Accounts & Club AGM - Thurs 21st March

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15 Mar 2019 09:05 - 15 Mar 2019 09:06 #1 by CCU
Last edit: 15 Mar 2019 09:06 by CCU.

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15 Mar 2019 10:58 #2 by carwash
Replied by carwash on topic Accounts & Club AGM - Thurs 21st March
Pretty much as expected. Awful results and worse to come this year. The EWM loan is up to £1.31million. The Pioneer loan is down to just under £500k. Nixon and Jenkins are still owed £135k after converting £860k of loans. Curle gets the blame from Clibbens for most things.

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15 Mar 2019 11:13 #3 by thetashkentterror
Replied by thetashkentterror on topic Accounts & Club AGM - Thurs 21st March
It's past the time now where the Trust need to be putting pressure on EWM to tell the fans what the hell their plan is.

£1.3m in debt to them and they say nothing.

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15 Mar 2019 11:30 #4 by carwash
Replied by carwash on topic Accounts & Club AGM - Thurs 21st March
EWM are just acting as a lender. They have personal guarantees from the directors so are sitting pretty. Nixon and Jenkins had to put £260k of cash in last year and probably at least a similar amount will be needed this year. Despite the cost-cutting the situation looks desperate.

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15 Mar 2019 12:43 #5 by CCU
Replied by CCU on topic Accounts & Club AGM - Thurs 21st March
Price of Football on Twitter with a Thread on the Accounts:


Win or Lose, Up The Blues!

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15 Mar 2019 13:10 #6 by Dancingbear
Replied by Dancingbear on topic Accounts & Club AGM - Thurs 21st March
So what happens when they cant convert £800k to fudge the figures into looking like a lot less than a £950k loss?

There's only one way of life and that's your own!!!

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15 Mar 2019 14:12 #7 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
Operating loss of nearly a million quid and PGs of £1.3m-wow!

Even worse than I expected-and no amount of irrelevant padding out chat in the accounts can disguise this shocker-and they described me as dubious!

Now totally reliant on EWM-as always when reading a set of accounts,follow the cash flow

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15 Mar 2019 14:15 #8 by carwash
Replied by carwash on topic Accounts & Club AGM - Thurs 21st March

Dancingbear wrote: So what happens when they cant convert £800k to fudge the figures into looking like a lot less than a £950k loss?


In theory that won't happen for a while. The Directors have agreed to convert their debt to B shares to the same extent as EWM advances the Club money. Therefore this financial year if the Club was again to lose £950k, EWM would have to advance £500k, AJ and JN would advance £450k then convert £500k to B shares. The Directors are now on the hook for £1.31 million and are still having to put hundreds of thousands of pounds into the club every year. They are probably regretting not taking up Laffy's kind offer of a few years back.

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15 Mar 2019 14:22 #9 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
I would post a photo of me smoking a cigar but I don’t know how to!Lucky escape I think.

This of course was 9 months ago-the PGs will be nearer £2m now I guess.

Most of the stuff in the accounts-goals here,goals there-just irrelevant and nothing to do with the financial performance.

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15 Mar 2019 15:05 #10 by pie
Replied by pie on topic Accounts & Club AGM - Thurs 21st March

Laffy wrote: I would post a photo of me smoking a cigar but I don’t know how to!Lucky escape I think.

This of course was 9 months ago-the PGs will be nearer £2m now I guess.

Most of the stuff in the accounts-goals here,goals there-just irrelevant and nothing to do with the financial performance.


I'm not as personally close to the individuals involved but i take no satisfaction whatsoever in reading those accounts and seeing my football club barely surviving. This is about CUFC, not you, not the current owners and not the massive egos in between.
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15 Mar 2019 15:15 #11 by Dancingbear
Replied by Dancingbear on topic Accounts & Club AGM - Thurs 21st March

carwash wrote:

Dancingbear wrote: So what happens when they cant convert £800k to fudge the figures into looking like a lot less than a £950k loss?



In theory that won't happen for a while. The Directors have agreed to convert their debt to B shares to the same extent as EWM advances the Club money. Therefore this financial year if the Club was again to lose £950k, EWM would have to advance £500k, AJ and JN would advance £450k then convert £500k to B shares. The Directors are now on the hook for £1.31 million and are still having to put hundreds of thousands of pounds into the club every year. They are probably regretting not taking up Laffy's kind offer of a few years back.


AJ maybe but has JN got anything like the sort of money needed. Either way how the hell do you turn those sort of losses into a break even figure and still be competitive. Oh and that’s without trying to pay down any of the loan.

There's only one way of life and that's your own!!!

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15 Mar 2019 16:44 #12 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
You werent subject to the rubbish that I was by this so called board of custodians-and to think they also hung around for 2 years for a ‘billionaire’

Am I sorry for the Club?Absolutely I am, and the fans and those who work tirelessly to make the Club better.Am I sorry for the directors who are supposed to be custodians but have run this into the ground and now have at least £1.3m of PGs on the line?Let me think about that and come back to you.I will let the numbers do the talking.

This is a poor set of accounts and the balance sheet is shot.Thank the Lord that EWM turned up as you wouldn’t have a football club if they hadn’t.Its no coincidence that the finances are now on a tighter rein-think about that one too
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15 Mar 2019 17:46 #13 by Wukkie
Replied by Wukkie on topic Accounts & Club AGM - Thurs 21st March
The accounts will be worse next year after this season, less 'football fortune' coming in, less attendance money etc.

The best thing is they think things will improve by not spending as you reduce the quality of the squad the less likely you will be promoted and the chance to gain higher attendances that a promotion push would offer.

If it wasn't for the loan from outside sources we'd be up sh*t creek with no return. No surprise really as you knew this was coming as soon as those 'reluctant custodians' were given free reign of the club.

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15 Mar 2019 18:22 #14 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
Not sure I agree as the costs have been slashed-I still think at least £500k loss this year however.

The sad thing here is it was avoidable 3 years ago by tightening up things across the board-instead we have a p&l out of control

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15 Mar 2019 21:40 #15 by Zenon
Replied by Zenon on topic Accounts & Club AGM - Thurs 21st March
Top of Page 3 of the accounts states:-

“The financial year ended 30 June 2018 incorporate our third consecutive season in League 2”.

Is anyone surprised that our directors don’t appear to know how long we have spent in this basement division?

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16 Mar 2019 16:37 #16 by NORTHERNSOUL
Replied by NORTHERNSOUL on topic Accounts & Club AGM - Thurs 21st March

pie wrote:

Laffy wrote: I would post a photo of me smoking a cigar but I don’t know how to!Lucky escape I think.

This of course was 9 months ago-the PGs will be nearer £2m now I guess.

Most of the stuff in the accounts-goals here,goals there-just irrelevant and nothing to do with the financial performance.


I'm not as personally close to the individuals involved but i take no satisfaction whatsoever in reading those accounts and seeing my football club barely surviving. This is about CUFC, not you, not the current owners and not the massive egos in between.


Well, personally I piss myself every time Jenkins has to put another pound in simply to prop it up or to disguise the level of debt.

But let's not forget every penny he puts in is a loan which he never actually just writes off He converts them to the mysterious B shares which at any time in the future subject to a simple holdings board vote could become worth whatever they want them to be worth.

If he'd done what he was told and stuck in 500k at the start of each season to support team strengthening he.d be no worse off than he is now, he wouldn't have a two-million-pound personal guarantee hung around his neck, the club would almost certainly be in the championship attracting gates of 10k ensuring there were no losses to cover.

And then we have to say we.ll done John Nixon for finally accepting some responsibility to fund the club that he owns but that then begs the question just when will the brush salesman and the Trust step up and do the same.

Finally and I don't do this very often but I have to compliment the club on the open and in the main honest way they have presented the accounts this time but two criticisms, lets lose the Clibbins waffle all 12 pages of it and finally a 960k loss is a 960k loss however much you try to disguise it.

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16 Mar 2019 16:45 #17 by Dancingbear
Replied by Dancingbear on topic Accounts & Club AGM - Thurs 21st March

NORTHERNSOUL wrote:

pie wrote:

Laffy wrote: I would post a photo of me smoking a cigar but I don’t know how to!Lucky escape I think.

This of course was 9 months ago-the PGs will be nearer £2m now I guess.

Most of the stuff in the accounts-goals here,goals there-just irrelevant and nothing to do with the financial performance.


I'm not as personally close to the individuals involved but i take no satisfaction whatsoever in reading those accounts and seeing my football club barely surviving. This is about CUFC, not you, not the current owners and not the massive egos in between.


Well, personally I piss myself every time Jenkins has to put another pound in simply to prop it up or to disguise the level of debt.

But let's not forget every penny he puts in is a loan which he never actually just writes off He converts them to the mysterious B shares which at any time in the future subject to a simple holdings board vote could become worth whatever they want them to be worth.

If he'd done what he was told and stuck in 500k at the start of each season to support team strengthening he.d be no worse off than he is now, he wouldn't have a two-million-pound personal guarantee hung around his neck, the club would almost certainly be in the championship attracting gates of 10k ensuring there were no losses to cover.

And then we have to say we.ll done John Nixon for finally accepting some responsibility to fund the club that he owns but that then begs the question just when will the brush salesman and the Trust step up and do the same.

Finally and I don't do this very often but I have to compliment the club on the open and in the main honest way they have presented the accounts this time but two criticisms, lets lose the Clibbins waffle all 12 pages of it and finally a 960k loss is a 960k loss however much you try to disguise it.


Isn’t it strange that the same week we announce a £960k loss Clibbens tells the CUSG that the club is in no worse a position financially.

There's only one way of life and that's your own!!!

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16 Mar 2019 16:49 #18 by NORTHERNSOUL
Replied by NORTHERNSOUL on topic Accounts & Club AGM - Thurs 21st March

Laffy wrote: Not sure I agree as the costs have been slashed-I still think at least £500k loss this year however.

The sad thing here is it was avoidable 3 years ago by tightening up things across the board-instead we have a p&l out of control


Not sure how you get that Andrew i.d say the operating losses will be about the same but the football fortune figure will be not much more than the 30k Checkatrade money given no cup runs and the admission that there is no outstanding money from outgoing transfers.

And yes there will have been a slight reduction in playing budget but not that much given the players with ongoing contracts and those brought in won't be on that much less than the players they replaced [ maybe one notable exception ] and wouldn't that exception have made all the difference this season considering how many games and how well hes performed for his new club meaning whatever they've saved can only be seen as a false economy.

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16 Mar 2019 17:08 #19 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
Just a guess Barry but I can’t imagine they would be continuing to run at a £20k per week loss.No going concern issue which implies that the budget shows something remotely around break even.

As for the loans,just window dressing.The shares are worthless and it’s a way of writing the loans off with triggering a tax liability-the mistake they made with the FS loan write off.

Always best to look forward rather than back-the loans/dead shares do not represent anything other than losses.Most important thing is to get the Club to break even if they can.

It’s pretty evident from the PGs that EWM are nothing more than the bank-any notion of sucking PD in probably evaporated when they were asked to sign these.

As for the excuses for taking 9 months to publish the accounts-utter garbage.With a turnover of c £4m, there’s not much to audit!

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16 Mar 2019 21:47 - 16 Mar 2019 21:50 #20 by NORTHERNSOUL
Replied by NORTHERNSOUL on topic Accounts & Club AGM - Thurs 21st March

Laffy wrote: Just a guess Barry but I can’t imagine they would be continuing to run at a £20k per week loss.No going concern issue which implies that the budget shows something remotely around break even.

As for the loans,just window dressing.The shares are worthless and it’s a way of writing the loans off with triggering a tax liability-the mistake they made with the FS loan write off.

Always best to look forward rather than back-the loans/dead shares do not represent anything other than losses.Most important thing is to get the Club to break even if they can.

It’s pretty evident from the PGs that EWM are nothing more than the bank-any notion of sucking PD in probably evaporated when they were asked to sign these.

As for the excuses for taking 9 months to publish the accounts-utter garbage.With a turnover of c £4m, there’s not much to audit!


I agree they can't go on losing 20k a week but imagine where 20k a week off the wage bill would have us right now and I suspect the extension for Hope [assuming hes the highest player left at the club] will give them a problem there in that any half decent player they try to sign will start from the position of saying make me your highest paid player [ thats the stance thats driven wage inflation in league two in the last few years ask Andy Holt how many players hes met that think they're worth more than Billy Kee ]

And I get what you're saying about the shares but they created them with a holdings board vote and with another one could simply give them a value at some time in the future and the fact that Nixon has put this money in all of a sudden [ unless he won the lottery and ticked the anonymous box ] makes me believe even more that this is the case.

I agree with you that EWM are nothing more than bankers of last resort [ well maybe 2nd last resort as AH revealed this morning that if you're willing to pay the exorbitant interest rates theres at least one high st bank willing to lend against future tv income. ] Maybe they.d be better looking at being bankers to a fan-owned club at least that way they'd know there would be investment going in each year to drive the club forward rather than the Jenkins model of putting money in only when he has to in order to cover a turnover shortfall of a lack of football fortune.

I agree with you as well that 9 months is ridiculous and is clearly being used as a smokescreen where they can say well things have got better since then or we.ve done this or done that to improve things in hope that people will have forgotten in 9 months when the next figures come out.

But Andrew i.d like your opinion on a couple of things given that we both agree that a year from now we.re probably looking at a debt to EWM of the best part of two and a half million pounds so how do you see this being resolved? [ being written/paid off in Jenkins will for example ] or is there some way that EWM can write it off tax efficiently at some point I know they could as irrecoverable debt if we went into liquidation/receivership but you can't see that being the plan or they would have been better off doing it two years ago and then putting the money into the new incarnation. And given they have a personal guarantee of the money from Jenkins [ they must have checked that hes good for it ] why do they need the charge on the assets as well ?

Its a shame there are people on this board who can't realise that you can support the club while being at war with its directors a position a certain Cumbrian businessman must know all about.
Last edit: 16 Mar 2019 21:50 by NORTHERNSOUL.
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17 Mar 2019 07:47 #21 by CarlisleWhite
Replied by CarlisleWhite on topic Accounts & Club AGM - Thurs 21st March
What would the £8.4M of tangible assets be - surely the ground is practically worthless?

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17 Mar 2019 07:49 #22 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
Morning Barry
It’s just a gut feel but I don’t think EWM had a full picture of the issues when they agreed to lend to the Club.Probably no financial DD so left to the lawyers to come up with an instrument that would cover them.Hence we end up with a full ‘whistles and bells’ loan Agreement with all the hallmarks of a bank facility-backed up by PGs.This appears to have been overtaken by events ie lack of cash, and EWM appear to have introduced an arrangement where matched funding is apparent ie if we put money in, you have to as well

The PGs are problematic-they look real to me and at best are there to make sure the BOD know that EWM aren’t just going to throw money in and forget about it.It also makes sure the 3 are locked in and just don’t abandon ship-I read a while ago that there was a suggestion JN had wanted to walk.

I do not believe EWM have any interest in taking this on. Certainly not any time soon.

So to me it feels like EWM behaving just like a bank and the three stakeholders locked in.

As for loan conversions, any change to the share rights would require Trust consent in my view so no real risk of being diluted.Im pretty sure the conversions are to get round tax issues with writing them off.EWM would get some relief for writing their loan off but the Club would potentially be taxed on the same.

I reckon the PGs will be UK around £2m soon-horrible.

When I was at Motherwell,after the penny dropped about living beyond your means being stupid,we looked at the cost base.Most of the overhead is unavoidable with a football club so you inevitably turn to player and support staff budgets-there is only so far you can go on this front without causing serious damage.

Long term solution is to increase sales income-easiest one to improve is commercial by being creative.

The problem for Carlisle long term is the ground-it’s not fit for purpose in terms of revenue generation and will have some heavy recurring depreciation costs.

The Club needs to almost start again-new ground, new ownership structure,new broom, new ideas.Bolting things on to a broken asset won’t work-the accounts tell you that
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17 Mar 2019 15:17 #23 by borderterrier
Replied by borderterrier on topic Accounts & Club AGM - Thurs 21st March
Well if ever you needed evidence to show what these so called custodians are doing to our club here you have it. This proves they are destroying CUFC.
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17 Mar 2019 17:15 #24 by Lakelandterrier
Replied by Lakelandterrier on topic Accounts & Club AGM - Thurs 21st March

Laffy wrote: Morning Barry
It’s just a gut feel but I don’t think EWM had a full picture of the issues when they agreed to lend to the Club.Probably no financial DD so left to the lawyers to come up with an instrument that would cover them.Hence we end up with a full ‘whistles and bells’ loan Agreement with all the hallmarks of a bank facility-backed up by PGs.This appears to have been overtaken by events ie lack of cash, and EWM appear to have introduced an arrangement where matched funding is apparent ie if we put money in, you have to as well

The PGs are problematic-they look real to me and at best are there to make sure the BOD know that EWM aren’t just going to throw money in and forget about it.It also makes sure the 3 are locked in and just don’t abandon ship-I read a while ago that there was a suggestion JN had wanted to walk.

I do not believe EWM have any interest in taking this on. Certainly not any time soon.

So to me it feels like EWM behaving just like a bank and the three stakeholders locked in.

As for loan conversions, any change to the share rights would require Trust consent in my view so no real risk of being diluted.Im pretty sure the conversions are to get round tax issues with writing them off.EWM would get some relief for writing their loan off but the Club would potentially be taxed on the same.

I reckon the PGs will be UK around £2m soon-horrible.

When I was at Motherwell,after the penny dropped about living beyond your means being stupid,we looked at the cost base.Most of the overhead is unavoidable with a football club so you inevitably turn to player and support staff budgets-there is only so far you can go on this front without causing serious damage.

Long term solution is to increase sales income-easiest one to improve is commercial by being creative.

The problem for Carlisle long term is the ground-it’s not fit for purpose in terms of revenue generation and will have some heavy recurring depreciation costs.

The Club needs to almost start again-new ground, new ownership structure,new broom, new ideas.Bolting things on to a broken asset won’t work-the accounts tell you that


And we have all these local businessmen who are supposed to be inteterested but, they watch the club plunge deeper into the abyss...

Cumbrian and Proud

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17 Mar 2019 18:14 #25 by Dancingbear
Replied by Dancingbear on topic Accounts & Club AGM - Thurs 21st March

Lakelandterrier wrote:

Laffy wrote: Morning Barry
It’s just a gut feel but I don’t think EWM had a full picture of the issues when they agreed to lend to the Club.Probably no financial DD so left to the lawyers to come up with an instrument that would cover them.Hence we end up with a full ‘whistles and bells’ loan Agreement with all the hallmarks of a bank facility-backed up by PGs.This appears to have been overtaken by events ie lack of cash, and EWM appear to have introduced an arrangement where matched funding is apparent ie if we put money in, you have to as well

The PGs are problematic-they look real to me and at best are there to make sure the BOD know that EWM aren’t just going to throw money in and forget about it.It also makes sure the 3 are locked in and just don’t abandon ship-I read a while ago that there was a suggestion JN had wanted to walk.

I do not believe EWM have any interest in taking this on. Certainly not any time soon.

So to me it feels like EWM behaving just like a bank and the three stakeholders locked in.

As for loan conversions, any change to the share rights would require Trust consent in my view so no real risk of being diluted.Im pretty sure the conversions are to get round tax issues with writing them off.EWM would get some relief for writing their loan off but the Club would potentially be taxed on the same.

I reckon the PGs will be UK around £2m soon-horrible.

When I was at Motherwell,after the penny dropped about living beyond your means being stupid,we looked at the cost base.Most of the overhead is unavoidable with a football club so you inevitably turn to player and support staff budgets-there is only so far you can go on this front without causing serious damage.

Long term solution is to increase sales income-easiest one to improve is commercial by being creative.

The problem for Carlisle long term is the ground-it’s not fit for purpose in terms of revenue generation and will have some heavy recurring depreciation costs.

The Club needs to almost start again-new ground, new ownership structure,new broom, new ideas.Bolting things on to a broken asset won’t work-the accounts tell you that


And we have all these local businessmen who are supposed to be inteterested but, they watch the club plunge deeper into the abyss...


Can you blame them? Whats the point of chucking a few grand into a bottomless pit. Strange that after 15 years of nowt Mr Nixon has lobbed summat in as well.

There's only one way of life and that's your own!!!

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17 Mar 2019 18:28 #26 by NORTHERNSOUL
Replied by NORTHERNSOUL on topic Accounts & Club AGM - Thurs 21st March

Dancingbear wrote:

Lakelandterrier wrote:

Laffy wrote: Morning Barry
It’s just a gut feel but I don’t think EWM had a full picture of the issues when they agreed to lend to the Club.Probably no financial DD so left to the lawyers to come up with an instrument that would cover them.Hence we end up with a full ‘whistles and bells’ loan Agreement with all the hallmarks of a bank facility-backed up by PGs.This appears to have been overtaken by events ie lack of cash, and EWM appear to have introduced an arrangement where matched funding is apparent ie if we put money in, you have to as well

The PGs are problematic-they look real to me and at best are there to make sure the BOD know that EWM aren’t just going to throw money in and forget about it.It also makes sure the 3 are locked in and just don’t abandon ship-I read a while ago that there was a suggestion JN had wanted to walk.

I do not believe EWM have any interest in taking this on. Certainly not any time soon.

So to me it feels like EWM behaving just like a bank and the three stakeholders locked in.

As for loan conversions, any change to the share rights would require Trust consent in my view so no real risk of being diluted.Im pretty sure the conversions are to get round tax issues with writing them off.EWM would get some relief for writing their loan off but the Club would potentially be taxed on the same.

I reckon the PGs will be UK around £2m soon-horrible.

When I was at Motherwell,after the penny dropped about living beyond your means being stupid,we looked at the cost base.Most of the overhead is unavoidable with a football club so you inevitably turn to player and support staff budgets-there is only so far you can go on this front without causing serious damage.

Long term solution is to increase sales income-easiest one to improve is commercial by being creative.

The problem for Carlisle long term is the ground-it’s not fit for purpose in terms of revenue generation and will have some heavy recurring depreciation costs.

The Club needs to almost start again-new ground, new ownership structure,new broom, new ideas.Bolting things on to a broken asset won’t work-the accounts tell you that


And we have all these local businessmen who are supposed to be inteterested but, they watch the club plunge deeper into the abyss...


Can you blame them? Whats the point of chucking a few grand into a bottomless pit. Strange that after 15 years of nowt Mr Nixon has lobbed summat in as well.


Yes very strange DB

But I suspect hes seen the pension plan that Andrew,s been busy creating and thought shit i.ll have a bit of that. Rumour is that Pattison got together every last penny he has but they told him £100 was the absolute minimum they could accept.
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17 Mar 2019 18:36 #27 by nobbyblue
Replied by nobbyblue on topic Accounts & Club AGM - Thurs 21st March

Lakelandterrier wrote:

Laffy wrote: Morning Barry
It’s just a gut feel but I don’t think EWM had a full picture of the issues when they agreed to lend to the Club.Probably no financial DD so left to the lawyers to come up with an instrument that would cover them.Hence we end up with a full ‘whistles and bells’ loan Agreement with all the hallmarks of a bank facility-backed up by PGs.This appears to have been overtaken by events ie lack of cash, and EWM appear to have introduced an arrangement where matched funding is apparent ie if we put money in, you have to as well

The PGs are problematic-they look real to me and at best are there to make sure the BOD know that EWM aren’t just going to throw money in and forget about it.It also makes sure the 3 are locked in and just don’t abandon ship-I read a while ago that there was a suggestion JN had wanted to walk.

I do not believe EWM have any interest in taking this on. Certainly not any time soon.

So to me it feels like EWM behaving just like a bank and the three stakeholders locked in.

As for loan conversions, any change to the share rights would require Trust consent in my view so no real risk of being diluted.Im pretty sure the conversions are to get round tax issues with writing them off.EWM would get some relief for writing their loan off but the Club would potentially be taxed on the same.

I reckon the PGs will be UK around £2m soon-horrible.

When I was at Motherwell,after the penny dropped about living beyond your means being stupid,we looked at the cost base.Most of the overhead is unavoidable with a football club so you inevitably turn to player and support staff budgets-there is only so far you can go on this front without causing serious damage.

Long term solution is to increase sales income-easiest one to improve is commercial by being creative.

The problem for Carlisle long term is the ground-it’s not fit for purpose in terms of revenue generation and will have some heavy recurring depreciation costs.

The Club needs to almost start again-new ground, new ownership structure,new broom, new ideas.Bolting things on to a broken asset won’t work-the accounts tell you that


And we have all these local businessmen who are supposed to be inteterested but, they watch the club plunge deeper into the abyss...


Most of them are on the same level as Steve Patt which is the problem.

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17 Mar 2019 18:58 #28 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
Rather like Debenhams,House of Fraser etc, the club needs a proper rinse before any locals will try it again.Bolting new money into this structure is like burning it on a fire.

Meanwhile, they just keep on digging the hole like Cool Hand Luke.Not sure how to post the clip.

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17 Mar 2019 19:04 - 17 Mar 2019 19:06 #29 by Waltero
Replied by Waltero on topic Accounts & Club AGM - Thurs 21st March
A few H of F top end brands complaining Ashley's dumping a load of Sports Direct gear in some of the stores. Spoils their image
Last edit: 17 Mar 2019 19:06 by Waltero. Reason: Spelling error

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17 Mar 2019 19:09 #30 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
Trouble is Waltero that HOF got into the shit by not selling what most people want to buy-just a whole load of concessions selling the same gear as everyone else.Race to the bottom.

Ashley has been quietly buying up brands which punters buy into and its inevitable he will use the HOF stores this way.He controls the brands so no race to the bottom.

I know his number two-the guy told me the price he paid for HOF equated to buying all the stock at 10p in the pound-deal of the century.
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17 Mar 2019 20:56 #31 by shaldon1
Replied by shaldon1 on topic Accounts & Club AGM - Thurs 21st March
Just had a look at News and Star. Is the turnover figure only 2.28million Please confirm

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17 Mar 2019 21:14 - 17 Mar 2019 21:17 #32 by NORTHERNSOUL
Replied by NORTHERNSOUL on topic Accounts & Club AGM - Thurs 21st March

shaldon1 wrote: Just had a look at News and Star. Is the turnover figure only 2.28million Please confirm


No thats just the business turnover which is ticket sales and commercial activities

Total turnover was £3.993 [ £4.273 in 16/17 ] the difference is the 3 amounts they receive from the FL [ The solidarity payment, The TV Monies and the Academy payment ] all of which increased slightly from the previous year which makes the business turnover reduction from the previous year even greater.
Last edit: 17 Mar 2019 21:17 by NORTHERNSOUL.

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17 Mar 2019 21:41 #33 by nobbyblue
Replied by nobbyblue on topic Accounts & Club AGM - Thurs 21st March
Turnover just under £4. That seems a bit on the low side.

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17 Mar 2019 21:44 #34 by DeckchairBlue
Replied by DeckchairBlue on topic Accounts & Club AGM - Thurs 21st March
According to that @priceoffootball on Twitter it puts us about mid table.

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18 Mar 2019 19:21 #35 by orfc
Replied by orfc on topic Accounts & Club AGM - Thurs 21st March
I wonder if EWM told directors who use their position to leverage external positions that they were expected to pay their fair share and not just Jenkins?

I also wonder if you need to maintain a minimum shareholding to be the EFL L2 director representative?

I don't know how likely either are, but they sound more likely than John selflessly deciding to chuck nearly a 100 grand down the toilet.

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19 Mar 2019 07:48 #36 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
Feels like ‘matched funding ‘ to me.If you want me to put in £x, then I expect you to put in £y.

I doubt any of the three expected to be in this position when they acquired the Club all those years ago.It reinforces my point a while ago that they would need to put money in to have any chance of getting out-basically an ongoing dowry

The challenge is to get the Club to a position where it can stand on its own.Some of the initiatives are well founded but this is only going south until the ground issue is sorted out.The Workington finance plan looks smart to me and may well work.No reason why a similar scheme could not be looked at in Carlisle

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19 Mar 2019 09:41 #37 by lummy8
Replied by lummy8 on topic Accounts & Club AGM - Thurs 21st March
Agreed, I think JN has been poked into putting some cash in.

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19 Mar 2019 10:53 #38 by heilkmoon
Replied by heilkmoon on topic Accounts & Club AGM - Thurs 21st March

nobbyblue wrote: Turnover just under £4. That seems a bit on the low side.


£4 for a turnover? Greggs are taking the piss.

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19 Mar 2019 11:05 #39 by ParcelPete
Replied by ParcelPete on topic Accounts & Club AGM - Thurs 21st March

lummy8 wrote: Agreed, I think JN has been poked into putting some cash in.


I hope whoever poked Nixon has Pattison in his sights.

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19 Mar 2019 11:07 #40 by heilkmoon
Replied by heilkmoon on topic Accounts & Club AGM - Thurs 21st March

ParcelPete wrote:

lummy8 wrote: Agreed, I think JN has been poked into putting some cash in.


I hope whoever poked Nixon has Pattison in his sights.


Good god, what kind of pervert can he be?
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19 Mar 2019 11:40 #41 by borderterrier
Replied by borderterrier on topic Accounts & Club AGM - Thurs 21st March
When FS owned the club I’m almost certain that the club had a turnover of 5 million.it just goes to show what a pigs ear they are now making of running the club.

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19 Mar 2019 13:03 #42 by CCU
Replied by CCU on topic Accounts & Club AGM - Thurs 21st March

Win or Lose, Up The Blues!

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19 Mar 2019 15:55 #43 by Dancingbear
Replied by Dancingbear on topic Accounts & Club AGM - Thurs 21st March
I see they stopped short of saying they’d have a go at raising some additional funds themselves.

There's only one way of life and that's your own!!!
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19 Mar 2019 15:57 #44 by Urban Designer
Replied by Urban Designer on topic Accounts & Club AGM - Thurs 21st March
We were getting an extra 3,500 fans then compared to now

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19 Mar 2019 18:06 #45 by munchymagic
Replied by munchymagic on topic Accounts & Club AGM - Thurs 21st March
Pattison doesn't have two brass washers we all know that and about Jenkins fortune but Nixon is an old man with no job and has not been paid apparently for eleven years and apart from an ancient 20k input he has suddenly found another 80k to put in has he that he found under the bed?

Maybe he can explain where this cash was hidden a couple of seasons back on our promotion run?

Sounds a bit suspect to me this whole situation - are we to be expected to believe that Nixons 80k was out of the goodness of his heart and it would enable him to continue with his FA work that he does not apparently get paid for.

Sounds dodgy to me, PD must be thinking what his use is as his FA duties do not benefit Carlisle United - I would argue that it makes our situation worse as Nixon is so entrenched with his new buddies that he is afraid of upsetting them like we all found out when it came to the vote for the format of the now Mickey Mouse cup that he helped to destroy regardless what we all thought.
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19 Mar 2019 18:34 #46 by Laffy
Replied by Laffy on topic Accounts & Club AGM - Thurs 21st March
I’m sorry to say that the Trust response is limp-nothing more than a commentary.No mention of how they as second largest shareholder will act-basically waiting for something,anything to turn up.Poor and not how I would expect the second largest shareholder to respond.

The Trust’s shares do have one thing in common with the new non voting shares-they are totally worthless.

The loss was not £120k-it was nearly £1m FFS! The revolving door of director cash injection followed by loan conversion to worthless paper is nothing more than an accounting exercise to mitigate tax-the unavoidable fact is the Club torched cash at the rate of £20k per week!

If all stakeholders recognised the shares in both camps were worthless,then all could have a sensible ‘bonfire of vanities’ party and figure out how to find a solution that works for the Club and its fans.

Meanwhile the ‘lend and pretend’ loan arrangements continue-a similar situation to the Greek bailout-lend enough to keep the ball rolling without any hope of seeing the original loan coming back.
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20 Mar 2019 17:21 #47 by Wukkie
Replied by Wukkie on topic Accounts & Club AGM - Thurs 21st March
We all know the trust are in bed with the directors so we all know they would'nt even think of rocking the boat even a little bit. They represent the board more than they do the fans.
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21 Mar 2019 19:02 #48 by CCU
Replied by CCU on topic Accounts & Club AGM - Thurs 21st March
Looks like Twitter coverage:


Win or Lose, Up The Blues!

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21 Mar 2019 19:29 - 21 Mar 2019 19:29 #49 by CCU
Replied by CCU on topic Accounts & Club AGM - Thurs 21st March
A whole 17mins long! Shareholders now having a Q&A on various issues, check both the Club and Jon Colman’s Twitter feeds...


Win or Lose, Up The Blues!
Last edit: 21 Mar 2019 19:29 by CCU.

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28 Mar 2019 16:40 #50 by CCU
Replied by CCU on topic Accounts & Club AGM - Thurs 21st March

Win or Lose, Up The Blues!

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