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Post by mermaidsal on Oct 7, 2008 19:56:11 GMT
But yes it does look like we're really well out of links with Iceland, they've suspended deposits in Ice Bank and savers are going to have to apply for compensation. For a country with no industry Iceland did get bizarrely rich in the past few years, now it looks like they'll suffer as badly as anyone and I really don't fancy Wet Sham's chances.
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Post by Lakeland Potter on Oct 7, 2008 20:00:52 GMT
I'm not sure that swampy is right that Wet Sham will be ok because the club was bought with private money. If those who put up the private money have taken big losses in the current financial circumstances and if they had significant borrowings to finance their investments then they may have to sell some other assets (eg a football club) to balance the books. EDIT - certainly they will struggle if they do have to pay the Blades £30 million!  |
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Post by knowingeye on Oct 7, 2008 20:07:41 GMT
I'm not sure that swampy is right that Wet Sham will be ok because the club was bought with private money. If those who put up the private money have taken big losses in the current financial circumstances and if they had significant borrowings to finance their investments then they may have to sell some other assets (eg a football club) to balance the books. EDIT - certainly they will struggle if they do have to pay the Blades £30 million! Icelandic government to take over Landsbanki using Russian money to prop up their "economy". But UK savers have to get the money (oer 20k euros) back via UK Bank Guarantee programme! |
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Post by mermaidsal on Oct 7, 2008 20:07:46 GMT
I think a hell of a lot of clubs AREN'T going to be ok unless the crash suddenly goes into reverse, which isn't going to happen. The Russian oligarchs are going to get richer because they've got oil and gas to hold the world to ransom with, but the PLCs and clubs with US money (not to mention Icelandic) could be in deep shit and that could come quite quickly. I'm hoping we'll be in a stronger position than most, although I don't think North Staffs itself will be.
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Post by algor on Oct 7, 2008 20:21:54 GMT
I think a hell of a lot of clubs AREN'T going to be ok unless the crash suddenly goes into reverse, which isn't going to happen. The Russian oligarchs are going to get richer because they've got oil and gas to hold the world to ransom with, but the PLCs and clubs with US money (not to mention Icelandic) could be in deep shit and that could come quite quickly. I'm hoping we'll be in a stronger position than most, although I don't think North Staffs itself will be. I agree with sal clubs like Chelsea and Man city look quids in but clubs like Man Utd with £600 Million worth of loans against their ownership could be a bit dodgy if their interest rates went up from approx 8/9% as they were when the Americans got the club to the potential 16% they are now that would mean them having to find an extra £50 - £60 million pounds a year just to break even. I have no proof of these figures and I am just speculating. |
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Post by Thank you from Moorlander1 on Oct 7, 2008 21:01:28 GMT
I think a hell of a lot of clubs AREN'T going to be ok unless the crash suddenly goes into reverse, which isn't going to happen. The Russian oligarchs are going to get richer because they've got oil and gas to hold the world to ransom with, but the PLCs and clubs with US money (not to mention Icelandic) could be in deep shit and that could come quite quickly. I'm hoping we'll be in a stronger position than most, although I don't think North Staffs itself will be. You need to do your home work on the Russian economy a little better than that. |
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Post by Lakeland Potter on Oct 7, 2008 22:21:17 GMT
I'd say what Sal says is spot on. Russia has problems with its economy and its banking system like the west does but (unlike the west but like parts of the middle east) it is a huge exporter of oil and gas (to the west) which should enable it to weather the financial storm better than many western economies.
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Post by craig67 on Oct 7, 2008 22:24:57 GMT
But yes it does look like we're really well out of links with Iceland, they've suspended deposits in Ice Bank and savers are going to have to apply for compensation. For a country with no industry Iceland did get bizarrely rich in the past few years, now it looks like they'll suffer as badly as anyone and I really don't fancy Wet Sham's chances. They got bizarrely rich Sal because they became a bit of a banking outpost.In other words we'll finance anything!Unfortunately that ethos doesn't work if everything goes tits up and no-one can repay you! |
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Post by surreystokie on Oct 7, 2008 22:43:08 GMT
As one who remembers decades of 'closed society' - The Iron Curtain - in Russia, they have good reason to believe in capitalism, right now.  But isn't it kind of dear ole UK, to help out Iceland? When the screens were awash with the dire financial outlook, this evening, I wondered if any professional footballers were having a peep, in between phoning their agents, with orders to to get their incomes doubled?  |
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Post by stokeny on Oct 7, 2008 23:46:53 GMT
I've been thinking for a while that all the greed and ridiculous sums of money in football, will all end in tears. I would honestly like to see lots of clubs go under (because they would come back under a different guise) and an end to ridiculous wages and transfer fees.
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Post by assessornum1 on Oct 8, 2008 13:29:14 GMT
As long as its not stoke eh?
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Post by stokeny on Oct 8, 2008 14:27:10 GMT
Think we migt be ok. It might even save us from the drop given that the plug might be pulled on Arsenal, Manure, Liverpool and Chelsea. If you look at their debts it is staggering. If Lehman Brothers can go under these teams that have debts up to half a billion each can. I'd love it
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Post by daverichards on Oct 8, 2008 14:43:15 GMT
Chelsea , Arsenal ? I see you know little of them .
Chelsea owe their money to........ Their owner , who happens to have a wealth of about £10Billion
Arsenal , actually in a very strong position , despite the hoped for mill stone of their £400M stadium due to property dealings that worked well for them
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Post by stokeny on Oct 8, 2008 15:31:55 GMT
Chelsea owe their money to their owner who no doubt supported them as a boy when he grew up in the streets of London. No hang on, he could easily fuck off tomorrow if the whim takes him. Even if he was to write off the debt they would have to change drastically as they lose 80 million a year
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Post by stokeny on Oct 8, 2008 15:37:57 GMT
A quick search round the internet and there's no shortage of stuff
"Arsenal FC is in such a situation. With the current debt of the club of around £200 million, which it will have to repay for the next 22 years, there is no delusion that Arsenal needs to play Champions League football every year.
What could happen if Arsenal fails to qualify for the Champions League?
First, the club would lose about £50 million from prizes. Along with that, it would also lose the money it would have gotten if it played in these extra matches. That would be another £30-£40 million.
Therefore, the deficit would approach £100 million. That could lead to a sell-out in the team. Arsenal would have to sell its star players to generate the money to pay its debts. The team is quite fragile as it is"
Sounds like a very strong position to you does it?
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Post by daverichards on Oct 8, 2008 15:39:01 GMT
Chelsea owe their money to their owner who no doubt supported them as a boy when he grew up in the streets of London. No hang on, he could easily fuck off tomorrow if the whim takes him. Even if he was to write off the debt they would have to change drastically as they lose 80 million a year yes , my point was, they don't owe it to a financial institution ALA Man U , Liverpool who could suddenly call in their debt |
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Post by stokeny on Oct 8, 2008 15:51:06 GMT
My point is the way the are all run is not sustainable. It might go on for a while but eventually I think it will go tits up just like the banks. Manure can't sell all their corporate seats there is a limit to how far they cann all go
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Post by Deleted on Oct 8, 2008 16:18:42 GMT
Personally I hate seeing any football club go under, no matter who they are, yeah lose money and the stranglehold on the top 4 position but not go under, it does no good for football at any level.
Imagine if Stoke went under we would not be on here writing stuff and taking the piss with other fans. Saturdays would be crap. I would love to see the top 4 become no better financially than the rest of the premier league to make it more open like in the 1970's when anyone could win the damn thing.
Lets hope that people keep betting otherwise old Peter could be in trouble?
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Post by daverichards on Oct 8, 2008 16:31:53 GMT
My point is the way the are all run is not sustainable. It might go on for a while but eventually I think it will go tits up just like the banks. Manure can't sell all their corporate seats there is a limit to how far they cann all go I'd disagree , Man U run at a profit, bar the repayments they make for the owners debt of purchasing them |
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Post by knowingeye on Oct 8, 2008 17:33:47 GMT
Still, I'm glad that Peter Coates stepped in, with the security to take over from those folks who reputedly, or allegedly, have once or twice (maybe) munched on puffins, which can be cooked in a variety of delicious traditional recipes!  |
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Post by stokeny on Oct 8, 2008 18:16:47 GMT
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Post by mermaidsal on Oct 8, 2008 18:23:53 GMT
If you made a list of all the clubs in the top two divisions that aren't dangerously highly geared and/or dependent on a sugar daddy, it would be a pretty short one. Arsenal would have been ok until they moved, but like ID says, property values must mean they're better placed than most.
And if this is going to be a 1930s scale depression, how safe's Sky money? In the short term I guess it'll be ok, but if people can't afford the subs it could well reduce.
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Post by stokeny on Oct 8, 2008 18:33:03 GMT
I personally think it might mean turmoil for a while but it might actually be good for the fans in the long run
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Post by mermaidsal on Oct 8, 2008 18:35:30 GMT
If it evens things up a bit that can only be good in the long run. But the clubs that suffer most are probably going to be lower down the food chain, I can see a few towns and cities losing their only league side.
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