Aberdeen To Clear Their Debt

[Pretty Boy]

Thoughts on this?

http://www.eveningexpress.co.uk/news/local/aberdeen-fc-secure-14-49m-deal-to-wipe-out-debts-1.678610

[SouthsideHarp_Bhoy]

Thoughts on this?

http://www.eveningexpress.co.uk/news/local/aberdeen-fc-secure-14-49m-deal-to-wipe-out-debts-1.678610

Lucky them... sounds like a great deal.

Imagine how strong a positiob we would be in if that happened to us, given we already have stadium and training ground. ..

[TowerHibs]

Good on them to be honest.

The trick is for all these clubs is to use the money previously paid on interest and debt repayment to invest into the club and the community....not to invest it on wages etc. Wages mean the money leaves the game to players and agents and then they will only find themselves back into debt.

Invest in youth, facilties and coaching and Aberdeen could have a much better strangle hold than they already have up there.

If only Hibs could approach a multi millionaire to do the same. We already have the assets there. All money saved would go on the team and improving our scouting/youth set up

[Waxy]

All ge ye three lambs and twa sheep.

[Billy Whizz]

Noticed their turnover has gone up from £7.8m to £11.1m, that's a whopping increase

[AndyM_1875]

Noticed their turnover has gone up from £7.8m to £11.1m, that's a whopping increase

And all mainly all down to crowds coming back to Pittodrie.
Their stadium holds 20,000. Team playing well up near the top of the table and last year they win a cup.

That deserves respect.

[Ronniekirk]

Noticed their turnover has gone up from £7.8m to £11.1m, that's a whopping increase
Sure is billy ,and they are seizing thier moment as they know they can be up there in the top four for the next few years if they get this right and build further on that ..They know the fan base is out there and success on the park will lead to increased gates , new revenue streams , more sponsorship etc
Am I right I. Thinking that rise in turnover doesn't include any signicant player sale iether .

[oneone73]

Sure is billy ,and they are seizing thier moment as they know they can be up there in the top four for the next few years if they get this right and build further on that ..They know the fan base is out there and success on the park will lead to increased gates , new revenue streams , more sponsorship etc
Am I right I. Thinking that rise in turnover doesn't include any signicant player sale iether .
OK, I'll say it. It could have been us if Petrie had shown an ounce of ambition and Farmer a modicum of passion.

[SouthsideHarp_Bhoy]

Good on them to be honest.

The trick is for all these clubs is to use the money previously paid on interest and debt repayment to invest into the club and the community....not to invest it on wages etc. Wages mean the money leaves the game to players and agents and then they will only find themselves back into debt.

Invest in youth, facilties and coaching and Aberdeen could have a much better strangle hold than they already have up there.

If only Hibs could approach a multi millionaire to do the same. We already have the assets there. All money saved would go on the team and improving our scouting/youth set up


Do youth players, coaches etc work for free?

[green&left]

Superb for them and fair play to the couple.

Infact there's a certain football club in Edinburgh who's owner is a multi-millionaire too who I would imagine could do similar and wipe their debt :hmmm:

Kinda glad to see their turnover has increased, for no other reason than to get it right up the suits at Hampden and Glasgow press who thought the league would be donald ducked without the old huns.

[Ronniekirk]

OK, I'll say it. It could have been us if Petrie had shown an ounce of ambition and Farmer a modicum of passion.
It's early days yet but it's looking like Leeann has diagnosed what the key failings of the club have been and set about fixing them ,including Backroom staff and manager proper scouting systems and vetting players and tie ups with local innovative set ups like Spartans . Etc This could all of been done Years ago but imo Petrie had too much control and was too pig headed and kept wanting to appoint the next manager in hope something would happen .
But trying to move on ,dwelling on his mismanagement just depresses me and that only gets compounded when I see his big smirk .:wink:

[Ozyhibby]

Good for them but their wage bill is too high at £6m if they have a dip in form and their turnover goes back to normal of about £7.5m.

[Ozyhibby]

Amazing that people think we should stick with Farmer and Petrie.
Have we now got the highest debt apart from Celtic?

[Billy Whizz]

Amazing that people think we should stick with Farmer and Petrie.
Have we now got the highest debt apart from Celtic?

I agree, these 2 need to move on, and soon

[marinello59]

Amazing that people think we should stick with Farmer and Petrie.
Have we now got the highest debt apart from Celtic?

Petrie should go, no ifs buts or maybes.
What has Stuart Milne done so much better at Aberdeen than STF has done at Hibs? Clearing this debt lets them take on more to finance a new stadium and training centre, projects he recently declared as essential.

[TowerHibs]

Do youth players, coaches etc work for free?

no but they are are a hell of a lot cheaper and sustainable to the club than paying someone £8k a week who could be a dud and then walk away after 2 years. 10% of his wage going to his agent too

[JimBHibees]

Petrie should go, no ifs buts or maybes.
What has Stuart Milne done so much better at Aberdeen than STF has done at Hibs? Clearing this debt lets them take on more to finance a new stadium and training centre, projects he recently declared as essential.

Agree lets remember Milne was hated by a fair proportion of Dons fans not so long ago. He appointed a decent manager who has bought well and hey presto.

[Ozyhibby]

Milne has never got Aberdeen relegated, Farmer has managed it twice at Hibs.

[carnoustiehibee]

Amazing that people think we should stick with Farmer and Petrie.
Have we now got the highest debt apart from Celtic?

Let's see how much debt Aberdeen are in after they build there new stadium and training facility, then well compare

[JimBHibees]

Milne has never got Aberdeen relegated, Farmer has managed it twice at Hibs.

They should have been relegated but were saved by Falkirk not having a ground.

[allmodcons]

This is pure luck on the part of Aberdeen FC. Two very wealthy individuals offering to clear debt in excess of £14M for a 20% share in the club.

Stewart Milne has been at Aberdeen since 1998 and, for the vast majority of those 16 years, has been loathed by a large section Aberdeen fans.

They've had a couple of decent seasons and, suddenly, everything during Milne's tenure has been wonderful and, as for Hibs, well Farmer and Petire are just a right pair of ****s!

If a millionaire was to offer to clear our debt of £6M in return for a 10% share in the club, I'm sure a deal would be done. It just so happens that, at this moment in time, we do not have a millionaire (i.e. - like Mr & Mrs Donald) who wants to piss that kind of money up against the wall.

[Cropley10]

Have we now got the highest debt apart from Celtic?

How can we when Petrie is the shrewdest man in football, and a real finance man, proud of our balance sheet?

[hibs0666]

Amazing that people think we should stick with Farmer and Petrie.
Have we now got the highest debt apart from Celtic?

Trying to compare the debts of Aberdeen and Hibs is waste of time because you are not comparing like with like. A better comparison is to compare Aberdeen now with Hibs when the land was sold - that's how far they are behind us in getting their house in order.

[Ozyhibby]

Doesn't help that business people are abandoning Hibs in droves. The corporate offering is emptier than the stands these days.

[Smartie]

Fair play to the couple who have decided to do this.

It was a stroke of luck for them that a natural resource appeared on their doorstep and with the help of the people in the local area they were able to capitalise and make a lot of money out of it.

It's great to see philanthropy in such people wanting to give back to a community who will have done so much to get them where they were when there are so many other things that they could do with the money.

I just hope that the Aberdeen fans are genuinely grateful for it and that they take the presented opportunity to grow their club in a sustainable way and don't just insist that it all just gets burned on players' wages for some short-lived gratification.

[Keith_M]

Let's see how much debt Aberdeen are in after they build there new stadium and training facility, then well compare

:agree:


Hibs have a manageable size of debt and a completed stadium.

Kudos to Aberdeen for getting this deal done but they still have to build a new stadium, which will put them in debt that dwarves what Hibs currently owe.

People are also kinda jealous that Hearts now have no debt. However, they also don't have a completed Stadium and, if they ever replace their ****ty Main Stand, they'll also be in debt to the tune of millions.

Makes Hibs' current financial state seem not too bad after all.

[GreenCastle]

OK, I'll say it. It could have been us if Petrie had shown an ounce of ambition and Farmer a modicum of passion.

And it really hasn't taken much for them to improve quickly - a decent manager and some steady players.

That's why it can be so frustrating being a Hibs fan.....POTENTIAL!!!

[JimBHibees]

This is pure luck on the part of Aberdeen FC. Two very wealthy individuals offering to clear debt in excess of £14M for a 20% share in the club.

Stewart Milne has been at Aberdeen since 1998 and, for the vast majority of those 16 years, has been loathed by a large section Aberdeen fans.

They've had a couple of decent seasons and, suddenly, everything during Milne's tenure has been wonderful and, as for Hibs, well Farmer and Petire are just a right pair of ****s!

If a millionaire was to offer to clear our debt of £6M in return for a 10% share in the club, I'm sure a deal would be done. It just so happens that, at this moment in time, we do not have a millionaire (i.e. - like Mr & Mrs Donald) who wants to piss that kind of money up against the wall.

Couldnt agree more incredible luck.

[Ozyhibby]

:agree:


Hibs have a manageable size of debt and a completed stadium.

Kudos to Aberdeen for getting this deal done but they still have to build a new stadium, which will put them in debt that dwarves what Hibs currently owe.

People are also kinda jealous that Hearts now have no debt. However, they also don't have a completed Stadium and, if they ever replace their ****ty Main Stand, they'll also be in debt to the tune of millions.

Makes Hibs' current financial state seem not too bad after all.

Every time I mention our nice stadium, fans of other clubs laugh at me. :-(
They all seem to think being good at football is more important?

[Keith_M]

Every time I mention our nice stadium, fans of other clubs laugh at me. :-(
They all seem to think being good at football is more important?


Agreed, but the thread is discussing the relative finances of each Club, so it is still relevant.


There are plenty of other threads to complain about the state of play on the pitch :wink:

[southsider]

Both Aberdeen and Dundee Utd have agreed with what is now state owned banks to "wave" a huge chunk of both clubs debt. "On behalf of both communities" was the answer given. Why can't the New Hibs try that ?

[Turkish Green]

:agree:
Hibs have a manageable size of debt and a completed stadium.

Kudos to Aberdeen for getting this deal done but they still have to build a new stadium, which will put them in debt that dwarves what Hibs currently owe.

People are also kinda jealous that Hearts now have no debt. However, they also don't have a completed Stadium and, if they ever replace their ****ty Main Stand, they'll also be in debt to the tune of millions.

Makes Hibs' current financial state seem not too bad after all.

I agree that Hibs in its current state cannot be compared to either the Sheep or the Yams.

Aberdeen have placed themselves between a rock and a hard place. They need to move from Pittodrie but they have had problems in obtaining land approval by Aberdeen City Council since their first proposal in 2009. As the years drag by the cost of building the new stadium rockets.

Hearts may have connived themselve out of their Lithuanian debt but the Vlad years have not been kind to the maintenance of the PBS. It may prove more cost effective to replace the log cabin of a main stand than carry out maintenance of it. Whatever they do will run into millions.

Despite RP's mismanagement of the on-field activities, Hibs are currently in a far better off-field financial position than either these two clubs.

[jacomo]

:agree:


Hibs have a manageable size of debt and a completed stadium.

Kudos to Aberdeen for getting this deal done but they still have to build a new stadium, which will put them in debt that dwarves what Hibs currently owe.

People are also kinda jealous that Hearts now have no debt. However, they also don't have a completed Stadium and, if they ever replace their ****ty Main Stand, they'll also be in debt to the tune of millions.

Makes Hibs' current financial state seem not too bad after all.

Depends how much they make from selling Pittodrie, does it not?

[Keith_M]

Depends how much they make from selling Pittodrie, does it not?


It does, but I'd be surprised if the land value were enough to buy land elsewhere and also pay for a new stadium.

[Viva_Palmeiras]

Thoughts on this?

http://www.eveningexpress.co.uk/news/local/aberdeen-fc-secure-14-49m-deal-to-wipe-out-debts-1.678610

"We are indebted to Willie and Elaine" 😃

[Pretty Boy]

It does, but I'd be surprised if the land value were enough to buy land elsewhere and also pay for a new stadium.

It will be intersting to watch what happens with Pittodrie. Stewart Milnes developed the land behind for housing, I wonder if he has his eye on the stadium at a knock down price to extend the development.

[Hibernia&Alba]

Fair play to the couple who have decided to do this.

It was a stroke of luck for them that a natural resource appeared on their doorstep and with the help of the people in the local area they were able to capitalise and make a lot of money out of it.

It's great to see philanthropy in such people wanting to give back to a community who will have done so much to get them where they were when there are so many other things that they could do with the money.

I just hope that the Aberdeen fans are genuinely grateful for it and that they take the presented opportunity to grow their club in a sustainable way and don't just insist that it all just gets burned on players' wages for some short-lived gratification.

Well said.

[marinello59]

It will be intersting to watch what happens with Pittodrie. Stewart Milnes developed the land behind for housing, I wonder if he has his eye on the stadium at a knock down price to extend the development.

I think it might have actually have been Barratts that built on the gas works site. One of their previously floated ideas was to rotate the pitch by 90 degrees so they could use the extra space to build larger more modern stands. I might be wrong but I think Barratts moved on that land while they were looking to move out to Kingswells as part of a Scotland Euro bid.

[macca70]

Sounds like they have racked up a fair debt on there Credit Card which they are now clearing but they are about to max it out again be building training facilities and a new stand.

[The Falcon]

Fair play to the couple who have decided to do this.

It was a stroke of luck for them that a natural resource appeared on their doorstep and with the help of the people in the local area they were able to capitalise and make a lot of money out of it.

It's great to see philanthropy in such people wanting to give back to a community who will have done so much to get them where they were when there are so many other things that they could do with the money.

I just hope that the Aberdeen fans are genuinely grateful for it and that they take the presented opportunity to grow their club in a sustainable way and don't just insist that it all just gets burned on players' wages for some short-lived gratification.

:top marks

[Mikey09]

Couple of yams at my work were discussing this today and said, "How can the dons just get the bank to write off £10 million worth of debt??" I actually burst out laughing.... Then the anger arose from within with a few home truths thrown at them. Would love to say they are decent guys but they are a couple of right tools that slaver the biggest load of pish every day.... Drives me insane.... :grr:

[Kato]

Couple of yams at my work were discussing this today and said, "How can the dons just get the bank to write off £10 million worth of debt??" I actually burst out laughing.... Then the anger arose from within with a few home truths thrown at them. Would love to say they are decent guys but they are a couple of right tools that slaver the biggest load of pish every day.... Drives me insane.... :grr:

It does fox them, the idea that debt doesn't have to be discarded through the courts and can be actually paid.

In their world Sir Tom Farmer, owner of Hibs, underwriting debts and paying the odd loan so debts can be paid on time means that Hibs are cheating.

On the other hand if you have an owner who runs up milllions of pounds of debt, allows debts to go unpaid at the expence of paying wages to players the club will never be able to afford, employs a finance manager to lie to everyone, have a fake share issue during which no-one knows what has happened to the proceeds and the shares are never registered or issued and if said owner then abandons the club as Interpol have warrant out for his arrest because he's embezzled millions of pounds from his bank which has a reputation for money laundering whilst all the while said owner is lauded by the fans and is never asked any tricky questions - that makes you "squeeky clean" and have "nothing to be ashamed of".

That kind of logic can't be argued against, as those taking that stance are morally bankrupt/stupid.

[Mikey09]

It does fox them, the idea that debt doesn't have to be discarded through the courts and can be actually paid.

In their world Sir Tom Farmer, owner of Hibs, underwriting debts and paying the odd loan so debts can be paid on time means that Hibs are cheating.

On the other hand if you have an owner who runs up milllions of pounds of debt, allows debts to go unpaid at the expence of paying wages to players the club will never be able to afford, employs a finance manager to lie to everyone, have a fake share issue during which no-one knows what has happened to the proceeds and the shares are never registered or issued and if said owner then abandons the club as Interpol have warrant out for his arrest because he's embezzled millions of pounds from his bank which has a reputation for money laundering whilst all the while said owner is lauded by the fans and is never asked any tricky questions - that makes you "squeeky clean" and have "nothing to be ashamed of".

That kind of logic can't be argued against, as those taking that stance are morally bankrupt/stupid.


If these two planks where I work are your average yam then it doesn't surprise me they all think this way...... Was arguing a few of these points with them Kato and what do you think they resorted to?? Yep!! You guessed it!! Couple of 1-5 hand gestures!!! One of them is in his mid 30's and the other is nearly 50!! Incredible how thick and arrogant these twats are....

[Kato]

If these two planks where I work are your average yam then it doesn't surprise me they all think this way...... Was arguing a few of these points with them Kato and what do you think they resorted to?? Yep!! You guessed it!! Couple of 1-5 hand gestures!!! One of them is in his mid 30's and the other is nearly 50!! Incredible how thick and arrogant these twats are....

You should bring into work.

1. A Michael Jackson Album.
2. A couple of tricycles.
3. A box of PG Tips.
4. A couple of pairs of colourful dungarees.
5. A large bunch of bananas.

You might as well be entertained whilst working with chimps.

[NAE NOOKIE]

Good for Aberdeen, but as far as I can see this is down to luck rather than good business.

I never understood why they built that monstrosity of a stand at one end, but if you check out Google maps it doesn't look like there is enough room to build much at the other end or where the main stand is.

I wonder where they will get the money to build the new stadium they need .... I doubt the land at Pittodrie is worth a lot and I presume the cost of a new gaff will be about 40 or 50 million. I wonder if they have ever approached Sir Ian Wood who offered 50 million of his own money for redevelopment of the city centre and was also prepared to underwrite an overspend of 35 million on top of that. They turned him down coz they didn't like his design .... If I was a sheep fan I would be wondering if he would like a football ground named after him.

[Kaiser1962]

Good for Aberdeen, but as far as I can see this is down to luck rather than good business.



In a nutshell.

[ozhibs]

Every time I mention our nice stadium, fans of other clubs laugh at me. :-(
They all seem to think being good at football is more important?

My thoughts as well but opinions Huh ! :-)

[McSwanky]

From Twitter (made me chuckle)...

https://twitter.com/ThomAlexWatt/status/544650894483410945

[IanM]

Both Aberdeen and Dundee Utd have agreed with what is now state owned banks to "wave" a huge chunk of both clubs debt. "On behalf of both communities" was the answer given. Why can't the New Hibs try that ?


I believe this is what STF is doing, putting the stadium and East Mains into a 'Community Trust' which means there is no debt as the bank will waive it. We're 10million, closing in on 11 in debt. STF will then pay the other £5m debt for which Hibs will then have to pay him back £500k a year for 10 years but we'll then have the cost of the stadium maintenence to fund along with east mains, which has cost us another £500k this year.

[Mr White]

I believe this is what STF is doing, putting the stadium and East Mains into a 'Community Trust' which means there is no debt as the bank will waive it. We're 10million, closing in on 11 in debt. STF will then pay the other £5m debt for which Hibs will then have to pay him back £500k a year for 10 years but we'll then have the cost of the stadium maintenence to fund along with east mains, which has cost us another £500k this year.

That's much higher than any figure I've read recently. I was under the impression our debt was around the £6m mark?

[GreenOnions]

OK, I'll say it. It could have been us if Petrie had shown an ounce of ambition and Farmer a modicum of passion.

I don't really think this example supports your point of view. The Dons had been underachieving for years and it was the signing of one excellent management team that turned things around so dramatically rather than an injection of cash.

IMO what this example might imply is that the cause of our decline over the last six or seven years has been a succession of poor management appointments rather than any lack of ambition or investment. These appointments were still the responsiblility (mainly) of Rod Petrie so he needs to carry the can for that but IMO it's not to do with ambition or investment.

What I also hope it shows is what can happen in Scottish football if just one correct decision is taken in terms of management personnel. Here's to Allan Stubbs showing that he can do what McInnes has done at Aberdeen and what McLeish and Mowbray did in different ways in the past for Hibs.

[AndyM_1875]

That's much higher than any figure I've read recently. I was under the impression our debt was around the £6m mark?

After this year's figures are announced I believe its between 7 and 8 million.

[Mr White]

After this year's figures are announced I believe its between 7 and 8 million.

:aok: cheers

[CropleyWasGod]

I believe this is what STF is doing, putting the stadium and East Mains into a 'Community Trust' which means there is no debt as the bank will waive it. We're 10million, closing in on 11 in debt. STF will then pay the other £5m debt for which Hibs will then have to pay him back £500k a year for 10 years but we'll then have the cost of the stadium maintenence to fund along with east mains, which has cost us another £500k this year.

In other words, no different to what we're doing just now?

[The_Horde]

Cheats. Amicable agreements are not allowed in this country.

[Ringothedog]

I believe this is what STF is doing, putting the stadium and East Mains into a 'Community Trust' which means there is no debt as the bank will waive it. We're 10million, closing in on 11 in debt. STF will then pay the other £5m debt for which Hibs will then have to pay him back £500k a year for 10 years but we'll then have the cost of the stadium maintenence to fund along with east mains, which has cost us another £500k this year.

Out of curiosity where did you get your information regarding the level of our debt and STF's proposals ?