TRVMP Posted February 13, 2023 Share Posted February 13, 2023 Doesn't look particularly worrying to me. We've been in a similar boat: budget tight, need external investment. Without Dalrada that could just as easily be us. Link to comment Share on other sites More sharing options...
Cet Homme Charmant Posted February 13, 2023 Share Posted February 13, 2023 1 hour ago, Jamie_M said: They're skint. They gambled on a budget for the title and without promotion they could be fucked. Yesterday's game probably threw them a lifeline Link to comment Share on other sites More sharing options...
dunning1874 Posted February 14, 2023 Share Posted February 14, 2023 11 hours ago, Cet Homme Charmant said: Yesterday's game probably threw them a lifeline A considerable chunk of the Ibrox money will disappear on paying off three of the first team coaching staff. It's probably the only reason they could afford to sack them. A further statement by The Jags Foundation here: https://thejagsfoundation.co.uk/statement-concerning-the-clubs-finances/ Tl;dr - their previous board of charlatans absolutely fucked it and their current one have a fight on their hands to get spending under control Brian Wake my Lord, Brian Wake Brian Wake my Lord, Brian Wake Brian Wake my Lord, Brian Wake Oh Lord, Brian Wake Link to comment Share on other sites More sharing options...
Jamie_M Posted February 14, 2023 Share Posted February 14, 2023 (edited) 13 hours ago, TRVMP said: Doesn't look particularly worrying to me. We've been in a similar boat: budget tight, need external investment. Without Dalrada that could just as easily be us. Aye, not in this statement but delving further paints an awkward picture for them. They made a bottom line operating loss for FY21/22 of £215k (which was propped up by Director handouts and Queens Park groundshare income which they won't have in the next accounts). Their true operating loss level without that non-recurring income was closer to £500k for each of 21/22 and 20/21. Their board has continued to spunk money at the same level since, even actually voting to increase the playing budget, and set a budget banking on promotion for this season. Their cash reserves fell to £330k, the lowest level since 2016. Interesting that you made the Morton comparison. The Jags Foundation also made the Morton comparison, giving us an honourable mention in their assessment of their accounts, highlighting that they were looking worse than us at a time when our financial situation was being well documented. The outgoing board wouldn't let anyone do any due diligence ahead of the share transfer. They also did some smoke and mirrors tactic of using a different method to evaluate the fixed assets like the stadium (rebuild cost rather than market value) to inflate them in these accounts so they would paint a rosier picture to fans. There's more skeletons to be found in there for sure. Edited February 14, 2023 by Jamie_M Link to comment Share on other sites More sharing options...
Jamie_M Posted February 14, 2023 Share Posted February 14, 2023 3 hours ago, dunning1874 said: A considerable chunk of the Ibrox money will disappear on paying off three of the first team coaching staff. It's probably the only reason they could afford to sack them. Think the wording 'relieved of their first team duties' might indicate that they will remain on payroll rather than a payoff. Link to comment Share on other sites More sharing options...
Alibi Posted February 15, 2023 Share Posted February 15, 2023 19 hours ago, Jamie_M said: Think the wording 'relieved of their first team duties' might indicate that they will remain on payroll rather than a payoff. Presumably they will be paying a new management team at the same time, so the money is still going to disappear, just not right away. "Any nation given the opportunity to regain its national sovereignty and which then rejects it is so far beneath contempt that it is hard to put words to it." Link to comment Share on other sites More sharing options...
AyrshireTon Posted February 15, 2023 Share Posted February 15, 2023 13 minutes ago, Alibi said: Presumably they will be paying a new management team at the same time, so the money is still going to disappear, just not right away. Doolan is in charge in the interim. Don't know if that involves them giving him a wage hike. McGhee needs some support, there's no-one backing him up. Hayes playing it forward, Bell being forced to do it all alone, now forward from Marr, here's Ritchie, still Andy Ritchie, look at the control... That is a marvellous goal from Andy Ritchie. Twenty minutes on the clock and Morton's supporters come alive. A goal which epitomises the control, the arrogance, the cheek of Andy Ritchie. Link to comment Share on other sites More sharing options...
Popular Post dunning1874 Posted February 15, 2023 Popular Post Share Posted February 15, 2023 The cretin that is Alan Rough revealed on PLZ Soccer that the supposed break even budget of their previous board was based on budgeting for a second place finish, so there's a substantial six figure shortfall there if they end up outside the top four. 3 Brian Wake my Lord, Brian Wake Brian Wake my Lord, Brian Wake Brian Wake my Lord, Brian Wake Oh Lord, Brian Wake Link to comment Share on other sites More sharing options...
Jamie_M Posted February 15, 2023 Share Posted February 15, 2023 5 hours ago, Alibi said: Presumably they will be paying a new management team at the same time, so the money is still going to disappear, just not right away. Aye, easier to swallow than a lump sum payoff and mitigated further if they keep their appointment in house like sticking with the interim team. Presume we did similar with Gus rather than paying him off. Link to comment Share on other sites More sharing options...
TRVMP Posted February 15, 2023 Share Posted February 15, 2023 On 2/14/2023 at 4:21 AM, Jamie_M said: Aye, not in this statement but delving further paints an awkward picture for them. They made a bottom line operating loss for FY21/22 of £215k (which was propped up by Director handouts and Queens Park groundshare income which they won't have in the next accounts). Their true operating loss level without that non-recurring income was closer to £500k for each of 21/22 and 20/21. Their board has continued to spunk money at the same level since, even actually voting to increase the playing budget, and set a budget banking on promotion for this season. Their cash reserves fell to £330k, the lowest level since 2016. Interesting that you made the Morton comparison. The Jags Foundation also made the Morton comparison, giving us an honourable mention in their assessment of their accounts, highlighting that they were looking worse than us at a time when our financial situation was being well documented. The outgoing board wouldn't let anyone do any due diligence ahead of the share transfer. They also did some smoke and mirrors tactic of using a different method to evaluate the fixed assets like the stadium (rebuild cost rather than market value) to inflate them in these accounts so they would paint a rosier picture to fans. There's more skeletons to be found in there for sure. This might sound a bit like victim-blaming but if the selling party is unwilling to allow due diligence and access to the books, the correct action is to walk away from negotiations, not to accept the transferred shares. It's literally unthinkable to me that you would, if in control of a limited company or any other corporate body, take on an unknown amount of liabilities and assets without having a chance to review them first. Having read this, fuck 'em. Let them learn that lesson the hard way. 1 Link to comment Share on other sites More sharing options...
Mr.Blue Posted February 15, 2023 Share Posted February 15, 2023 love to see those horrible cunts struggling on and off the pitch. 1 There's a storm on the horizon And for that I can't see the sun For I'll keep a waiting on the pavement For the ice cream van to come Link to comment Share on other sites More sharing options...
dunning1874 Posted February 15, 2023 Share Posted February 15, 2023 2 hours ago, TRVMP said: This might sound a bit like victim-blaming but if the selling party is unwilling to allow due diligence and access to the books, the correct action is to walk away from negotiations, not to accept the transferred shares. It's literally unthinkable to me that you would, if in control of a limited company or any other corporate body, take on an unknown amount of liabilities and assets without having a chance to review them first. Having read this, fuck 'em. Let them learn that lesson the hard way. Aye the party accepting that share transfer were the PTFC Trust who were, in simplistic terms, the patsies or fake fan organisation. The Jags Foundation, who are the MCT equivalent in this scenario, were opposed to that share transfer but after it was done have since entered into an agreement with the PFTC Trust to work together, accepting it couldn't be undone and coming on board after all the previous directors walked. Whether they were wise to get themselves inside the tent and tainted by association with the current interim board remains to be seen. Brian Wake my Lord, Brian Wake Brian Wake my Lord, Brian Wake Brian Wake my Lord, Brian Wake Oh Lord, Brian Wake Link to comment Share on other sites More sharing options...
TRVMP Posted February 15, 2023 Share Posted February 15, 2023 33 minutes ago, dunning1874 said: Aye the party accepting that share transfer were the PTFC Trust who were, in simplistic terms, the patsies or fake fan organisation. The Jags Foundation, who are the MCT equivalent in this scenario, were opposed to that share transfer but after it was done have since entered into an agreement with the PFTC Trust to work together, accepting it couldn't be undone and coming on board after all the previous directors walked. Whether they were wise to get themselves inside the tent and tainted by association with the current interim board remains to be seen. That's what they call a fait accompli. If I was in the Jags Foundation I'd be livid, though. Link to comment Share on other sites More sharing options...
capitanus Posted February 15, 2023 Author Share Posted February 15, 2023 Having seen the way this is all playing out, all i can say is: God Bless the Largs Fatty. 1 *insert signature here* Link to comment Share on other sites More sharing options...
Boogs49 Posted February 22, 2023 Share Posted February 22, 2023 A shambles of a club, just a pity this 'oversight' was spotted in time https://www.heraldscotland.com/sport/23337533.partick-thistle-take-action-contract-oversight-comes-light/ Link to comment Share on other sites More sharing options...
Cappiecat 1.2 Posted February 22, 2023 Share Posted February 22, 2023 "With a third of the season to go, the team occupy fifth place in the league standings – eight points behind leaders Queen’s Park with a game in hand and a solitary point behind Raith Rovers in fourth." Source; two week old Daily Record he found in the pub. Link to comment Share on other sites More sharing options...
Cet Homme Charmant Posted February 22, 2023 Share Posted February 22, 2023 Another wee shame for them.... https://www.heraldscotland.com/business_hq/23337841.partick-thistle-football-club-backer-sold-fund-management-group/ Link to comment Share on other sites More sharing options...
Popular Post capitanus Posted June 4, 2023 Author Popular Post Share Posted June 4, 2023 A fucking glorious day. Thats all folks. 5 *insert signature here* Link to comment Share on other sites More sharing options...
Drew Busby's Moustache Posted June 4, 2023 Share Posted June 4, 2023 BETTER THAN THE 2 CUP FINALS!!!!!!!!!!! Link to comment Share on other sites More sharing options...
gmfc_craig Posted June 4, 2023 Share Posted June 4, 2023 I’ll just leave this here! Absolutely glorious Link to comment Share on other sites More sharing options...
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