Oh and I forgot property developmwnts
”all these property developer nets - golf courses, cinema complexes, etc - don’t benefit THFC, only ENIC”
No. the developments aRe owned by THFC or its subsidiaries, they are not owned by ENIC. The beneficiary of the investments is THFC not ENIC. Even if THFC was selling the land to ENIC for redevelopment ENIC would have to pay fair value per accounting rules. You can’t sell land worth 5million quid to another entity for a $1. That’s dumb if people are suggesting this.
I haven’t looked into the details but I can guarantee you that THFC are not sitting around saying “I’ve got this 200mil sitting in pocket, I could either buy a new first team or build a cinema complex. Wow, how awesome would a cinema complex be? When is the next Fast and the Furious movie due out? We have to get it done by then!”
These developments will be largely funded by good debt. When they are operational they will add to the revenue received by THFC for non-footballing activities. This is a good thing.
Like any good accountant you are playing with companies.
THFC is owned by ENIC. Owned by TAVISTOCK.
TAVISTOCK makes the money. Not THFC.
Profit earned by THFC goes to ENIC. Which goes to TAVISTOCK.
THFC is not a plc. Its a fiefdom.