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Post by hedleyverity on Oct 12, 2023 5:41:29 GMT
Reading have apparently agreed a takeover by William Storey of Rich Energy, a familiar name to motorsport fans, even if they'd never heard of them 30 seconds on Google would have told them to ignore him, the man's a total fantasist, unbelievable it's got this far.
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Post by suedehead on Oct 12, 2023 6:34:54 GMT
Calling 57hattersyears to the thread! When do we get the detail on all this? Is there anything else you've read (or can deduce from anything on here) that adds up to such a sum? Keiran Maguire is the guru on this kind of stuff and the figure he quotes, a loss of £4.862m, is spot on. Putting it simply around £93k a week. That of course was for the Nat Lge championship season. Detail on how this is made up is scant to say the least. County qualify as a 'small company' under accounting rules and as such have opted to publish what are effectively abridged accounts which do not include a detailed income and expenditure statement. There's no problem with this, but for 'nerds' like me who relish detail it means we miss out on poring over the minutiae of how that loss is made up. Next accounts (for the year to 30/6/23 - covering the first season back in the League) are due to be lodged at Companies House by 31/3/24. It's inconceivable to me that a similar, if not greater, loss will not be made. Mr Stott converted his (then) debt to equity in June '22. He hasn't done anything similar since so a debt will undoubtedly be being carried at the moment covering whatever he has had to fund in the last 15 months. The next interesting info to come out will be the declaration of agents fees paid. From memory this will be in Feb. Great stuff, as ever. Thank you.
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Post by timberwolf on Oct 12, 2023 7:59:37 GMT
The question we have to ask ourselves or the club about is could we have got to where we are today on the pitch without all the money being spent. Personally i say we would not have as if you look back at all our post war glory days and eras they have all happened by throwing money at it and never on the cheap or sustainability coming into it. Some clubs can do this but history shows we are not one of them for some reason.
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Post by County Blue on Oct 12, 2023 8:51:35 GMT
Few Gils fans worried that the subtext is they sacked their manager without a plan and someone who knows nothing about football is picking their next manager... Maybe it's reading far too much into it but it is interesting how he refers to "i", not "we" or the club. Worked OK for them so far! “Candidates from around the world” meaning either Steve Bruce (ex-player) or a Rusk type then. What could possibly go wrong?
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Post by mat1scfc on Oct 12, 2023 10:07:27 GMT
Notts County vs Bradford has been selected for TV
Imo that's abit of a piss take. Notts County will of had 2 games on TV already
Edit - just seen it's also Bradfords 2nd game on TV. So they've picked a game where both teams have already been on TV this season
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Post by sherbertdab on Oct 12, 2023 10:18:00 GMT
Few Gils fans worried that the subtext is they sacked their manager without a plan and someone who knows nothing about football is picking their next manager... Maybe it's reading far too much into it but it is interesting how he refers to "i", not "we" or the club. Worked OK for them so far! “Candidates from around the world” meaning either Steve Bruce (ex-player) or a Rusk type then. What could possibly go wrong? „Someone who doesn’t have a grasp of English Lower league football“ klaxon alert as Gills enter the world of being a project
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TC
Contributor
Posts: 815
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Post by TC on Oct 12, 2023 10:35:47 GMT
Few Gils fans worried that the subtext is they sacked their manager without a plan and someone who knows nothing about football is picking their next manager... Maybe it's reading far too much into it but it is interesting how he refers to "i", not "we" or the club. Worked OK for them so far! “Candidates from around the world” meaning either Steve Bruce (ex-player) or a Rusk type then. What could possibly go wrong? To quote Wikipedia, Galinson is a "Florida-base property tycoon" so that's comforting. Perhaps he'll bring in one of his US mates.
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Post by muddywaters on Oct 12, 2023 11:09:21 GMT
Calling 57hattersyears to the thread! When do we get the detail on all this? Is there anything else you've read (or can deduce from anything on here) that adds up to such a sum? Keiran Maguire is the guru on this kind of stuff and the figure he quotes, a loss of £4.862m, is spot on. Putting it simply around £93k a week. That of course was for the Nat Lge championship season. Detail on how this is made up is scant to say the least. County qualify as a 'small company' under accounting rules and as such have opted to publish what are effectively abridged accounts which do not include a detailed income and expenditure statement. There's no problem with this, but for 'nerds' like me who relish detail it means we miss out on poring over the minutiae of how that loss is made up. Next accounts (for the year to 30/6/23 - covering the first season back in the League) are due to be lodged at Companies House by 31/3/24. It's inconceivable to me that a similar, if not greater, loss will not be made. Mr Stott converted his (then) debt to equity in June '22. He hasn't done anything similar since so a debt will undoubtedly be being carried at the moment covering whatever he has had to fund in the last 15 months. The next interesting info to come out will be the declaration of agents fees paid. From memory this will be in Feb. Yes all Maguire has done is quote the movement in the retained profit (loss) for each club. I think on one of the club press releases a Director was quoted as saying the annual revenue was circa £5M, which means that we are spending £10M per annum. To clarify, that doesn't include ground improvement costs, they're capitalised and only a small depreciation charge will be included in the £10M. Including the cost of buying out the old shareholders and funding operating losses Mr Stott must have spent well over £10M by now (£12M o/s loan in the parent company) and the annual interest cost of that (say £500k) is being covered by Mr Stott.
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Post by hedleyverity on Oct 12, 2023 11:34:09 GMT
Notts County vs Bradford has been selected for TV Imo that's abit of a piss take. Notts County will of had 2 games on TV already Edit - just seen it's also Bradfords 2nd game on TV. So they've picked a game where both teams have already been on TV this season Who wants to be on the telly? Not for a weekend game certainly
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Post by chadders on Oct 12, 2023 11:35:17 GMT
Reading have apparently agreed a takeover by William Storey of Rich Energy, a familiar name to motorsport fans, even if they'd never heard of them 30 seconds on Google would have told them to ignore him, the man's a total fantasist, unbelievable it's got this far. Just been reading this thread. They’d be better off in administration than letting this crank buy them. If he passes the fit and proper persons test it’ll be Bury all over again.
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Post by alkringtonhatter on Oct 12, 2023 11:38:54 GMT
Reading have apparently agreed a takeover by William Storey of Rich Energy, a familiar name to motorsport fans, even if they'd never heard of them 30 seconds on Google would have told them to ignore him, the man's a total fantasist, unbelievable it's got this far. Just been reading this thread. They’d be better off in administration than letting this crank buy them. If he passes the fit and proper persons test it’ll be Bury all over again. It boggles my mind how these chancers even go through life like that on a day to day basis, let alone get close to owning a football club. How does this get past anyone?
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Post by hedleyverity on Oct 12, 2023 11:41:57 GMT
Reading have apparently agreed a takeover by William Storey of Rich Energy, a familiar name to motorsport fans, even if they'd never heard of them 30 seconds on Google would have told them to ignore him, the man's a total fantasist, unbelievable it's got this far. Just been reading this thread. They’d be better off in administration than letting this crank buy them. If he passes the fit and proper persons test it’ll be Bury all over again. He won’t get that far as he hasn’t got any money, what with his energy drink being as good as non-existent, Haas F1 didn’t get any money off him for his ‘sponsorship’ which was why the logos were removed from the cars halfway through the season, and when he lost a copyright case and was ordered to crush the entire worldwide stock of his product it turned out there wasn’t any. But he’s enjoying 5 minutes back in the limelight again
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Post by chadders on Oct 12, 2023 12:17:58 GMT
He’s a Covid conspiracy nut job as well.
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Post by Duncan McOchin on Oct 12, 2023 12:26:30 GMT
I don't know if it affects how much scrutiny Storey would be put under, but apparently he's a minority part of the consortium (25%). Beggars the question who on earth would join this modern-day John Batchelor
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Post by hedleyverity on Oct 12, 2023 12:40:53 GMT
I don't know if it affects how much scrutiny Storey would be put under, but apparently he's a minority part of the consortium (25%). Beggars the question who on earth would join this modern-day John Batchelor I’d bet my house he hasn’t provided that information, for obvious reasons There’s a thread on Twitter from a Martin Calladine breaking down Storey’s business history
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