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LAF 2:19 Mon Apr 6
Furloughing and the club
It seems, so far, the board hVe not made any PR screw ups like Spurs and Bar codes. In fact, from what I read, the club is doing its best to protect the pay of its salaried staff and beyond. Unless there’s something coming down the line, hats off to them for that. Credit where credit’s due. Moyes, too, for his gesture of 30% cut, even though you wonder whether that gesture couldn’t have been extended.
The point made more generally that the football elite shouldn’t be singled out amongst the super-rich, but, even so, the players’silence on a voluntary pay reduction is deafening.

Replies - Newest Posts First (Show In Chronological Order)

geoffpikey 11:34 Fri Apr 10
Re: Furloughing and the club
WHUFC players have agreed to DEFER some of pay. No percentage given. Not exactly mind-blowing, but it seems to be with the specific intention that club support staff still get paid 100% by the club.

https://www.goal.com/en/news/west-ham-players-agree-to-defer-wages-as-moyes-and-brady/ciog4r997a5w18r874fgz9wlc

w4hammer 5:48 Thu Apr 9
Re: Furloughing and the club
Kaiser Zoso 2:02 Thu Apr 9
Re: Furloughing and the club
Actually, what could be worse than spending a billion on a new stadium and not having any events on it for several months

_____

this is a really big deal- huge hole in their accounts that no end of levy negotations will fill for at least another twelve months

Westside 3:34 Thu Apr 9
Re: Furloughing and the club
I looked at Companies House before I posted , for West Ham Holdings. Which didn't have any charges listed for The London Stadium

Wrong company.

Westside 3:25 Thu Apr 9
Re: Furloughing and the club
I looked at Companies House before I posted , for West Ham Holdings. Which didn't have any charges listed for The London Stadium

Wrong company.

WorldCupWilly 2:52 Thu Apr 9
Re: Furloughing and the club
Westside 2:04 Thu Apr 9

I suggest that you look at Companies House filings that show the charge taken out on 29th July 2019 against the club by Rights and Media Funding Ltd for our current payday loans. It is not secured against TV revenues but against the club's assets including the lease on the London Stadium:
https://beta.companieshouse.gov.uk/company/00066516/filing-history

The front page and also Schedule 1 has the details of the properties used as security for the loan.

We have not used TV revenues as security for the last 3 years since the Premier League changed their rules. In order to use TV revenues as security, The Football Association Premier League Limited have to be a party to such agreement as any loans are paid back directly by them rather than they pay the club first who then pay back the loan. 3 years ago the PL specified that in order for them to be a party to a loan agreement, the lending party must be regulated by the Financial Conduct Authority. Rights and Media Funding Ltd are not regulated by the FCA.

One Flew 2:16 Thu Apr 9
Re: Furloughing and the club
Would be interesting to know about the shares being issued, are they ordinary if so at what price and therefore how much does that value the club at or are they preference with additional rights attached such as interest bearing and senior to ordinaries and therefore a loan by any other name.

Westside 2:04 Thu Apr 9
Re: Furloughing and the club
The lease on the stadium is an asset - the club actually use that as security (along with the training grounds) for borrowing money instead of future TV revenues like many clubs

The lease is not an asset that can be securitised for borrowings.


And we regularly take out "pay day " loans against TV rights monies. Next loan of £39 million, due to be repaid by July this year.

Kaiser Zoso 2:02 Thu Apr 9
Re: Furloughing and the club
Actually, what could be worse than spending a billion on a new stadium and not having any events on it for several months

Mike Oxsaw 1:57 Thu Apr 9
Re: Furloughing and the club
...commercial and admin, 212. "...

I imagine 200 of those are ghost writers for Brady's Sun column, so they'll be going nowhere.

WorldCupWilly 1:52 Thu Apr 9
Re: Furloughing and the club
ParadiseLost 5:41 Mon Apr 6

"On the share issue it’s difficult to construct and argument that it’s bad for the club. However, the move to Stratford might be one reason that the club has moved early on this. Without the asset of the ground like most clubs have the clubs assets are basically cash in the bank and the value of contracts that it has. "
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The lease on the stadium is an asset - the club actually use that as security (along with the training grounds) for borrowing money instead of future TV revenues like many clubs. The value of the contract is that future costs are completely known and that the rent we pay is less than the actual costs of hosting matches. Also with no maintenance to pay on the upkeep of the stadium we are in a far better position than most clubs that despite no matches being played still have to do essential maintenance on their stadiums.

Westside 1:36 Thu Apr 9
Re: Furloughing and the club
Has anyone got any data or comparison stats - I think i saw Spurs had 700 employees

As at 31/5/2019 we had 542 employees, 220 of them part time. Full time staff were players, management and training,110, commercial and admin, 212.

geoffpikey 12:15 Thu Apr 9
Re: Furloughing and the club
WHU employ around 300 "core staff", W4hammer. So, yep, fewer.

All clubs v different. Bournemouth are run on a lean basis. They've furloughed only 50 people: matchday and hospitality. (But their income is 88% TV revenue. They are remarkably close to the wind... One reason, I guess, Eddie Howe immediately volunteered a pay reduction. It WILL actually make a difference.)

Manchester Utd have circa 920 full-time employees. But they're fucking loaded. They'll be fine.

geoffpikey 12:02 Thu Apr 9
Re: Furloughing and the club
Levy has been exceptional. Might not even be ALL true/happening, but Telegraph reported he was keen to offer furloughed Spurs groundsmen to come and do work on his "private estate". Paid out of his own pocket, not club money

1. So that's key work is it, you twat?
2. Want to try and treat employees even MORE like your personal serfs? Perhaps they can sleep in the barn?
3. Even if you're somehow well-meaning, you want UK taxpayers to pay 80% of their club staff wages yet use your OWN fortune to give them extra to make your lawns look nicer.

What. A. Turd.

On The Ball 11:22 Thu Apr 9
Re: Furloughing and the club
Iron Duke 10:25 Thu Apr 9

They are. Look at Rooney - he has something of a point in his latest outpouring, but his last one was how unfair it was on poor little footballers that they were still being forced to play with all this going on - while it wasn't really going on and we were all still at work. He's so deep into his little bubble he's floated away.

w4hammer 11:20 Thu Apr 9
Re: Furloughing and the club
surely is easier for west ham in that we have much fewer directly employed people as the whole stadium ting is outsourced

Has anyone got any data or comparison stats - I think i saw Spurs had 700 employees

id think wed struggle to have even half of that wouldnt we?!

On The Ball 11:05 Thu Apr 9
Re: Furloughing and the club
I think the anger is coming from the Clubs feeling the need to furlough "normal" staff (which essentially means they're saying they can't afford to pay them), but they can afford to pay "special" employees hundreds of thousands of Pounds a week - each.

The monthly wages of all of the "normal" staff come to a tiny fraction of Mo Salah's weekly wage. Liverpool et al can afford to pay the staff they've furloughed for months - even without the telly money coming in.

Iron Duke 10:25 Thu Apr 9
Re: Furloughing and the club
I've been "asked" to "volunteer" to take a 10% cut for up to 3 months, while still working full time from home.

The directors and top brass have volunteered to take a 30% cut, while probably working harder than ever.

If we do this, hopefully we won't have to furlough anyone.

Footballers shouldn't be singled out. I agree to that. But they are really being super-sensitive at the moment. Well, at least the ones quoted in the news. A 30% hit for PL footballers is not really that bad for them.

As for the comical view that a 30% cut may hurt the NHS, certain clubs think nothing about taking tax payers money to furlough non-playing staff. Is that helping the NHS?

geoffpikey 10:13 Thu Apr 9
Re: Furloughing and the club
So... #playerstogether

Well, that's a load of vague nothing. The players will do "something" to make donations to the NHS.... which was never really asked, was it?

The criticism was them bleeding no-current-income clubs who were simultaneously furloughing support staff. And this charity donation: tax deductible anyway, one would imagine. They'll pay out of "image rights" which aren't PAYE.

Players still doing jackshit for the clubs who pay over most of their income / TV money. Which ultimately is fans' money.. And clubs will no doubt go bust or have to try and flog players.

But they can't ALL play for Manchester United or the other moneybag clubs in the longer term.

What a shambles. Still.

Mex Martillo 2:53 Tue Apr 7
Re: Furloughing and the club
Gank, It’s because they are incredibly rich of the backs of ransoming punters to pay through the teeth and then they pass most of that wealth to bunch of idiot players that can clearly do just fine on a small percentage of what they cream of us....

gank 11:20 Mon Apr 6
Re: Furloughing and the club
Why are you lot so insistent that this one industry suddenly breaks contract? No other group of business is being demanded of this weird financial nonsense.

For one thing, the shortage of medical protective equipment would not be solved by charitable donations and for another thing, how much of YOUR salary have you been voluntarily donating? If we're talking percentages and you're saying 10 or 20% from footballers just because they earn a lot then surely with your comparatively meagre wage you should be looking at 60% or more.

Lee Trundle 9:22 Mon Apr 6
Re: Furloughing and the club
Liverpool “refused” to refund 290 Atletico fans who opted against travelling to Anfield


Have they been taking PR lessons from us?

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