James Brent says a majority of the balloon payment has been accounted for..

What is "fortune income"?

In Jimmy we trust.......... Like we trusted Stapes,Sir Woy, Keef Todd, Desperate Dan etc.

Sir Francis Drake wrote:

What is "fortune income"?

Another term to describe "unbudgeted income" maybe? £350-400k seems an awful lot of unbudgeted income though.

Greenskin wrote:

Sir Francis Drake wrote:

What is "fortune income"?

Another term to describe "unbudgeted income" maybe? £350-400k seems an awful lot of unbudgeted income though.

Would it be transfer money and money saved on player wages ?.

Crikey, this story is not even on PASOTI. Thought they would be all over this like a rash.

The balloon payment might be accounted for, but how much have other debts accumulated?

Strange how the outstanding  £500,000 owed as part of the balloon payment  is described by Brent as " a relatively small amount of money in the scheme of things."

Really?

Then how come it has proved so difficult to pay this debt down...  and let's be honest here...  It's only 500 grand because another £800,000 is now owed to the council instead!

Talk about creative accounting.

Still not to worry....  That council debt is only slightly more than a relativity small amount in the scheme of things!

Smoke and mirrors - debt has to be 'at least' £1.3mill still?!

I would be amazed if it is that small Bandy, I've heard figures of £5m. It's amazing that under this regime of honesty, integrity, morality and openess we don't know whether the club is in debt, in debt a bit or a lot.

Sir Francis Drake wrote:

What is "fortune income"?

Bucket rattlers?

I would guess Iggy that the total debt is around 2 million? £1million for Brent's up front creditor debt pay off, £800k to the council and roughly £250k to Wrathall. Can't imagine there's much more than that?

What I don't understand with the maths here is that if fortune income has typically been £350-450k and half of that annual amount is taken off the balloon payment, why have we only managed to reduce the balloon payment by just over £900k (Hourihane + Council loan)? Am I missing something here?

On the whole, its good news for the club. Although debt hasn't been reduced all that considerably in total, Brent has effectively maneuvered a time extension for us.

The last two abbreviated accounts have shown losses of £2.4M and £1.6M.

Add that to £500K balloon payment, £800K to PCC (if they haven't done honourable thing and returned the £250K balance they haven't used in accelerated balloon payments) plus any debt to GT's and you get true figure.

To be honest being in debt, whilst undesirable, doesn't matter too much if the payment schedule is friendly enough.

The abbreviated accounts don't shed much light on this but some of the debt described by Green Genie is probably double accounting, as it were.

I don't doubt the £4m combined losses but if loans going in are to cover those losses then adding the loans to get a gross figure would be misleading.

Also the sum owed to the creditors was budgeted to decrease monthly to 50% of the original total over 5 years so (half of) that debt will have disappeared and the "unbudgeted income" would have munched into the half that remains.

The GT loans are almost equivalent to a gift given the impact of the repayment schedule, murky though that is, so there's little to worry about there.

Which leaves Brent's input from his pension fund rumoured to be around £2m (at commercial rates). He desperately needs to recoup this money so that he doesn't break a solemn promise made to Mrs B and this would appear to be where his asking price to sell up starts. It's rather like the McCauley mantra at the tail end of his days: "gimme my £2m back and I'm off" (except McC hadn't trousered a parcel of land, of course).

Basically we're more or less on an even keel now - and credit to Brent for achieving that.

They have got a thread on it now..

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Thanks for saving us James, a real fan foreshore.

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Doesn't move far from his no 1 jamboy does he ?

Tringreen wrote:

Doesn't move far from his no 1 jamboy does he ?

Nool wouldn't let go of Jimmys hand all day.

Iggy wrote:

Tringreen wrote:

Doesn't move far from his no 1 jamboy does he ?

Nool wouldn't let go of Jimmys hand all day.

Apart from when he had to check ATD every 14 seconds.

A bias article from the herald what shock

More like another free ad for the Brent regime.

Les Miserable wrote:

Thanks for saving us James, a real fan foreshore.

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Is that Chief Hanger-On Oddball in the grey beanie too?

It must annoy the fook out of Nool being obliged to go to every God forsaken 4th division shithole, because his Lord and Master is going. A few years ago Nool probably got to less away games than Xisle.

The price you pay for being No.1 Jamboy, I guess.

Tringreen wrote:

Doesn't move far from his no 1 jamboy does he ?

Tbf to Brent, I think it's probably the other way round, Tring.

Sir Francis Drake wrote:

The GT loans are almost equivalent to a gift given the impact of the repayment schedule, murky though that is, so there's little to worry about there.

Wrong. Wrong Wrong.

A big deal at the time was made that these MUST be repaid otherwise tax and insurance payments are due on them.

So how much is owed the GT's?

Yes it is oddball/greensleeves  'lurking'  behind James, with Evil Dr Porkchop in the vanguard and TW watching Brenty's back(financially) The Queen of England's security team has got nothing on that bunch, I wonder if they accompanied him to the toilet at half time to hold his orb and sceptre

Les Miserable wrote:

Yes it is oddball/greensleeves  'lurking'  behind James, with Evil Dr Porkchop in the vanguard and TW watching Brenty's back(financially) The Queen of England's security team has got nothing on that bunch, I wonder if they accompanied him to the toilet at half time to hold his orb and sceptre