stuart Posted February 17, 2007 Share Posted February 17, 2007 Hello Interesting feature in the sun today highlighting 33 million worth of debt in the SFL - Dundee sitting at 19 million! However, we are 1 of only around 5 teams in the black - to the tune of around 5.8 million - this includes our parent company too apparently. Interesting reading but not sure how useful it is to gauge the financial health of football clubs. Link to comment Share on other sites More sharing options...
9 Strathblane Crescent Posted February 17, 2007 Share Posted February 17, 2007 I don't know where the figures came from but they are keeche. Morton are roughly £1m in debt to Golden Casket. Where they get the £5.8m from I don't know. The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy. Link to comment Share on other sites More sharing options...
Stevie Aitken's Love Child Posted February 17, 2007 Share Posted February 17, 2007 I don't know where the figures came from but they are keeche. Morton are roughly £1m in debt to Golden Casket. Where they get the £5.8m from I don't know. It's based on the profits made by the parent company, and as Morton are owned by Golden Casket, then all income/expenditure is included in their finances! Simple really Link to comment Share on other sites More sharing options...
piehutt Posted February 17, 2007 Share Posted February 17, 2007 I remember reading some figures that Dougie posted on the site - basically saying we were skint and needed more fans to turn up. The figures looked fairly clear that we were not making a profit and costs were being off-set by golden casket (non-football) profits. However the figures also showed that we had a fairly healthy turnover and so there was a bit of lee-way in the books were things to tighten up a bit. Basically in business necessity is a great driver, as Morton don't have that the clubs purse strings are fairly loose. I reckon if we needed to at least break even it wouldn't be too tricky to do. Twitter... tweet tweet Link to comment Share on other sites More sharing options...
Stevie Aitken's Love Child Posted February 17, 2007 Share Posted February 17, 2007 I remember reading some figures that Dougie posted on the site - basically saying we were skint and needed more fans to turn up. The figures looked fairly clear that we were not making a profit and costs were being off-set by golden casket (non-football) profits. However the figures also showed that we had a fairly healthy turnover and so there was a bit of lee-way in the books were things to tighten up a bit. Basically in business necessity is a great driver, as Morton don't have that the clubs purse strings are fairly loose. I reckon if we needed to at least break even it wouldn't be too tricky to do. I think what Rae was meaning by those comments was that Golden Casket wont always be there to bail us out, and he's trying to find ways to make us self-sufficient, the most obvious of those being an increase in attendances. If we can increase attendances, then all the rest takes care of itself, for example merchandising and sponsorship. Hard to do with such fickle fans, and when we do have a big game a la Motherwell 2 weeks ago, a good percentage that go are only there for the big occasion, and i would hazard are largely Old Firm fans just there for a day out! I wouldn't want to imagine the situation we would be in without a successful Golden Casket owning us. Link to comment Share on other sites More sharing options...
piehutt Posted February 17, 2007 Share Posted February 17, 2007 I wouldn't want to imagine the situation we would be in without a successful Golden Casket owning us. I don't think it would be all that bad. Like I said necessity is a great driver. I actually think we'd have made better use of the fewer resources we had and would have been out of this league a few seasons ago. If Brechin won it then... I rest my case. However the bigger money brought a few pre-maddonnas who were not the same value for money that a few division 1 and 2 journeymen may have been. Still - it's all hypothetical now and we are where we are. Twitter... tweet tweet Link to comment Share on other sites More sharing options...
9 Strathblane Crescent Posted February 17, 2007 Share Posted February 17, 2007 It's based on the profits made by the parent company, and as Morton are owned by Golden Casket, then all income/expenditure is included in their finances! Simple really Aye, but it's still keeche....In the last accounting period Morton Football Club owed Golden Casket £994,081... You can dress it up anyway you like but the bottom line is Morton Football Club are in the red. The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy. Link to comment Share on other sites More sharing options...
Waverley Posted February 17, 2007 Share Posted February 17, 2007 Of course, the further Morton are in debt to Golden Casket, then the less likely it is that anyone will buy the team, as Dougie will naturally want the debt paid off in full. Link to comment Share on other sites More sharing options...
Stevie Aitken's Love Child Posted February 17, 2007 Share Posted February 17, 2007 Aye, but it's still keeche....In the last accounting period Morton Football Club owed Golden Casket £994,081... You can dress it up anyway you like but the bottom line is Morton Football Club are in the red. I'm not dressing anything up, I am merely stating the facts! The reason that a lot of the other clubs will be in debt is that most Chairmen or owners will start a new company and start from scratch with no finances, so all losses/profits are only shown for the football club. Golden Casket themselves are Morton's owners, and until such time as we are sold on, they will continue to subsidise us. In response to Piehutt's comments, i would tend to agree with you on some of your points. Without Golden Casket's funding, we would most likely be part-time, paying top part-time wages thus getting some really good players and would be in the first division by now! Link to comment Share on other sites More sharing options...
Stevie Aitken's Love Child Posted February 17, 2007 Share Posted February 17, 2007 Of course, the further Morton are in debt to Golden Casket, then the less likely it is that anyone will buy the team, as Dougie will naturally want the debt paid off in full. I think DR has stated before that the club will be in his families hands for many years to come! It would just be a case of handing the reins over to Crawford when such time comes that Dougie isn't fit enough to run the club! Link to comment Share on other sites More sharing options...
mortonjag Posted February 18, 2007 Share Posted February 18, 2007 Is there some confusion about this? GMFC make a significant annual loss, and are currently in debt almost to the tune of one million pounds. The Golden Casket Group is a profitable confectionery business, also, but separately owned by DDFR. Forgetting probabilities for a moment, DDFR can walk away from the Ton tomorrow, and we'll be left VERY skint for a division 2 club. First they ignore you, then they laugh at you, then they fight you, then they pretend to befriend you, then you win! YER BARD Link to comment Share on other sites More sharing options...
Torro Posted February 18, 2007 Share Posted February 18, 2007 "The Golden Casket Group is a profitable confectionery business, also, but separately owned by DDFR" Morton are not separately owned , but part of - there is a difference , certain tax advantages etc in offsetting losses in one PART of the company against profits in another . Link to comment Share on other sites More sharing options...
Guest midTONs Posted February 18, 2007 Share Posted February 18, 2007 Is there some confusion about this? GMFC make a significant annual loss, and are currently in debt almost to the tune of one million pounds. The Golden Casket Group is a profitable confectionery business, also, but separately owned by DDFR. Forgetting probabilities for a moment, DDFR can walk away from the Ton tomorrow, and we'll be left VERY skint for a division 2 club. and very much in debt if/when he calls in the loans to GMFC from Golden Casket. Link to comment Share on other sites More sharing options...
mortonjag Posted February 18, 2007 Share Posted February 18, 2007 "The Golden Casket Group is a profitable confectionery business, also, but separately owned by DDFR" Morton are not separately owned , but part of - there is a difference , certain tax advantages etc in offsetting losses in one PART of the company against profits in another . What are we talking about here-balance sheets for taxation purposes, or reality? GMFC OWE nearly one million quid. Golden Casket are OWED the money. If DDFR wants he can easily separate the two entities with some simple paperwork, and we'll be left stranded financially. First they ignore you, then they laugh at you, then they fight you, then they pretend to befriend you, then you win! YER BARD Link to comment Share on other sites More sharing options...
Torro Posted February 18, 2007 Share Posted February 18, 2007 What are we talking about here-balance sheets for taxation purposes, or reality? GMFC OWE nearly one million quid. Golden Casket are OWED the money. If DDFR wants he can easily separate the two entities with some simple paperwork, and we'll be left stranded financially. so they part of the same company at the moment then ? , bawbag Link to comment Share on other sites More sharing options...
mortonjag Posted February 18, 2007 Share Posted February 18, 2007 so they part of the same company at the moment then ? , bawbag I stated that GMFC and The Golden Casket Group are separate companies-GMFC is a Limited Company in it's own right-scrotum. The fact that for football accounting purposes GMFC is treated along with it's 'parent' company as one entity does not make it part of that company in law. Do you require further explanation? First they ignore you, then they laugh at you, then they fight you, then they pretend to befriend you, then you win! YER BARD Link to comment Share on other sites More sharing options...
Torro Posted February 18, 2007 Share Posted February 18, 2007 So if golden casket was bought outright the new owners wouldnt own morton then , bawbag ? Link to comment Share on other sites More sharing options...
mortonjag Posted February 18, 2007 Share Posted February 18, 2007 So if golden casket was bought outright the new owners wouldnt own morton then , bawbag ? Listen you scruffy little scotum scratcher-don't try arguing with your betters. Today's lesson's about the 'Golden Casket GROUP' Now, if you're sitting comfortably, I'll begin--A 'GROUP' means MORE THAN ONE-now if you can understand that, we can move on-it's a group of---- 'erm-Companies?'--ah you're getting the gist-good boy-so it's ONE group--and-- 'erm MORE than one company'? Exactly my lad-you get there eventually. I was tempted to edit my initial post, but thought it was obvious that I lumped Buchanan's Millions and so on together. GMFC is the odd man out. First they ignore you, then they laugh at you, then they fight you, then they pretend to befriend you, then you win! YER BARD Link to comment Share on other sites More sharing options...
Torro Posted February 18, 2007 Share Posted February 18, 2007 why is it the odd one out ? , is it not just another company which is owned by the golden casket holding company and can u answer my question above bawbag ...!? Link to comment Share on other sites More sharing options...
mortonjag Posted February 18, 2007 Share Posted February 18, 2007 why is it the odd one out ? , is it not just another company which is owned by the golden casket holding company and can u answer my question above bawbag ...!? Now you are being a naughty boy. You agree GMFC is a separate limited company, responsible for it's own debts-that was the original point, and the point which most posters wanted clarified. The fact that it is part of a group would indeed be relevant to anyone considering purchase of that GROUP. Only an avid Ton fan, or someone deranged would consider it's purchase as a whole, incorporating, as it does, a debt of almost one million pounds with no guarantee of repayment-your question does not need an answer. Stating the obvious is superflous. First they ignore you, then they laugh at you, then they fight you, then they pretend to befriend you, then you win! YER BARD Link to comment Share on other sites More sharing options...
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