Zero Debt

[Cripps14]

Vietto, Depay, Lacazette would almost certainly improve us

But the thing is that we thought that about Soldado, Paulinho and Lamela too. Yet they did not. Man U probably thought Diego Forlan would improve them. Or Liverpool thought Robbie Keane would improve them.

What I'm trying to say is every transfer is a gamble. And when it comes to gambling I prefer a low risk strategy. Even if this does mean that the rewards we reap aren't as high. We aren't far off the top 4, so a few shrewd signings are what we need rather than throwing around money like it's going out of fashion.

 

[scott]

In reference to the poll are you happy with the transfer strategy I voted no. While I must commend Levy and the board on the stunning success of our youth policy, the appointment of Poch, the development of out training facilities and pressing ahead the new stadium I cannot say that our recent transfers have been upto standard.

We bought 7 players worth around £100 million and only Eriksen was a genuine success while Chadli and Lamela were ok, the others Capoue, Chirches, Paulinho, Soldado have totally failed, for me whoever is too blame (Baldini or Levy etc) that is not the sign of a good transfer policy. Then of course we have Stambouli and Fazio who were good enough to be squad players but it seem little else.

I am all for buying young English talents and am perfectly fine with the like of Dele Alli for £5 million and would not be against more young talents but as we have what seems like a bundle of young English talents ready to step up I see little point in continuing to buy average 25 year olds bench warmers from elsewhere.

I know this is a point I have made previously but it seems like the missing piece of the jigsaw for us as a club. If we buy 3-4 Fazio/Chadli level players during the summer which is our recent transfer model we will end up in the same situation next year all wondering why we didn't break top 4. There is a great danger as well in being an unambitious side with one amazing outfield player in Kane just like we were with Bale and then the whole thing repeats, a wonder player at an 'average side' and over time pressure for a move increases and back to square one.

We now have Mitchell so hopefully we will buy better than with Baldini, we have or should have about £50 million in the summer from sales, we need to now abandon the cheap deals on second rate players and be prepared if Poch wants to pay top buck to bring in the goodies, only then will we bring all the pieces together IMO. If Bale does get sold and wants a return for £75 million and we have already made £50 million surely it cannot be beyond us to bring him back and have Kane and Bale ripping Premier League defences to pieces. I know Bale will probably stay or if he goes probably United will get him, but honestly just one signing in Bale will be better than 4 average signings for us as a club in terms of on the pitch success and making a statement to the World of who we are.

I don't know who is our best target, but whoever Poch and the team feel is best it's time as a club to not short change the manager anymore. If Levy is able to resolve what I feel is our flawed transfer policy then as a club I will say we are now being well run on all counts. Right now Levy and the club get a D from me for transfers, our weakest area.

good post. but realistically i think schniderlin & otamendi would be great buys. a more realistic statement to the world. 2 really good signings rather than 5+ average players.

 

[shawry1882]

Well the detail accounts for the year ended 30th June, 2014 posted on OS.
Just a few highlights.

1. 40 mill of capital raised to Macon Inc pref shares as a related company (Levy and who ?) Guess the 40 mill assisted in paying down debt.
2. Profit before tax 80mill (2013 3.7mill) of which football trading 56.9mill (2013 0.96mill)
3. Profit after tax 65.3mill (2013 1.5mill)
4. Football trading (predominately football players) gain on sale of players 104mill (2013 26.3mill) Amortisation of players 39.8mill (2013 26.8mill) plus Write down of player value 10.2mill (2013 nil).
5. Player contract writedown of 10.2mill specifically relates to 3 players (not mentioned by name) to a carrying value of 44.9mill – smells like balance of Paulinho, Soldado, Lamela for not achieving contract milestones.
6. Wages increased by 4.5% to 100.4mill and employee numbers increased 3.3% to 380.
7. Directors payments 3.6mill of which though unnamed presumably Daniel Levy 2.166mill.
8. Redundancy and onerous employment contracts 4.66mill (2103 0.61mill) – i presume most of this would relate to AVB, Sherwood and friend settlements.

 

[Blanchflower]

Hi Shawry, can you (or anyone else) give me the link to these latest figures, as I can't see them on the OS.

http://www.tottenhamhotspur.com/the-club/investor-relations/annual-reports/

 

[Millbanks]

Thanks very much for this Blanchflower. Assuming this has been recently put on the Os, why the hell haven't the club informed us supporters about it. You'd think it would be a matter of course and courtesy regarding such an important document.

Ah yes, I guess it just slipped Levy's mind that morning that he is to inform you of all club-related matters, no matter how small.

Did you get the memo about Karen selling a Spurs gnome in the Harlow store at a 10% discount? Despicable. Apparently means we can't offer Eriksen a new contract now and he's being offered around.

Bloody Karen...

 

[Millbanks]

Yeah, I saw that synopsis and have been eagerly awaiting the fuller figures (sad I know) since then.
Just posting the annual report on the site and not telling us supporters about it is nowhere near good enough IMO.

Would you like an email? Personal Tweet? Phone call? Text? Maybe a table for two with Levy at The Ritz so he can break the news over a bottle of Rioja?

 

[Blanchflower]

I am more interested in what rights the £40mill pref shares attract - eg divs when stadium built ? , what voting powers etc. who is MACON INC (aside from saying common ownership -,Levy, Lewis).

It's just Enic - it was covered in last years statement

http://www.tottenhamhotspur.com/news/financial-results-shareholder-and-stadium-update-020414/

Fundraising

In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course.

£40m is the maximum investment an owner can make in any season before breaking FFP iirc.

 

[Joe Clash]

Hi Shawry, thanks for the two posts and your many valuable insights. I'm sure I'd love to talk to some of you on OzSpurs including MackayLad.

For me, the now sadly deceased Dave Mackay, was Spurs greatest-ever player.

I've often regretted the fact that my family didn't take the opportunity of the '£10 bargain emigration offers' in the early 60s, as it seems to me OZ is one of the greatest places to live in the world. Though I would have missed going to the Lane of course.

Back to the accounts, I couldn't agree more about the importance of the actual ful accounts rather than 'abridged versions'. Hence my irritation, not to say anger at the club for not flagging these up in the news section of the OS. When I think of the flim flam that gets posted there compared to what is one of the most important documents a club can post in a year ....

Mate, you don't like the club, you don't like the manager, you don't like the fans - half the players, you don't like people on message boards, you want the Lane demolished. This is the reason you are getting nothing out of it. You've fallen out of love.

 

[John Thomas]

I love the Lane, it's a proper football stadium.

I love Spurs. So much so it hurts me that we cannot compete unless we move with the times. We need a bigger stadium. Love it or not WHL is out of date, too small, and no longer fit for purpose.

 

[ArtyB]

Wow had no idea Chelsea had run up that much debt! How is that possible/allowed?

To be fair that debt is actually an interest free loan owed to Abramovich...apparently he has to give them 18 months notice if he wants to claim it back...which isn't really much comfort.

 

[57 varieties]

Love abramovich to do a runner and leave them with a billion on their own.

bullet would be better !.. or a poisoned cup of tea!!

 

[Greaves357_bestever]

Thanks for info YD, it's good to see some updated comparisons with other clubs.

We remain well adrift of the 'big 5' in terms of income, so I can't see us catching them on the pitch anytime soon.

ENIC have done well on the financial front, but until we see another trophy in the cabinet sometime this decade I won't be happy with them. Naturally, I'm pleased about the stadium progress, but 14 years under ENIC (and counting) with no increase in capacity has hurt us badly, and they have a lot of making up to do on that front.

 

[sammyspurs]

But....but...no net spend....we need to be in debt like the others....no stadium either waaaaaaaaaahhhhhh

 

[n17troops]

I voted no in the poll. The fact we are the only club alongside Burnley to have no debt makes Levy`s strategy of refusing to strengthen the squad in consistent transfer windows even more difficult to accept. Cunt

Edit: Actually Burnley do have a debt of 8million quid. Cunt.

SWANSEA TUT TUT WITH YOUR NAME BOYO !!!!!!!!!!!

 

[John Thomas]

SWANSEA TUT TUT WITH YOUR NAME BOYO !!!!!!!!!!!

Fuck Yes. How could I get that wrong. Swansea it is

 

[Mrs Perryman]

So when does Fair Play kick in???? :townhmm:

 

[Lickher]

Yo who is this Zero Debt? Got a sick name sounds pretty OG

 

[truetomyself]

Teams like us and West Ham

Us































We

Ham

 

[John Thomas]

Fuck the new stadium off, buy the world's best players win the league and then do a Leeds. YOLO.

Or maybe, show just a little more ambition in the transfer market to give us a fighting chance of reaching the top 4 rather than sacking the manager every time we don't. .

 

[YidDriver]

What a crock of shit - we have much more than 0 debt

Fucking LOL - typical ENIC apologist propaganda

It's been in the news at a couple of places. We had debt somewhere around 30-ish million and with the profit, we have decided to completely close the debt. And I don't believe anyone can fake profits and make claims that debts have been zeroed out without substantial proof.

And while I don't agree with the transfer policy of ENIC so far, I think they do deserve kudos for what they have done with minimal net investment.

We can still get rid of useless deadwood and get in decent players who will improve the team! Hopefully this zero debt makes the board a little bit more risk taking and they get some good players in.