Scum's finanacial statements (Long)

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As posted by someone below.

A few things jumped out;

?32.5M in debt *after* the CVA?! Fucking hell! BUT:-

"The debt to Norwich Union may never be repaid if we stay in the Championship, but the interest repayments will continue to be paid and are currently ?1.5m per year."

Followed by

"4. What plans do the club have to reduce the amount of debt outstanding or is our ability to reduce the debt solely reliant on us regaining our position in the Premiership?

The solution to the debt is the Premiership. Another way is to find a benefactor who will invest in shares, as has happened with eight of the last nine promoted clubs. "

Translation; They don't have a s**t-show of paying it off.

"Following the sale of both Bent and Davis, we are told that there are no or limited funds available to strengthen our weakened squad. Having only spent a small proportion of the transfer revenue on an unproven striker at our level, what has happened to the rest of the money? Or were you misleading us earlier in the year?

We did not say if players would stay or go. The answer to the question ?do you need to sell?? always has to be ?no? otherwise you undermine your negotiating position."

Translation - They're lying like f**k.

"15. Norwich publicly stated that on relegation their wage bill would reduce by more than a third, because of relegation clauses in player contracts. Given that such clauses are nowadays the norm rather than the exception, there would appear to be no need for parachute payments. What is ITFC's view on this issue?

This is an interesting question. If wages were reduced enough on relegation the need for a parachute payment would not be needed and would level the playing field in the Championship. However, negotiating a contract when you're in the Premiership that the wages will go down if you are demoted would be a lot harder than negotiating one in the Championship if wages will go up if you are promoted."

Translation - They have no intention of putting finanacial prudence first should a miracle happen and they get promoted.

"21. Why did the club chairman write a deliberately misleading article on the subject of supporter-elected board representation ahead of last year?s AGM?

This should be directed to the Chairman and I wasn?t aware that he had deliberately mislead. "

Translation - They know he's a lying bastard but can't say so in public.

Keeeerrrrist, I'm glad I'm not a binner! Even better, I'm glad I don't have any Norwich Union shares, cos they are going to take a hammering if the Scum go under.

Posted By: Iwan Husarmi, Sep 19, 19:09:11