Financial Armegeddon?

Match day discussion, transfers, and all things Accies

Re: Financial Armegeddon?

Postby Stevie Clarke » Wed Jan 20, 2021 4:37 pm

Thanks TT. You might be right as to the reason. Who knows what's going on or how we're keeping our heads above water. I think I'd have grabbed the cash and worried about the repayments later, just to ease the immediate pressure.
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Re: Financial Armegeddon?

Postby porcupine » Wed Jan 20, 2021 7:18 pm

Sitting on their hands might not be the worst decision of the BOD at this point, if there is no immediate time limit for applications. The loan T & C's might also be onerous.

As to the financial health of the Club, both TT & I have concluded many times on here that, as there is such a snake of companies involved, it's impossible as outsiders to obtain a health picture of Accies as a football club. We will either be still trading one day, or suddenly folding the next, from present available financial information.
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Re: Financial Armegeddon?

Postby TerracingTomas » Thu Jan 28, 2021 11:43 pm

More details of the Scottish Governments loan scheme. The loan is interest free and repayable over 20 years which sounds great. But the article also says there are no details of what security clubs would have to provide if any. Accies can’t use the stadium as the Allied Irish Bank have first dibs on that.

https://www.bbc.co.uk/sport/football/55850272
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Re: Financial Armegeddon?

Postby porcupine » Fri Jan 29, 2021 1:15 am

Just saw that also, TT. Wouldn't surprise me if there wasn't a Second Security since the last balance sheet either!

£1.6m interest free not to be sneezed at, but to whom does the Government lend the money, with the various 'Snakes' in the Accies associated companies? That's bound to be a stumbling block, in granting a loan, to a company/companies so set up, and with a recent history of interesting financial management.

The three basics in lending money
1 How Much required? Too little? Too Much?
2 For How Long a period?
And most importantly
3. Demonstrate from where & how repayment is coming back to the lender?

Easy to spend £1.6M but a repayment of that is £80K p.a. for 20 years, say on a 10 month season, meaning £8K every month. With Accies apparently loosing their main income of SLC rental, and a traditionally low gate income, (even when open as usual), this could be very challenging.
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Re: Financial Armegeddon?

Postby TerracingTomas » Sun Jan 31, 2021 3:03 pm

I see John Brown has resigned as a director of the stadium company, although for the moment he is still a football club director. Easy to read all sorts of things into this so no point speculating. He was brought on board to review the finances after the scam.
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Re: Financial Armegeddon?

Postby porcupine » Sun Jan 31, 2021 4:21 pm

TerracingTomas wrote:I see John Brown has resigned as a director of the stadium company, although for the moment he is still a football club director. Easy to read all sorts of things into this so no point speculating. He was brought on board to review the finances after the scam.


:roll: :roll: Maybe he sorted them all out.... and there again...? SLC Lease Loss?

We'll never know, TT.
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Re: Financial Armegeddon?

Postby porcupine » Wed Feb 03, 2021 1:49 pm

BBC Reports Today; Hamilton Academical chief executive Colin McGowan says the club rejected a takeover bid from a Chinese consortium in recent years. (Daily Record)

Not sure whether I can believe this, given the original source :roll: :roll: but it could have course just been from a local Chinese Take-Away :D

Or maybe the prospective buyers heard "Chinese Whispers" about the 'Snakes'?

Discuss!!
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Re: Financial Armegeddon?

Postby glenthedog » Wed Feb 03, 2021 3:41 pm

Can't fathom why a Chinese consortium would be interested in us - unless it was a take-over by the Yee Hong (who would likely run things better anyway).

Would never happen as McGowan would never want to give up his drug rehab hobby club.
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Re: Financial Armegeddon?

Postby TerracingTomas » Wed Feb 03, 2021 7:06 pm

Link to article here

https://www.dailyrecord.co.uk/sport/loc ... mqQZgmYj1o

I really shouldn’t bite but it’s the bit where he says he has really enjoyed turning round the clubs finances from ruin to the Premiership!!!

Colin you know very well that you and Watson sold the club to Ronnie along with £3 million pound debt. It was Ronnie and Les who cleaned up the mess. It was Ronnie who put a million in to stabilise the ship. It was Ronnie who put 200k in after the scam.

You on the other hand as CEO allowed a bank account to operate with only one signatory making the scam all the easier, you as CEO have failed to secure a long term tenant for the North Stand and you as CEO have facilitated a series of sponsorship deals with companies who aren’t even trading or go bust.

I am aware of one individual who had detailed knowledge of the business side of the club at the time of the scam who described it as a “shambles”.

Community club my backside.
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Re: Financial Armegeddon?

Postby porcupine » Wed Feb 03, 2021 7:18 pm

Anyone give me a good reason why this "story" should be printed now, when it suggests it's historical?

We've seen the demise of an ego-seeking person running a big show recently. Other candidates are also available.
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Re: Financial Armegeddon?

Postby TerracingTomas » Thu Feb 04, 2021 10:24 am

McGowan apparently doing an interview today with The Lanarkshire Live site. He is covering finances and fan relationships. Look forward to hearing about the alternative universe he inhabits. Straight out of Trumps communications text book. Answer this one CEO. Accies have received in excess of £6 million (actually nearer £8) from South Lanarkshire Council in the last 20 years in rental income. Why isn't the mortgage cleared if not where has the money gone?
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Re: Financial Armegeddon?

Postby TerracingTomas » Thu Feb 04, 2021 1:05 pm

As expected an interview that tells us very little. No difficult questions just a platform for an egoist to give a distorted view of the world. Recurring theme around the fans - its only a very small vocal minority 8 are mentioned and it's the charity side that brings in the sponsors. If it wasn't for the charity work it’s claimed that money wouldn't be there. As is well evidenced many of our sponsors haven't got a pot to piss in and bring reputational damage to the club such as Nevis Home Improvements and Scotia aide Sierra Leone to name but 2. The credit to the success that is HAFC lies with Ronnie and Les both on and off the field. The well documented negatives can all be laid at the foot of the CEO. In my line of work which includes significant strategic audit and business analysis, I'm pretty confident in what I see based on evidence not imagination. Ronnie save us before ur legacy is destroyed.

https://www.dailyrecord.co.uk/sport/loc ... ssion=true
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Re: Financial Armegeddon?

Postby porcupine » Thu Feb 04, 2021 8:25 pm

Here's some clips from the above Lanarkshire News interview link that TT posted and which may be worthy of some more discussion as to their veracity.

Q.Hamilton only generated £95,856.76 after tax from season ticket sales last season, is that indicative of the finances generated by the club through that avenue and why tickets are given away?

A.“We give away as many tickets to charities and comps as we have supporters. Obviously if we had more supporters on the ground, we’d have less tickets to give away to the charities.”

That suggests Season Ticket Income was approx £119821 inc 20%VAT. Roughly 4/500 including full price and concessions. Could be correct, but no apparent way of seeing that in the accounts.



Q. You’ve estimated that the figure that sponsors invest due to the charity is over £300,000..
.
A. "It’s due to the corporate social consciousness. The money these sponsors put in are in the accounts so it’s there for everybody to see.

Really? I must have missed that!

All of our accounts are available online so it’s not like our financial record should be a secret to our supporters.”

Once again, Where?


A. “If the charities were to leave the club then we wouldn’t be in such a strong position. The turnover would drop by another £300,000 pound so of course, we’d be in a worse position.
“The attendances would be down by a few hundred which would look terrible and all this to appease eight keyboard warriors?

Could TT & I be two of the keyboard warriors for seeking transparency on such statements made?

“I’m the chief executive, I’m the financial director and controller, I'm the head commercial salesman and I’m entrusted by the board to handle all the non-footballing roles.

“I’m one of the owners of the club who have put in place a board of directors with over 200 years of football experience. I’ve always explained that my football knowledge is limited.

“The bottom line is that when we came here with Jim Watson, the club wasn’t in a position to pay the wages.
"I’ve got business abilities in crisis management and I assisted to sell a bit of our ground to Morrison’s to balance the books.
The land that we sold to Morrisons was responsible for the employment of hundreds of local people.

Impressive Qualifications. Does it not beg the question on how we were scammed for close to £1M pounds then, with all that experience?
And, how much did this historical land sale to Morrisons raise for the Club which then resulted in hundreds of jobs?


“The people who criticise us forget that before we got here, we were three points off the bottom of the old second division.

Thats the Championship, then? Or is it Division One?



Q.There have been accusations that you prioritise the charity work over the on-pitch performance, how would you address those claims?

A.“The fact that Hamilton Accies have spent ten years in the Premiership indicates where our priorities lie.
“We control everything and it runs beautifully. There is a board of directors in place to run the football side of things and I assure you that everything else runs smoothly.
“For me personally, I’ve enjoyed the challenge of turning round the clubs’ finances from ruin to becoming a Premiership club.

"I assure you that everything else runs smoothly"

Really? If so, that's good to know the football stadium company is in safe hands!!
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Re: Financial Armegeddon?

Postby TerracingTomas » Fri Feb 05, 2021 12:20 pm

Great piece Porcupine. The interview is a fine example if lazy journalism. Oh you've written out the questions Colin thanks for that. Of course McGowan knows he can say what he likes as there is no journalistic follow up like what about the Dome or when are RBS refunding the scammed monies. Or when are Foys going to pay for the new media suite and gantry. And of course he continues with the fairy stories that it's only a few fans and our advertisers are only here because of the charity work. I could go on but a shambolic off the field business is just that. Adopting Trump media tactics changes nothing. Ronnie/Les/Allan show the backbone the leaders of the Republican Party have not and remove this self styled 'crisis manager'
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Re: Financial Armegeddon?

Postby porcupine » Fri Feb 05, 2021 1:31 pm

The more this continues, the more it seems that those, who had a piece of the action before RLA, are unable to be persuaded to leave at any price, whether from the suggested £5M Chinese offer (if ever verifiable), or funds from elsewhere.

Still, it's impressive that some people who have excellent & varied business acumen, can effectively run big companies on a purely voluntary basis, and also be involved in a wide range of charitable work. The majority of us need a regular income stream from some source, but it seems "Philanthropy lives" in South Lanarkshire, even in areas of deprivation. Wonderful.
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