Joined: Dec 22 2001 Posts: 31965 Location: The Corridor of Uncertainty
Speculation is that it's directors loans and what Chalmers supposedly put into the club - apparently he doesn't want re-paying but if that's the case it then it should be written off.
"If you start listening to the fans it won't be long before you're sitting with them," - Wayne Bennett.
There was a quote from Big Nige saying that this year the loan repayments kick in for the loan the club received from government/RFL during Covid... could a lot of this be linked to that?
Don't think i'm biased...
...i'm just very narrow minded!!!!!!!
Joined: Mar 05 2005 Posts: 4003 Location: 2.5 hrs North of Newcastle. 8 hrs South of Brisbane
Bullseye wrote:Speculation is that it's directors loans and what Chalmers supposedly put into the club - apparently he doesn't want re-paying but if that's the case it then it should be written off.
Perhaps a business loan is useful against your own overall business taxes, shame Adey G doesn't post anymore!
The phrase politically correct is in itself politcally incorrect so should be rephrased politically stupid!
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Joined: Dec 22 2001 Posts: 31965 Location: The Corridor of Uncertainty
Adey commented as follows:
Without knowing the details (of the liabilities), and especially any agreed but not contractual deferred payment arrangements especially for the current portion, it is impossible to tell (if the liabilities are a bad sign).
The balance sheet shows an entity that is technically insolvent, presumably reliant on creditors not seeking repayment of debts that are due. And a HUGE increase in "other creditors" (usually things like directors' loans, but who knows?) which appears to have been used to pay off nearly all the bank loans and overdrafts. On the face of it, this COULD be a pretty positive development - PROVIDED they ARE mostly loans, and from friendly parties on favourable terms. But it remains a huge amount of cash flow the club will have to generate, to repay them. Note the accounts are unaudited.
"If you start listening to the fans it won't be long before you're sitting with them," - Wayne Bennett.
Joined: Apr 06 2016 Posts: 1223 Location: South of Bratfud
Most companies have debt. Making a loss is another thing so as Adey said it's not necessarily a cause for concern? The company I work for carries an average of 37.1bn euros of debt but it's far from insolvent.
I guess the next concern is the amount of debt we'll add buying the lease.
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