviously) of success on the pitch staying where we were, we were hardly going to be having the sponsors circling with monster offers.
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Jaan Kenbrovin
11:10 Wed Mar 7
Re: Club accounts
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These figures are quite underwhelming. A 30% increase in turnover is pretty decent, but well short of the 50% I had expectations of before the move.
Quite a few missed opportunities with this move though, aside from the actual redevelopment of the stadium, like securing a big sponsorship and naming rights partnership.
Best hope now to appease fans is the government put pressure on the LLDC to stop their spiraling running costs, and sell on the ground to the club to develop and run as our own. That would be the ideal time for G&S to cash in on the club.
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The Kronic
11:09 Wed Mar 7
Re: Club accounts
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That's right, the only problem at West Ham London FC is management selection, everything else is fucking peachy.
You gimp Inflid.
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BetterthanKaka
11:05 Wed Mar 7
Re: Club accounts
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You are so fucking boring
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Infidel
10:57 Wed Mar 7
Re: Club accounts
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Excellent post Sir Alf.
The paradox is that their actions are counter productive to their own interests. You maximise the value of a football club by making it successful on the field of play.
That requires in turn the appointment of a very good football manager and some other important ancillary investments to set up the right structure to support him, notably a properly funded Academy and a world class training facility.
This is where they have signally failed. Their managerial appointments - Grant, Allardyce, Bilic, Moyes - have signalled a lack of ambition at the top and seriously compromised their own stated objectives.
Allardyce in particular is a manager you appoint as a last resort to avoid relegation, he is not a manager to play flowing football and win trophies.
Neither is Moyes, who has at least introduced a game plan of some kind (which Bilic never had) but nevertheless still has us flirting with relegation again and underperforming against squads with far less talent than ours (Brighton, Burnley etc).
If S&G really wanted to drive up the value of their investment in West Ham they would have made a bold, ambitious appointment as manager early on. Let's not forget Grant had just got a decent Portsmouth side relegated when he joined us. What were they thinking? And why didn't they sack him that Xmas when we were bottom of the League?
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Takashi Miike
10:55 Wed Mar 7
Re: Club accounts
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"Where do you even start with this nonsense..."
"we have a better squad than Arsenal or Liverpool"
#cunt
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Iron2010
10:52 Wed Mar 7
Re: Club accounts
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Infidel
On the face of it you must think that the missing 20 million from the ground sale is slightly underhand ?
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Sir Alf
10:49 Wed Mar 7
Re: Club accounts
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Infidel 10:18 Wed Mar 7
Agree with your summary in the last paragraph although I don't think anyone can deny that their overhype of the stadium move and disastrous setting of expectations is essentially a good old fashioned "con". ?
Disingenuous is the word that sums them up. Its the polite word for liars. :-(
They need to go.
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Sir Alf
10:42 Wed Mar 7
Re: Club accounts
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This is the thing with these owners. Gold saying he does not take a wage. That is true but as pointed out he takes a nice earner in interest. He will then say that he could earn far more investing the money in other ways ( property etc). Why own a football club then ? At 82 I am not sure how why he wants to amass even more money other than the sense of "power" he must get from it.
Their whole dialogue with the fans is white lies and disingenuous. That creates a fan base that does not trust them and does not believe them.
They clearly are not emotionally intelligent enough and lack the humility and respect for the fans to be honest. They desperately seek adoration and appreciation from the fan base at the same time and soon as they are called on their deceptions go quickly into a defensive mode and in Gold's case start questioning the loyalty of fans. The nerve of the man beggars belief.
What they will not say is the truth. They are not prepared to risk their own wealth and they want to use the club to grow wealth and that is their priority. They will not compromise on maximising that. Hence they will only invest at a level that is below that of other clubs in the Premiership outside the top 6 in terms of the attendance numbers to money invested in players and the playing side of the business.
Their age also has led to the short term nature or "punts" in terms of the investment in transfers that have made. Sullivan has been at the roulette wheel looking at 5 million investments in South Americans that become superstars. He got one right and believed he knew better than a proper statistical based scouting system. How dim is he? Its also why they go for the vanity or "bling" signings. Players that once played for a big club like Hart, Hernandez etc. Buying a 10 year old Aston Martin to kid yourself you are dining at the top table with the elite.
All leads to the same conclusion. They will never invest or have the nous or intelligence to invest for the long term and really push the club forward. We need new owners because their offspring ( well Sullivan's anyway) could be a lot worse. Jack and his brother have been given everything and unlikely they know the first thing about business or running a football club.
Hound them out if we can. That's all we can do.
They
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WorldCupWilly
10:41 Wed Mar 7
Re: Club accounts
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The carve up was in 2012 - we signed the lease on the OS in March 2013.
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One McAvennieeeeee
10:35 Wed Mar 7
Re: Club accounts
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Someone chop this smug idiots hands off ffs.
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Infidel
10:18 Wed Mar 7
Re: Club accounts
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So let's recap the narrative on here shall we?
1. The accounts show that S&G have made money from their investment in West Ham.
2. Some of this return has been in the form of interest on the loans they made to the club
3. The fact that they have made a profit rather than a loss proves that that they have starved the club of funds.
4. Starving the club of funds is the reason we don't have big name stars playing for us. If they had made huge sums available we would be a Top Half / Top 6 club (delete as per your personal preference) by now.
5. This is all part of their evil plan to pump up the value of the club so they can sell it for the maximum amount possible and walk away.
That about sum it up?
Where do you even start with this nonsense...
I hate to burst your conspiracy theory bubble but S&G do not have an evil plan. They don't even have the intellectual ability to cook one up. The problem isn't their agenda, it's their competence as managers. They would love to see West Ham in the top 6 and I have no doubt they really thought they had the skills to achieve that.
They are delusional. They live in a fantasy world in which they are financial geniuses, management gurus and saviours of the club.
They have never admitted any failure as far as I am aware, not even when they were directly responsible for getting us relegated by appointing Avram Grant as manager.
The reality is that they bought the club at just the right moment, when the new TV deal started to kick in, showering all Premier League clubs with cash. They had nothing to do with striking that deal, it was Scudamore who negotiated it. They were just beneficiaries of its tsunami of cash. A well trained monkey could have made a huge profit with all that revenue pouring in.
Even if they did have a plan for the club they would not be able to execute it. Brady is not qualified to run a company with over £100m in revenue. She would struggle to run a corner shop properly.
It does not help our cause - which surely is to get these clowns out - to distract the issue with talk of what's in the accounts. It's a red herring.
In business school we had an elective called 'Financial Reports and Statement Analysis', in which the standard class assignment was to get a set of accounts with the name of the company and the industry it was in redacted. The assignment was to extract as much information about the company as you could from its balance sheet, P&L and cash flow statement and guess which industry it was in.
If West Ham's accounts had been in the assignment everyone in the class would have spotted immediately it was a Premier League football club because of the huge surge in revenue, the low fixed asset base, the large amortisation of contracts and the very large wage bill for so few employees. All football clubs have these characteristics, West Ham is no different. S&G just sit on top of it counting the TV money, like nearly all the other owners.
As I have said 100 times, take a look up the table and ask yourself why clubs like Burnley, Leicester, Watford and Brighton are all above us. These are not better resourced than us, but they are better managed. We have particularly incompetent and ignorant owners, in a class of their own. That is the issue, nothing else.
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Johnson
9:45 Wed Mar 7
Re: Club accounts
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Exchanged in March 2014? When was the carve up sorry consultation on the move?
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