View Full Version : Mr Farmer/debt
Enough said
03-05-2016, 06:54 PM
Can somebody clarify for me please. When me farmer cleared 5 million debt was it a gift or are we paying it back? i was informed we are paying him back at 500 grand per annum
Enough said
03-05-2016, 06:55 PM
Exactly as you put it thanks thought that mate
CropleyWasGod
03-05-2016, 06:55 PM
Can somebody clarify for me please. When me farmer cleared 5 million debt was it a gift or are we paying it back? i was informed we are paying him back at 500 grand per annum
The debt was reduced to £5m, interest-free, repayable over 10 years at £500k pa.
Enough said
03-05-2016, 06:57 PM
Cheers
CropleyWasGod
03-05-2016, 07:02 PM
Exactly as you put it
Not exactly.
No-one (outside of the club ) knows for sure how much the debt was before the write-off. Based on the last accounts, I reckoned about £9.3m, but others (with different agendas) have different views.
tamig
03-05-2016, 07:13 PM
Not exactly.
No-one (outside of the club ) knows for sure how much the debt was before the write-off. Based on the last accounts, I reckoned about £9.3m, but others (with different agendas) have different views.
Indeed.
Not exactly.
No-one (outside of the club ) knows for sure how much the debt was before the write-off. Based on the last accounts, I reckoned about £9.3m, but others (with different agendas) have different views.
The OP didn't ask what the original debt was, just what is it now and how much per year are we paying it off.
CropleyWasGod
03-05-2016, 07:20 PM
The OP didn't ask what the original debt was, just what is it now and how much per year are we paying it off.
He actually said "cleared £5m", but I ain't gonna fall out about it. :greengrin
Malthibby
03-05-2016, 07:28 PM
The OP didn't ask what the original debt was, just what is it now and how much per year are we paying it off.
I think what CWG is noting is that STF may well have gifted hibs 4 or 5 million, along with a 10 year interest free loan of the balance. Some may look at the OP and think that STF had not written off millions, which I'm sure was not the intention.
GG
I think what CWG is noting is that STF may well have gifted hibs 4 or 5 million, along with a 10 year interest free loan of the balance. Some may look at the OP and think that STF had not written off millions, which I'm sure was not the intention.
GG
I get that, I knew the debt was a lot more just the OP asked only about £5m and the payments, I didn't see the need to add anything about the true debt.
CropleyWasGod
03-05-2016, 07:34 PM
Cheers
And it's "Sir Tom" to you :greengrin
oneone73
03-05-2016, 07:36 PM
And it's "Sir Tom" to you :greengrin
I always wondered who you were. Explains a lot.
CropleyWasGod
03-05-2016, 07:37 PM
I always wondered who you were. Explains a lot.
****.
Outed at last.
Anyone know is we're already paying the £5m up in the £500k chunks?
Given we lost £800k last year and we're told the club doesn't have an overdraft facility, assume Sir Tom or someone has put their hand in their pocket to cover last season? Does the £800k than get added to the £4.5 or £5m??
If we have paid £500k back we've surely increased the debt because of the £800k so does that mean the actual debt is now £5.3m?? :dunno: Confused!!!
GreenLake
03-05-2016, 10:03 PM
The debt was reduced to £5m, interest-free, repayable over 10 years at £500k pa.
Quite different from the usurious rate other owners demand from their supporters.
CropleyWasGod
03-05-2016, 10:08 PM
Anyone know is we're already paying the £5m up in the £500k chunks?
Given we lost £800k last year and we're told the club doesn't have an overdraft facility, assume Sir Tom or someone has put their hand in their pocket to cover last season? Does the £800k than get added to the £4.5 or £5m??
If we have paid £500k back we've surely increased the debt because of the £800k so does that mean the actual debt is now £5.3m?? :dunno: Confused!!!
The loan is paid back monthly, approximately £41,600 pm.
The loss is almost irrelevant to that. As long as we have the cash, it will be paid, and the loan reduced.
Sent from my GT-I9505 using Tapatalk
Whatever it is its a good deal for the club. End of story. :thumbsup:
Sir Tom will always have the best interests of our club at heart and any deal, like the one it is and stopped us having to pay him £5m (I think) hard cash to pay for the West by 2019. I don't think he planned on being at the club anywhere near what he has but he's an amazing custodian who's only fault would be his faith in Petrie.
Sir Tom will always have the best interests of our club at heart and any deal, like the one it is and stopped us having to pay him £5m (I think) hard cash to pay for the West by 2019. I don't think he planned on being at the club anywhere near what he has but he's an amazing custodian who's only fault would be his faith in Petrie.
STF and Petrie are very good friends and business associates, Petrie dealt with a lot of Farmers money investments whilst he was with Ernst and Young and then Quayle Munro. He was basically put in place to look after STF investment, Sir Tom's only mistake was to watch and allow Petrie to be involved in any footballing matters instead of just looking after the coffers.
greenginger
04-05-2016, 08:00 AM
STF and Petrie are very good friends and business associates, Petrie dealt with a lot of Farmers money investments whilst he was with Ernst and Young and then Quayle Munro. He was basically put in place to look after STF investment, Sir Tom's only mistake was to watch and allow Petrie to be involved in any footballing matters instead of just looking after the coffers.
And Petrie got lucky when he appointed Mowbray as manager and he convinced himself he knew what he was doing on the football side of the business.
And Petrie got lucky when he appointed Mowbray as manager and he convinced himself he knew what he was doing on the football side of the business.
:agree:
STF and Petrie are very good friends and business associates, Petrie dealt with a lot of Farmers money investments whilst he was with Ernst and Young and then Quayle Munro. He was basically put in place to look after STF investment, Sir Tom's only mistake was to watch and allow Petrie to be involved in any footballing matters instead of just looking after the coffers.
Good analogy.
ancient hibee
04-05-2016, 10:30 AM
Anyone know is we're already paying the £5m up in the £500k chunks?
Given we lost £800k last year and we're told the club doesn't have an overdraft facility, assume Sir Tom or someone has put their hand in their pocket to cover last season? Does the £800k than get added to the £4.5 or £5m??
If we have paid £500k back we've surely increased the debt because of the £800k so does that mean the actual debt is now £5.3m?? :dunno: Confused!!!
You can lose £800K in a year and still have plenty cash in the bank.
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