So we pay circa £400k a year?
Thank you.
Makes sense. Effectively around net neutral then in terms of P and L but over time will provide balance sheet upside in terms of asset vs debt.
£7m for the ground is lower than lots of our guesses and feels a fair bit below market value. I’d say “cheers Jeff” but the rent over 30 years plus over £7m makes his personal Bescot investment very shrewd.
Over time it also provides Trivela with insurance. If the going concern pays down the loan without any more need to raid their investors then the ground, training ground and Saddlers club offer tangible value as opposed to the previous status of the football club which had very few tangible assets.
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Not from reading his explanation.
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Ive never associated accountants with willy waving - this could be a lot more interesting than double entry bookkeeping!
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Jeff wanted out for his own personal reasons outside football and needed the quicker cash injection
He took the money offered and did not fight it or demand more as for once something meant more than money
He was never gonna let us have the ground for free but that price is way more than fair
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Not had a chance to have a proper look yet, but didn’t I read that the main £3.6m of debt is repayable in years 2 to 5 though? Where did you get your 20 years from?
Some other things of note in the accounts:
The club owes Trivela £302,000 that falls due in over 5 years - I assume this is the £300,000 put in to spend on the Saddlers Club?
The Directors (that means Pomlett) were still owe £986,000 at 31st May 2023. I assumed that this would be paid off on the take over - Perhaps you can see why he is still around to make sure he gets his cash. It does say no interest was charged on this loan.
Mole and Gamble’s salaries and pension contributions totalled £246,000.
There are bits I don’t understand where it say that loans of £1.499m were paid off in the year and were replaced by loans of £5,194m it must be that Pomlett’s old loan was repaid and he then gave the money back to the Club as a loan ( and had it secured with a debenture) with the balance being the loan with the American Bank
I have got the length of the land loan wrong in the last post I did - I’ll do some more number crunching!!
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You are correct it does say that £3.6m should be repaid within 5 years although how the club could possibly afford that I have no idea unless more capital is put in from outside or Ronan Maher or Dougie Taylor is sold for £4m 
My original calculation was £3.819m divided by £190,000 my estimate of the capital repayments on the new loan only.
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My main question on the accounts (and there are a few) is what mechanisms are in place for repaying such a large amount in that time period?
Geoff Dance made a bid for the land in around 2011/12 and the amount was just under £6m IIRC - that was my benchmark for knowing what it was worth. GD didn’t even get the courtesy of a reply (again, IIRC) and things might have been different had he.
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There was a capital commitment note in the 2022 accounts saying that we were committed to pay £6.932m in the following year which was obviously the land. End cost would include legal and professional fees etc to get to the full cost in the 2022 accounts
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Ooh, er missus
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And I am thankful for every single one of them!
The open debate and different areas of business expertise is what will hopefully stop a Bonser-like calamity ever happening again in the hopeless tying up of our affairs and subsequent cover ups for years on end.
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Interested to know why responded? Did you think I was referring to you?
Can any of the accountants or business types on here remember how the “other” reserve of £4.113 originally arose? Thanks.
No you’re not.
I’ll leave it there.
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