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7:20am Monday 24th November 2008
Saints have today announced they made a loss of £4.9m in the last financial year even after making £12.7m through player sales.
Saints PLC chairman Rupert Lowe also revealed how at one stage the player and coach wage bill was a huge 81 per cent of the club’s turnover.
Also in the Southampton Leisure Holdings plc figures for the year ending June 30 2008 was the revelation that the club's overdraft peaked at £6.3m during the summer.
In a statement released to the Stock Exchange this morning Lowe, who along with football board chairman Michael Wilde didn’t return to the club until May, laid the blame for the figures at the door of the previous board.
He said: “The operational performance during the period reflected in these financial statements was entirely down to the previous Board as the new Board was not appointed until 15 May 2008.
“I do not propose to go into the detail, which is reviewed by David Jones in the Financial Review, but to lose £4.9m after a £12.7m profit on player disposals, and to run a player/coach wage bill of 81% of turnover speaks for itself.
"The only justification for this would have been promotion, but in the event we narrowly avoided relegation!
"When I, and five of my fellow Directors, resigned from the Board in June 2006, in the hope that it would bring unity, we were required to warrant that there was £3.4m cash on deposit at Barclays Bank.
"There were also trail payments from Theo Walcott and other player trading, together with a pipeline of excellent young players coming through the Academy. Upon my return in May 2008, the story was very different.
"The cash on deposit had been replaced by an overdraft which peaked at £6.3m during the course of this summer.
"This was despite the receipt in the 2006/07 financial year of trail payments for Theo Walcott £1m and outright sales of Gareth Bale £5m, Dexter Blackstock £0.5m, Martin Cranie £0.4m and in the 2007/08 financial year, the buyout of Theo Walcott’s trail payments £3.1m, and outright sale of Kenwyne Jones £4.8m, Chris Baird £3m and Leon Best £0.7m.
"All these players came through our Academy as part of a long term plan to make the Club financially sustainable for the future benefit of shareholders, supporters and players alike.
"Since returning in May, the current Board has worked tirelessly to bring our costs more into line with our dwindling revenues.
"We have done this throughout the Company where possible, but the nature of player contracts means that this process cannot be completed instantly.
"This work will continue, in discussion with both our loan note holder and Barclays Bank, on whose support we remain reliant.
"We are fortunate that, as a result of the long term Academy plan, we have been able to mould a team of young, dedicated and technically able players, many of whom had been previously overlooked for first team selection.
"Together with some limited, but astute, signings, Jan Poortvliet and his staff have worked to play an attacking brand of Dutch football that makes the most of the technical abilities which the players were taught by Georges Prost and Stewart Henderson as they progressed through the Academy.
"The prevailing view amongst the English football establishment was that we would struggle to win any games playing with such a young team.
"We have disproved this theory by playing some very entertaining football and whilst at the time of writing we have obtained 16 points from 17 games, we are confident that we will become stronger as the season progresses.
"We are proud that our team usually includes a very high percentage of Academy players who are British, some of whom are already being recognised by their national teams.
"This gives us a very good foundation upon which to build and benefit from the talents of our entire squad.
"We are under no illusion that our progress can be taken for granted and there will, undoubtedly, be some “ups and downs.”
"Building the foundation was always going to be the hardest part but we have achieved this.
"People are now beginning to sit up and take notice of our achievements under Jan Poortvliet, which has brought praise from many quarters.
"Our recent match against Championship leaders Wolverhampton Wanderers is a prime example with their experienced striker Chris Iwelumo stating after the match that Saints were one of the best footballing sides he had come across in the division this season, and consequently one of the most attractive to watch.
"His sentiments were echoed by Wolves’ manager Mick McCarthy who had nothing but good things to say about our second half performance at St Mary’s when we also had the added disadvantage of playing with ten men.
"Coventry boss Chris Coleman and Swansea manager Roberto Martinez have been similarly forthcoming with praise.
"Last Saturday’s match against Wolves also showed again how passionate our supporters are and there is no doubt that this helps the players perform better. Given time and further support from the various interested parties, we are confident that we can resolve the serious challenges that face our Company.
"We are not currently strong enough to indulge the small, but vocal, negative elements of our support base and need everybody to pull together while we recover our financial strength.
"One definition of “credit” is “suspicion asleep” and as the extent of the folly of the world’s banking system is laid bare, “suspicion” is alive and well today.
"Balance sheets are being forcibly contracted and economies are suffering the consequences.
"This is not a good time to be exposed to too much debt, particularly if revenues are likely to be adversely affected by an economic downturn.
"As a Club we have never needed the people who are true supporters more than we do today.
"To see 3,800 fans travelling to Reading this coming weekend encourages me to hope that this is happening and we are adamant that with everyone pulling in the same direction we can restore this great Club back to where it belongs."
St.Yorkie, Pocklington says...
7:53am Mon 24 Nov 08
Optimist, Soton says...
7:54am Mon 24 Nov 08
Channonite, Wiltshire says...
7:55am Mon 24 Nov 08
Channonite, Wiltshire says...
7:58am Mon 24 Nov 08
St.Yorkie wrote:I feel sorry for you Yorkie. So, so bitter.
"Not my fault" nothing new there then! What amazes me is that he blames the "old board" for the problem. Not sure they are totally to blame - how many players were on hefty 2/3 year contracts before the "old borad" took over?
Still every other manager says we play the best football...funny how so many managers are magmanamous in winning (usually of course this is when they are defeated).
I noticed Steve Copple was more concerned about his team not turning up!
This is better than spin - it's straight from Rupert's own mouth. No wonder he says very little. Blame culture is typical of British Management...
The penultimate sentence says it all to everyone - but what is a true supporter? I think definition of support is a prop or crutch. I expect he chose that word very carefully - as my interpretation is "financial supporter". If he used the word fan - then of course I would have spun that too by referring to the "lunatic fringe" - now being labelled the small but vocal negative element. So it is acknowledged that there is a negative element by the great man...so Rupe's what are you going to do about it?
Sits back and awaits abuse from the usual "super fans" who only reply with threats and bile!
St.Yorkie, Pocklington says...
8:17am Mon 24 Nov 08
Rudd Gillett, Saffhampton says...
8:20am Mon 24 Nov 08
Channonite wrote:Blimey our club is going down the pan and the handle is being flushed by RL....no wonder Yorkie is bitter so am I. Wake up and smell the coffee as they say. WE WANT WOOPERT OUT.
St.Yorkie wrote: "Not my fault" nothing new there then! What amazes me is that he blames the "old board" for the problem. Not sure they are totally to blame - how many players were on hefty 2/3 year contracts before the "old borad" took over? Still every other manager says we play the best football...funny how so many managers are magmanamous in winning (usually of course this is when they are defeated). I noticed Steve Copple was more concerned about his team not turning up! This is better than spin - it's straight from Rupert's own mouth. No wonder he says very little. Blame culture is typical of British Management... The penultimate sentence says it all to everyone - but what is a true supporter? I think definition of support is a prop or crutch. I expect he chose that word very carefully - as my interpretation is "financial supporter". If he used the word fan - then of course I would have spun that too by referring to the "lunatic fringe" - now being labelled the small but vocal negative element. So it is acknowledged that there is a negative element by the great man...so Rupe's what are you going to do about it? Sits back and awaits abuse from the usual "super fans" who only reply with threats and bile!I feel sorry for you Yorkie. So, so bitter. Life is too short for that.
wonder weasel, southampton says...
8:28am Mon 24 Nov 08
Channonite wrote:well said i can see that to if saints go in to administration the only person going to buy saints will be lowe and that means him having full control ....... NOW THAT IS WORRYING
Obviously written before the Reading game. Preparing us for the sale of players in January. While the gates remain below the break even figure that is bound to happen.
If you are one of those staying away, please, please think again. All that will happen if we go into administration is that Rupert will end up owning 100 per cent of Saints. Do you REALLY want that. I know I don't.
wizard, soton says...
8:47am Mon 24 Nov 08
robhythe, Southampton says...
8:53am Mon 24 Nov 08
jhp767903, Terra Firma says...
8:55am Mon 24 Nov 08
pioneer saint, Shirley says...
9:09am Mon 24 Nov 08
Rudd Gillett, Saffhampton says...
9:24am Mon 24 Nov 08
pioneer saint wrote:could not RL use MW as target practice? it's a start!
Rupert makes me laugh talking about the wonderful support at Reading when neither he or Michael Wilde were there. Rupert was apparently shooting while Wilde's whereabouts on saturday are unknown
Derek of Holbury, Holbury says...
9:26am Mon 24 Nov 08
TottonScrutineer, Totton says...
9:31am Mon 24 Nov 08
Solent Saint, Lee on the Solent says...
9:48am Mon 24 Nov 08
Saint_John, Bassett says...
10:00am Mon 24 Nov 08
Help The Saints, Southampton says...
10:07am Mon 24 Nov 08
worried of e sussex, says...
10:31am Mon 24 Nov 08
Andy Locks Heath, says...
10:45am Mon 24 Nov 08
Derek of Holbury, Holbury says...
10:49am Mon 24 Nov 08
Rudd Gillett, Saffhampton says...
11:24am Mon 24 Nov 08
Andy Locks Heath wrote:Andy, no plan really as it is out of my hands who would / could take over? I feel getting rid of Rupert/Woopert is in my hands to some extent as protesting sometimes can have an impact. I've spoken to Rupert a few times and have found him pleasent, he probably thinks I am a peasent but he is not the man for the job. I will always support Saints, I have never booed them or a single player, but it hurts me to see them go down the pan with Woopert pulling the chain every week. (I certainly have no envy towards the man). COYR
Good posts from St John and St Yorkie even though I disagree with some of the points made. The prob with a rights issue is that iy has to be backed up with a plan that shows some difference - because if the rights isses was used (say) to buy more players to strengthen the squad I don't think it will be subscribed. It would have to be a plan that restructured wages with income and that's tricky. Bu I'd like to ask Rudd - if Lowe went (sorry I guess you like to call him Woopert for some bizarre reason based on envy?, intelligence? you tell me...) anyway what next? Tell us what happens next? What is your plan?
UTS, says...
11:51am Mon 24 Nov 08
Traceyf, Southampton says...
11:56am Mon 24 Nov 08
TottonScrutineer wrote:Has it escaped you that most of the above article is made up of quotes from Lowe?
Notice no comment from Wilde or Lowe it would be nice to hear from them as to where they see this club going it seems they do not have a clue where.So much for having aspirations os reaching the top six .Forget it for the foreseeable future.But this announcements means there is even more reason to keep paying out the cash to support the team.(not Lowe and Co) When they are gone SFC will hopefully still be there and still need our support
Bigrich1980, ERIMI says...
11:58am Mon 24 Nov 08
Traceyf, Southampton says...
12:05pm Mon 24 Nov 08
Saint_John wrote:The financial results released are for the year just ended and not for previous years so what you say about dividends and share buy backs is pointless.
I think we all know that £4.5M has been removed from the club and given to Shareholders since we moved to the new ground Dividends Sept 2000 - £324,123 Sept 2001 - £328,070 Sept 2002 - £593,218 Sept 2003 - £856,227 Sept 2004 - £856,227 Sept 2005 - £140,000 TOTAL - £3,097,865 Share Buybacks May 2002 400,000 @ 35p = £140,000 June 2002 2,746,153 @ 30p = £823,845 Oct 2002 1,120,000 @24p = £268,800 Sept 2004 450,000 @ 44p = £198,000 TOTAL - £1,430,645 What is needed now is :- (1) A Rights Issue to put that money back into the Football Club, and that will remove the overdraft straight away. (2) A committment at the AGM that there will be NO FURTHER dividend payments until we return to the Prem League. (p.s. I have a feeling that the dark lord will not agree to either because (1) (IMO) he is in danger of losing power with a rights issue and (2) (IMO) it is only "spin" about returning to the PL and he is happy selling players and getting the "customers" to pay for a Dividend next year.
The Exiled Saint, NEWPORT/Salop says...
12:16pm Mon 24 Nov 08
Solent Saint, Lee on the Solent says...
12:25pm Mon 24 Nov 08
Derek of Holbury wrote:Nice post Derek, I enjoyed reading it. I doubt whether the 'class warriors' will read it all, more likely through their 'attention deficit disorders'
How quickly some people will try to erode the warm glow of a great performance, and a brilliant result. The people who seem to have an agenda which is opposite to those who actually SUPPORT the club and it's players. It seems like only yesterday there were shouts for some form of statement to be made from the club about it's financial situation, and also for the Chairman to break his silence. I recall saying a while ago that when that did happen, it would only give the baying mob mmore ammunition to shred Lowe. Seems I was not wrong, and that is not me being smug or clever - unfortunately, it was just stating the obvious. Anyone (other than me) that found very little in this announcemnent that either shocked or gave a reason to change allegiance and join the ranks of ther Anti Lowe Brigade?? Anything that gives those boys the right to say - "told you so"?? It is pretty much what I expected, and just emhasised why we should be busting a gut to fill SMS if we really had any interest in the future of our club. You can please some of the people some of the tim ..... but apparently you cannot please the Anti Lowe Brigade ever. If he walks tomorrow and we sink into oblivion these people who believe our only salvation is to be found in disposing of that evil rascal Mr Lowe, would then be blaming him for leaving. He will be blamed for ever more for whatever he does or does not do. In truth I do not give a toss - I just want me and loads of other fans like me, to be able to just get on with the job of supporting. You won't dent my passion for the club and nor will you prevent me from supporting the boys. You will just increase my endeavour to wake up the sleeping fans and fill our once proud stadium again. It's coming - football's coming home. Just watch this site and the gates Keep keeping the faith
St Retford, Manchester says...
12:37pm Mon 24 Nov 08
Satellite, Erpingham. Norfolk says...
12:39pm Mon 24 Nov 08
Saintly, East Boldre says...
12:47pm Mon 24 Nov 08
St.Yorkie, Pocklington says...
12:48pm Mon 24 Nov 08
Satellite, Erpingham. Norfolk says...
1:02pm Mon 24 Nov 08
homegrown, southampton says...
1:09pm Mon 24 Nov 08
Costa Baz, Southampton says...
1:15pm Mon 24 Nov 08
Derek of Holbury, Holbury says...
2:05pm Mon 24 Nov 08
St.Yorkie, Pocklington says...
2:15pm Mon 24 Nov 08
Dan the Dean, Birmingham says...
2:42pm Mon 24 Nov 08
Derek of Holbury, Holbury says...
3:59pm Mon 24 Nov 08
Barcelona Saint, Barcelona says...
4:04pm Mon 24 Nov 08
Derek of Holbury, Holbury says...
4:13pm Mon 24 Nov 08
Barcelona Saint, Barcelona says...
4:23pm Mon 24 Nov 08
Derek of Holbury wrote:I'm entitled to criticise what i want, thanks. But i dont have to do them as epics on here all day, every day..
I suppose he could have waited a couple of months so he could have been accused of sitting on it. Come on he released it when he had to release it. If you are going to find things to criticise make them worthwhile.
John of Bassett, Southampton says...
4:28pm Mon 24 Nov 08
Costa Baz wrote:Fair play Baz, very dignified. I HOPE its the likes of Rasiak, John, Dyer and Saga who are sold, although clearly Lallana, Surman and Schneiderlin are much more marketable. We will also lose some superb loan players in January, notably Cork and Pearce, unless we get very lucky, so it isn't going to be an easy ride to the end of the season, and positive support is going to remain essential.
I have previously stated that should the relevant year accounts reveal that the financial plight of SFC was so bad that Lowe had little or no option to take the course he has followed, that I would apologise for doubting him Rupert I apologise for doubting your financial acumen, in this instance. But please try to inject an affordable level of experience back into the squad, when the best youngsters are sold in January, so that those that are not yet ready to replace them can be prepared for next season.
Traceyf, Southampton says...
4:39pm Mon 24 Nov 08
St Retford wrote:No you aren't alone but don't admit you agree with his plans what ever you do lol
Am I alone in thinking that Lowe's comments and his plans for the club are are, under the circumstances, perfectly sensible?
miltonarchers, Winchester says...
4:42pm Mon 24 Nov 08
miltonarchers, Winchester says...
4:57pm Mon 24 Nov 08
homegrown wrote:??????
What Rupert has forgotting to mention is that he is clearly a liability to SFC. Heres a thought,giving that there are thousand upon thousands of fans STAYING AWAY because of HIM, how much revenue is he costing the club. As l am a shareholder,l will be inviting Mr Lowe to step down because he is positively losing SFC and SLH vasts amount of revenue. The man is just one big LIABILITY. Work out how much he will cost SFC this season,because supporters are staying away. 7,000 X 23 GAMES = A LOT OF MONEY. Just go Lowe,not only having your taking a vast amount of money out of my club over the years,you are now denying my club finance because you are not man enough to just accept that you are one of lifes failures,as evidence quite clearly demonstrates.
Derek of Holbury, Holbury says...
5:02pm Mon 24 Nov 08
Hercules Grytpype-Thynne, Southampton says...
5:10pm Mon 24 Nov 08
miltonarchers, Winchester says...
5:14pm Mon 24 Nov 08
Hercules Grytpype-Thynne wrote:How do you know Lowe needs a new coat?
I went to the shops today to buy an overcoat for the winter. It was £100 so I said to the shop keeper look I'll give you twenty quid now and the rest in instalments based on how many times I wear it and how warm it keeps me. Needless to say he showed me the door. That is what Lowe must do when all the vultures come sniffing around hoping to snap up our talent on the cheap by putting limited amounts up front and the rest based on appearances etc. Lallana is £6 million now, Schneiderlin is £8 million also now. All fees must be paid up front so that we have money to reduce our overdraft and enable some investment in the team. While we let our players go on the cheap on HP we will never get back to the premier league.
miltonarchers, Winchester says...
5:23pm Mon 24 Nov 08
Hercules Grytpype-Thynne wrote:Sorry mate, crass remark how thoughtless of me. If you need a coat I can let you have my old one. 38" chest, fur collar, leather patch on each shoulder, (helps reduce the bruising from the shotgun recoil). Some staining, mainly duck droppings. Don’t bother checking the pockets for cash, my mate Leon borrowed the coat for a while so the pockets are empty, there is an iou from Barclays, just ignore it, Leon did!
I went to the shops today to buy an overcoat for the winter. It was £100 so I said to the shop keeper look I'll give you twenty quid now and the rest in instalments based on how many times I wear it and how warm it keeps me. Needless to say he showed me the door. That is what Lowe must do when all the vultures come sniffing around hoping to snap up our talent on the cheap by putting limited amounts up front and the rest based on appearances etc. Lallana is £6 million now, Schneiderlin is £8 million also now. All fees must be paid up front so that we have money to reduce our overdraft and enable some investment in the team. While we let our players go on the cheap on HP we will never get back to the premier league.
US Spitfire, Idaho USA says...
5:37pm Mon 24 Nov 08
miltonarchers, Winchester says...
5:44pm Mon 24 Nov 08
US Spitfire wrote:Your post is breathtaking in its stupidity. "The issue of wether they are right or wrong is now irelevant." What rubbish.
The way I see it, every Saints fan knows that the club are in the financial craper and cuts have to be made. The bigger problem is that whether rightly or wrongly they hold Rupert Lowe responsible for the current mess due to his mis management the first time round. A vast amount of the stay away fans would be at the next game IF Lowe & Wilde were to resign. The situation has got so bad that the ONLY way for the club to move forward is if Lowe & Wilde were to fall on their sword and move aside. The issue of wether they are right or wrong is now irelevant. The only way the club can pull out of this nosedive is with the increased revenue from these stay away fans would generate. And they simply won't come back while Lowe is in charge. If Lowe & Wilde really care about the club they would step aside NOW.
Optimist, Soton says...
6:33pm Mon 24 Nov 08
miltonarchers wrote:lol. Too true.
We all know our current financial situation is a result of relegation. And as UTS and his mates keep pointing out, all the fault of one man.
Remember those defining moments in the relegation season? We finished the season just 2 points adrift of WBA but with a superior goal difference. At home v Villa, we were 2 up, then Arry brings on Lowe. It was his defensive mistakes that gifted Villa 3 goals, 3 points chucked away.
Same in the game v Everton. We battered em. Then with just seconds to go, on comes Lowe. He gets the ball and instead of taking it into the corner to run down the clock he only goes and shoots. The Everton keeper punts it down field, the shot comes in from the right wing, our keeper has it covered but Lowe has tracked back and deflects the ball into the net, 2 points chucked away.
And its not just these two games. There were other games we gifted to the opposition as a direct result of Lowe’s intervention. So, Lowe out and bring in this rich bloke waiting to invest a trillion billion. Then we can stick two fingers up at Barclays Bank, get the kit man back, and add another 20,000 seats to accommodate all the “real” fans who will come flooding back. Prawn sandwich anybody?
Traceyf, Southampton says...
7:02pm Mon 24 Nov 08
Saintly wrote:Saintly,
Ohhh how I love Derek and Traceyf, Please oh please let me know how it is to live life looking through rose tinted specs... Because, dear ol Rupey loves people like you....blindly passing the cash without thinking of the consequences. Firstly Tracey the dividend information posted IS VALID INFO. It indicates how much was sucked out of the company under Lowe's stewardship....and therefore indicates his priorities - WAKE UP IT'S NOT ABOUT THE FOOTBALL, IT'S ABOUT THE PLC!!!! Secondly, Derek, oh poor Derek. Please stop the 'I'm a better fan than you are' mallarkey. You're making yourself sound like a Lowe Acolyte. Regardless of the footy on offer (Which is 16 points from 51 BTW, hardly that great) the crowds will not be returning any time soon whilst Lowe and Wilde remain. Will Wilde survive the AGM??? I don't think so - he has served his purpose for you-know-who....
neworder, says...
7:10pm Mon 24 Nov 08
saint Compo, Winchester says...
7:20pm Mon 24 Nov 08
the third hardest man in sholing, southampton says...
8:29pm Mon 24 Nov 08
Lowes Nemisis, Southampton says...
9:12pm Mon 24 Nov 08
Saint in Melbourne, Melbourne says...
10:04pm Mon 24 Nov 08
Rudd Gillett wrote:Get your head out of the sand Rudd Gillett! Saints were never in this mess when Lowe was Chairman before. He didn't want Redknapp, the board did. He's doing his best to secure the financial future of the club. Why don't you go and support Leeds!
SPIN SPIN as much as you like RL but the majority of us want you out! Clear off you ******.
Traceyf, Southampton says...
10:10pm Mon 24 Nov 08
saint Compo wrote:saint Compo,
Well said Dan the Dean and Derek from Holbury. We are where we are. The financial situation wasn't too great when Crouch (and Wilde mark one) took over from Lowe. But their actions in buying new players and raising the wage bill to 81% of gross revenue in a bid for promotion were a massive gamble which has almost put the Club/Company out of business. (Gordon & Alastair are doing the same with the UK's finances. God help us all!) I was critical of Lowe when he chopped and changed the managers from 2004 to 2006, causing instability in the Club which had much to do with our drop from the Premiership. Once we were down, we suffered the fate of many of the medium sized clubs (e.g. Ipswich, Coventry, Sheffields Wednesday and nited, Birmingham, Derby, Charlton, Watford) - great difficulty in getting bck up again. But Lowe is a financial man and we now need somebody at the helm who can deal with the banks. That he has a financial stake in the company provides him with an incentive to ensure its survival. Even if not all the fans can forgive Lowe, they can play their part by supporting Poortvliet, the other coaches and the players wholeheartedly. It does no good to carp on about Lowe if it harms the football people who are trying their best to revive our fortunes. The team did so well at Reading with the vocal support of more than 3,500 travelling fans. How it would help to have the vocal support of 20,000 loyal Saints fans at St Mary's - starting tomorrow night. Maybe it's our fault that the team is finding it so hard to win at home and yet can get such good results away. The Northam Stand lads are giving great support with their chants. Even if those in other stands (like me in the Kingsland) are not into chanting, we can still clap our hands in unison. I really don't want to mention that lot down the M27 East, but they are putting Saints fans to shame with the noise they make at home games. Just like at the old Dell, enthusiasm from the crowd will transfer to the pitch. So COYR. Get behind the team.
loyal saint, southampton says...
10:49pm Mon 24 Nov 08
IanRRR, N Baddesley says...
11:09pm Mon 24 Nov 08
F Fan, Winchester says...
11:15pm Mon 24 Nov 08
UTS wrote:Confused isn't the half of it. You supported Wilde ousting Lowe = the crazy board we had until December. You supported Crouch = the Board we had until May = the whole disastorous financial year. So, forgive me, but I don't think we can rely on your expertise on what makes good directors (I don't disagree with much of the criticism of Lowe in the years after the Cardiff Cup final).
I am confused as Rupert Lowe stopped investment into Saints in the last couple of years and is now moaning about further debt !
Maybe if the relegator sold his shares our club would be financially better off. He though wants to further crash it into the ground.
I think the most important figures to remeber in recent years is the £100 million plus in lost revenue when Lowe relegated Saints.
Still nice to see Lowe blame Wilde executives ! Lowe also seems to have left out the fact that the bank where happier with the Dec 07-May 08 board.
F Fan, Winchester says...
11:18pm Mon 24 Nov 08
Saint_John wrote:Tosh. A rights issue requires buyers. Who on erth is going to buy into that balance sheet. We haven't had a dividend since losses started.
I think we all know that £4.5M has been removed from the club and given to Shareholders since we moved to the new ground
Dividends
Sept 2000 - £324,123
Sept 2001 - £328,070
Sept 2002 - £593,218
Sept 2003 - £856,227
Sept 2004 - £856,227
Sept 2005 - £140,000
TOTAL - £3,097,865
Share Buybacks
May 2002 400,000 @ 35p = £140,000
June 2002 2,746,153 @ 30p = £823,845
Oct 2002 1,120,000 @24p = £268,800
Sept 2004 450,000 @ 44p = £198,000
TOTAL - £1,430,645
What is needed now is :-
(1) A Rights Issue to put that money back into the Football Club, and that will remove the overdraft straight away.
(2) A committment at the AGM that there will be NO FURTHER dividend payments until we return to the Prem League.
(p.s. I have a feeling that the dark lord will not agree to either because (1) (IMO) he is in danger of losing power with a rights issue and (2) (IMO) it is only "spin" about returning to the PL and he is happy selling players and getting the "customers" to pay for a Dividend next year.
F Fan, Winchester says...
11:28pm Mon 24 Nov 08
homegrown wrote:This is great example of how the stayaways get it wrong. They won't go to SMS unless Loew goes. Lowe won't go. What do you do next?
What Rupert has forgotting to mention is that he is clearly a liability to SFC.
Heres a thought,giving that there are thousand upon thousands of fans STAYING AWAY because of HIM, how much revenue is he costing the club.
As l am a shareholder,l will be inviting Mr Lowe to step down because he is positively losing SFC and SLH vasts amount of revenue.
The man is just one big LIABILITY.
Work out how much he will cost SFC this season,because supporters are staying away.
7,000 X 23 GAMES = A LOT OF MONEY.
Just go Lowe,not only having your taking a vast amount of money out of my club over the years,you are now denying my club finance because you are not man enough to just accept that you are one of lifes failures,as evidence quite clearly demonstrates.
F Fan, Winchester says...
11:30pm Mon 24 Nov 08
Barcelona Saint wrote:Its because the accounts are published for goodness sake.
Trust Lowe to make his statement right on the back of a good, hard fought result.
Nothing like a bit of assurance of January sales to instil confidence in our youngsters, who don't know where they're goin....!
Hatman, Basingstoke says...
11:31pm Mon 24 Nov 08
F Fan, Winchester says...
11:32pm Mon 24 Nov 08
Costa Baz wrote:Good on you for putting your hand up.
I have previously stated that should the relevant year accounts reveal that the financial plight of SFC was so bad that Lowe had little or no option to take the course he has followed, that I would apologise for doubting him
Rupert I apologise for doubting your financial acumen, in this instance.
But please try to inject an affordable level of experience back into the squad, when the best youngsters are sold in January, so that those that are not yet ready to replace them can be prepared for next season.
F Fan, Winchester says...
11:44pm Mon 24 Nov 08
US Spitfire wrote:Makes UTS sound like a genius. See my response to Homegrown above. Lowe won't go. Just tell me, what do you do next?
The way I see it, every Saints fan knows that the club are in the financial craper and cuts have to be made. The bigger problem is that whether rightly or wrongly they hold Rupert Lowe responsible for the current mess due to his mis management the first time round.
A vast amount of the stay away fans would be at the next game IF Lowe & Wilde were to resign.
The situation has got so bad that the ONLY way for the club to move forward is if Lowe & Wilde were to fall on their sword and move aside.
The issue of wether they are right or wrong is now irelevant.
The only way the club can pull out of this nosedive is with the increased revenue from these stay away fans would generate. And they simply won't come back while Lowe is in charge.
If Lowe & Wilde really care about the club they would step aside NOW.
NZsaint, Auckland says...
12:28am Tue 25 Nov 08
Saint in Melbourne, Melbourne says...
12:43am Tue 25 Nov 08
derek fo holbury, holbury says...
12:45am Tue 25 Nov 08
Saint in Melbourne, Melbourne says...
2:44am Tue 25 Nov 08
Bigrich1980, ERIMI says...
5:31am Tue 25 Nov 08
NZsaint, Auckland says...
6:22am Tue 25 Nov 08
St.Yorkie, Pocklington says...
8:24am Tue 25 Nov 08
derek fo holbury wrote:Derek
What happened to the idea of picking one match in December where we would all make a concerted effort to fill the stadium for just one match. For the fans who already go to each match: - It would warm their hearts to see a stadium filled for a home match. It would also prove to them once and for all that there are indeed all these thousands who are staying away because of Lowe. For the stay away fans: - It would give you the opportunity once and for all to prove that you do in fact have all these thousands of fans who are staying away because of Lowe. It would mean the four corners would have to be opened up to accommodate the crowd. You could all mount a protest at the game to let Lowe know your feelings. To the club: - It would provide some very useful revenue. To the players it would mean: - They could experience what it feels like to play in front of a bigger crowd than they always have to go to other grounds to experience. It may also show them that there are thousands more fans than they usually see who actually support them. It may even imporove their performance. Everybody wins don't they? Won't happen will it?
Derek of Holbury, Holbury says...
9:05am Tue 25 Nov 08
St.Yorkie, Pocklington says...
12:27pm Tue 25 Nov 08
US Spitfire, Idaho USA says...
3:37pm Tue 25 Nov 08
Derek of Holbury, Holbury says...
6:17pm Tue 25 Nov 08
F Fan, Winchester says...
6:39pm Tue 25 Nov 08
F Fan, Winchester says...
6:40pm Tue 25 Nov 08
US Spitfire wrote:
To FFan, Miltonarcher and anyone else who thought my post stupid. What I am saying is that Lowe & Wilde have caused such a rift in support that something has to give. On one side you have 2 people, on the other several thousand. It would be easier to get the 2 to back down and than the 1000's. If I am wrong, please explain to me how you see the downward spiral ending and how do you think the missing thousands will return to SMS while Lowe & Wilde are in charge?
Jesus_02, Freemantle says...
11:59pm Tue 25 Nov 08
US Spitfire, Idaho USA says...
6:45pm Wed 26 Nov 08
derek fo holbury, holbury says...
11:00pm Wed 26 Nov 08
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Rudd Gillett, Saffhampton says...
7:52am Mon 24 Nov 08