Post by QPR Report on Mar 1, 2009 0:10:24 GMT
Paul Finney posted this on Indys about our financial losses. I questioned his figures. He responded. (see all below).
I don't know if his figures are quite that much, but thinking about it (and I have posted about our probable losses) the loss probably is a record high number - far beyond that big loss under Chris Wright. So the debt is ever-growing.
FINNEY on INDYS
Fact of the matter is, who had the bright idea of 70k boxes in the Championship?
Who told us we had a deal worth millions with Lotto?
Then we had to pay out a huge wedge of money to replace Dowie?
Is it the fans fault that the club is losing an estimated £1.5m a month?
Face facts, after all the hype, the fall out of the idiotic decisions that the Board made and our shambolic transfer policy. The club have ran out of money, that is how it looks to me.
Then if that is the case why did the club agree to such high wages and some of the stangest transfer deals in our league
I fear that the accounts will show huge loses and like it or not, that is down to paying insane wages for a club in our postion,
It also tells me that the idea of Rangers being bank rolled into the magic land of the prem is a myth.
All too often arrogance accompanies strength, and we must never assume that justice is on the side of the strong. The use of power must always be accompanied by moral choice.
QPR REPORT
I wouldn't disagree with how we've 'spent' (wasted?) money over the past 18 months (and of course before that) . And I've also posted re that subject.
But your figure of 1.5 million a month. Are you sure about that. Because that's 18 million pounds a year. And I don't see how it could be that much. And that would be deeply, deeply worrying.
(But if it is, I wouldn't be the one to criticize someone shouting INCOMPETENCE)
FINNEY
Mike do the maths, they took on a club from the old board with debts of over £18m
They paid off ABC with a joint loan with two of the directors and also put a interest rate of 8.5% I think.
Then the re-fit of the ground, well when I say ground I mean the plush area.
And the lack of sales for the 70k boxes plus huge wages, the Dowie pay off etct.
It was said to me that to say we are losing as much as £1.5m a month would not be far from the truth.
I guess we will see when the accounts come out.
www.indyrs.co.uk/messageboard/viewtopic.php?f=2&t=7291&st=0&sk=t&sd=a&start=15
Rather disturbing when you think about it.
I don't know if his figures are quite that much, but thinking about it (and I have posted about our probable losses) the loss probably is a record high number - far beyond that big loss under Chris Wright. So the debt is ever-growing.
FINNEY on INDYS
Fact of the matter is, who had the bright idea of 70k boxes in the Championship?
Who told us we had a deal worth millions with Lotto?
Then we had to pay out a huge wedge of money to replace Dowie?
Is it the fans fault that the club is losing an estimated £1.5m a month?
Face facts, after all the hype, the fall out of the idiotic decisions that the Board made and our shambolic transfer policy. The club have ran out of money, that is how it looks to me.
Then if that is the case why did the club agree to such high wages and some of the stangest transfer deals in our league
I fear that the accounts will show huge loses and like it or not, that is down to paying insane wages for a club in our postion,
It also tells me that the idea of Rangers being bank rolled into the magic land of the prem is a myth.
All too often arrogance accompanies strength, and we must never assume that justice is on the side of the strong. The use of power must always be accompanied by moral choice.
QPR REPORT
I wouldn't disagree with how we've 'spent' (wasted?) money over the past 18 months (and of course before that) . And I've also posted re that subject.
But your figure of 1.5 million a month. Are you sure about that. Because that's 18 million pounds a year. And I don't see how it could be that much. And that would be deeply, deeply worrying.
(But if it is, I wouldn't be the one to criticize someone shouting INCOMPETENCE)
FINNEY
Mike do the maths, they took on a club from the old board with debts of over £18m
They paid off ABC with a joint loan with two of the directors and also put a interest rate of 8.5% I think.
Then the re-fit of the ground, well when I say ground I mean the plush area.
And the lack of sales for the 70k boxes plus huge wages, the Dowie pay off etct.
It was said to me that to say we are losing as much as £1.5m a month would not be far from the truth.
I guess we will see when the accounts come out.
www.indyrs.co.uk/messageboard/viewtopic.php?f=2&t=7291&st=0&sk=t&sd=a&start=15
Rather disturbing when you think about it.