Smithy - the clubs finances

Without the parachute (yet alone the Ashton sale) I think we are roughly breaking even.

IMO the parachute money this season and the remaining money due from the sale of the land behind the N&P (River End) stand covers :

a) the ?1.3m capital commitments in the last Annual Report
b) the ?0.6+m repayment re the large loan (originally ?15m)
c) the ?5.5m loans re the Corner stand and the phase 2 land (when it was bought about 3 or 4 years ago with the help of a loan). Remember Neil Doncaster said some time ago that the club were looking to get this debt down this season.
d) part or all of the ?0.5m provision for work to be done regarding phase 1 development

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That is why Worthy has had to trade players in order to restructure the team this season.
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I believe the cash balance (?3m)less the overdraft (?1.15m) plus the cash arising from the phase 2 development will go a fair way to financing the building of the upper tier of the G Watling stand.
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THE INTERESTING THING is that apart from any money arising from the Ashton transfer and possibly a transfer of Green; next season there will be another ?6m available - does the board give it to Worthy to strengthen the squad or do they have other plans for the money ?

I hope the above helps

Posted By: Financebod, Jan 22, 22:30:10