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Bristol R*vers dustbin thread


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2 hours ago, Silvio Dante said:

Jesus. They just don’t know how to stop being funny…

 

They're laughing because they've all just realised that every single one of them have returned to the exact place they had their first meeting with Wally and Jailey Barton.

In that meeting, they were shown the views, told to take in the sights, and to look at the stadium on the horizon. 

What they weren't told is that they were looking the wrong way....

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They used that famous Bristol landmark as a backdrop to sell their season tickets a few seasons ago. That's the same landmark with Ashton Gate in the background.

Genius or should I say Gaslogic or better still, tinpot.

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That new L shaped lego South Stand to replace the tent and temporary tennis stand. Doesn’t have planning permission yet and Wael is already mortgaging the ground to fund it. This should end well.

F8516D4D-46BB-4DE5-83EB-E2C2E9409294.thumb.png.c034887fc67cabb47a28c976ffa051d5.png

 

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2 hours ago, Olé said:

That new L shaped lego South Stand to replace the tent and temporary tennis stand. Doesn’t have planning permission yet and Wael is already mortgaging the ground to fund it. This should end well.

F8516D4D-46BB-4DE5-83EB-E2C2E9409294.thumb.png.c034887fc67cabb47a28c976ffa051d5.png

 

What’s interesting here is that the lender is Nationwide Finance, not affiliated with Nationwide Building Society. Not familiar with their work but they appear to be very small scale - latest accounts suggest c£30m of debtors which isn’t much at all, and also look at secured loan terms of up to six years. We’re talking fairly short term finance here on a secured basis which is unusual - could be argued that there is intent there if the fruit market is on the horizon, but equally there’ll be a premium for such a transaction and the fact Wallys gone down this route wouldn’t imbue me with confidence!

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53 minutes ago, Silvio Dante said:

What’s interesting here is that the lender is Nationwide Finance, not affiliated with Nationwide Building Society. Not familiar with their work but they appear to be very small scale - latest accounts suggest c£30m of debtors which isn’t much at all, and also look at secured loan terms of up to six years. We’re talking fairly short term finance here on a secured basis which is unusual - could be argued that there is intent there if the fruit market is on the horizon, but equally there’ll be a premium for such a transaction and the fact Wallys gone down this route wouldn’t imbue me with confidence!

I thought the same. I’d imagine the expectation is that the increased footfall will cover the repayments at a minimum- which is a dangerous game to play.

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4 minutes ago, Barrs Court Red said:

I thought the same. I’d imagine the expectation is that the increased footfall will cover the repayments at a minimum- which is a dangerous game to play.

Yeah, it’s odd. The scale of the lender suggests this isn’t going to be a huge loan so to give them FLC (particularly on a short term commitment and when Wallys active in a ****ing bank) seems odd to say the least. He should be able to fund the temporary stand himself from watch sales, and with them now having to have a rebuild season I’d wager attendances will actually go down YOY (no post promotion bump).

The lender really would trouble me. They’re definitely not lender of first resort here. It’s also noticeable the independent witness to Wallys signature is a member of the lender, and gives his address as their office. That’d definitely make things challengeable if things went tits and suggests this isn’t a firm with great compliance functions!

There are two options here:

- All the money is tied up in the fruit market (although that would seem odd as the stage it’s at isn’t one which needs mass finance, particularly as it’s Conygar doing things)

- They’re in the shit and needed money quick.

I know where I’m erring…

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I am not a finance person but I wonder what the developers of the FM site make of this? If Rovers are serious potential business partners, can they bring financial credibility to the table, to be on even terms in negotiations?

As an analogy, it could be a bit like me going into a Ferrari showroom, kicking the tyres whilst my old Astra is parked outside.

Surely at some point the owner will need to put some of his own money into these schemes? It seems everything in their world is based around the land value of the Mem and that could vary wildly depending how the economy feels.

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I can never quite get my head around these financial statements but as far as I can see it, as well as the charge against the ground from this new mortgage, Wally's 2017 charge against the club / ground is still outstanding but I've no idea what value remains on it, and their last set of accounts seems to show they're currently over 7 million pounds in the red. This is an increase of over 3 million in debt since last year. 

Is thst correct? 

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12 minutes ago, Midlands Robin said:

I can never quite get my head around these financial statements but as far as I can see it, as well as the charge against the ground from this new mortgage, Wally's 2017 charge against the club / ground is still outstanding but I've no idea what value remains on it, and their last set of accounts seems to show they're currently over 7 million pounds in the red. This is an increase of over 3 million in debt since last year. 

Is thst correct? 

Looking at the Nationwide charge document it doesn’t state the amount. 
 

However, as clause 11 of the document states: “The Mortgagors will keep the property in good condition”, they may already be in breach!

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4 hours ago, Silvio Dante said:

What’s interesting here is that the lender is Nationwide Finance, not affiliated with Nationwide Building Society. Not familiar with their work but they appear to be very small scale - latest accounts suggest c£30m of debtors which isn’t much at all, and also look at secured loan terms of up to six years. We’re talking fairly short term finance here on a secured basis which is unusual - could be argued that there is intent there if the fruit market is on the horizon, but equally there’ll be a premium for such a transaction and the fact Wallys gone down this route wouldn’t imbue me with confidence!

 

Interesting. Based in Milton Keynes and aimed at small business startups. Their website states they don't need to look at clients' credit scores. ?

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38 minutes ago, Midlands Robin said:

I can never quite get my head around these financial statements but as far as I can see it, as well as the charge against the ground from this new mortgage, Wally's 2017 charge against the club / ground is still outstanding but I've no idea what value remains on it, and their last set of accounts seems to show they're currently over 7 million pounds in the red. This is an increase of over 3 million in debt since last year. 

Is thst correct? 

Looking at their accounts briefly, from 21-22 the amount owed to group undertakings increased by £4.5m to £7.0m. I’d say that the amount is likely owed to Dwane. The limitation of that charge is £10m. So, if we work on a similar amount of increase in group undertakings YOY then they’re kicking up against the limit of the facility.

The company owns “fair value” investment property worth £11.1m - I think that’s the Memorial site as it predates their training ground from what I can see.

Wally has previously converted interest due on the loan to shares. It’s possible the increase in debt is accrued interest once more (however that would mean Wally is charging an eye watering rate).

My base, quick, conclusion is that this loan will be used to pay the debt to Dwane to allow interest to continue to accrue and not exceed the limit, and also mean Wally doesn’t have to do another share conversion.

Essentially, it looks likely that Wallys borrowed money via the football club to reduce the money it owes to him.

Edit: And this is why Wally needs the fruit market, and has also now released details far before it’s ready, and also why they’ll be tenants - essentially selling the Mem just clears the debt to Wally and they have nothing to bring to the FM site. He’s not willing to put more in currently hence the Nationwide loan. They are in big, big shit - and if the FM doesn’t happen, there looks to be a strong potential of pulling the plug.

Edited by Silvio Dante
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For balance, just went on their forum. They seem to think it’s linked to the construction of the new stand.

This special belter thinks that construction of a single tier temporary structure will cost £5m (because those projects don’t need planning, you spend that much when you’re leaving shortly and the stand will be constructed in two months, obvs), and despite it being a replacement for existing tents, will generate all totally “new” income.

They’re special.

 

IMG_0284.jpeg

Edited by Silvio Dante
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All this, loans to paper over lost money, construction of semi permanent structures in a ground they may or may not move from, after paying money to evaluate some land they may or may not move to…

All whilst their manager says they will make a push for the play offs next season, after finishing 27 points behind it this season, needs 12 players after signing 30 odd in the last two windows, they’re reliant on loans and their owner scrapped the academy because he genuinely thinks an area the size of Bristol and Somerset that has 3 specialised RTCs in doesn’t produce enough talent to warrant it….

They are a mess :laugh:

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33 minutes ago, steviestevieneville said:

My mate is up there emptying the bins . He said the tents coming down . Two blokes on a ladder 

Were there any players in the bins,or just bits of an old tent.

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8 hours ago, Olé said:

That new L shaped lego South Stand to replace the tent and temporary tennis stand. Doesn’t have planning permission yet and Wael is already mortgaging the ground to fund it. This should end well.

F8516D4D-46BB-4DE5-83EB-E2C2E9409294.thumb.png.c034887fc67cabb47a28c976ffa051d5.png

 

That "thing" on the far side looks a bit like a cricket scoreboard........... perhaps they're not confident of keeping visiting teams down to non-cricket scores ?

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46 minutes ago, Silvio Dante said:

Looking at their accounts briefly, from 21-22 the amount owed to group undertakings increased by £4.5m to £7.0m. I’d say that the amount is likely owed to Dwane. The limitation of that charge is £10m. So, if we work on a similar amount of increase in group undertakings YOY then they’re kicking up against the limit of the facility.

The company owns “fair value” investment property worth £11.1m - I think that’s the Memorial site as it predates their training ground from what I can see.

Wally has previously converted interest due on the loan to shares. It’s possible the increase in debt is accrued interest once more (however that would mean Wally is charging an eye watering rate).

My base, quick, conclusion is that this loan will be used to pay the debt to Dwane to allow interest to continue to accrue and not exceed the limit, and also mean Wally doesn’t have to do another share conversion.

Essentially, it looks likely that Wallys borrowed money via the football club to reduce the money it owes to him.

Edit: And this is why Wally needs the fruit market, and has also now released details far before it’s ready, and also why they’ll be tenants - essentially selling the Mem just clears the debt to Wally and they have nothing to bring to the FM site. He’s not willing to put more in currently hence the Nationwide loan. They are in big, big shit - and if the FM doesn’t happen, there looks to be a strong potential of pulling the plug.

 

Since Wael took sole ownership the limit for the revolving credit facility being based upon the £10m charge held has gone away. 

It did indeed look like a hard limit, such that the credit limit would be hit and that meant no more money, when there was family ownership of Dwane Sports but that's no longer the case, the loan has exceeded it by a large amount in the past.

Taking out a commercial loan for the stand is a good way of bringing some proper financial rigour to the organisation, I thought similar when the Lansdowns financed the stadium construction with a third party loan so making the stadium pay for itself by its revenues paying the interest on and repaying those capital loans.  It is then easy to see whether it is a genuine commercial success or just another "Steve, send us another cheque, mate, we've spent the last one" venture reminiscent of the Gary Johnson and Mark Ashton days.

Financially they are very similar to us, albeit on a much smaller scale, they have a wealthy owner who spent loads of money but hasn;t advanced teh league position much and is now trying to bring the club into better financial shape.

I'm not waving a flag for them because I cannot see how any club can have such a dreadful person as their manager, but financially they are in no worse a position than we are.

 

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46 minutes ago, Silvio Dante said:

For balance, just went on their forum. They seem to think it’s linked to the construction of the new stand.

This special belter thinks that construction of a single tier temporary structure will cost £5m (because those projects don’t need planning, you spend that much when you’re leaving shortly and the stand will be constructed in two months, obvs), and despite it being a replacement for existing tents, will generate all totally “new” income.

They’re special.

 

IMG_0284.jpeg

I know the Gash fans aren't prone to exaggeration, but where did he get an uptake of 3500 extra seats? According to the official statement, Wael suggested an extra 2500 seats (https://www.bristolpost.co.uk/sport/football/bristol-rovers-new-south-stand-8398066)

The above estimates also rely on a sell out each home match to bring in the additional revenue.

Aside from that, it all makes sense ?

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15 minutes ago, Eddie Hitler said:

 

Since Wael took sole ownership the limit for the revolving credit facility being based upon the £10m charge held has gone away. 

It did indeed look like a hard limit, such that the credit limit would be hit and that meant no more money, when there was family ownership of Dwane Sports but that's no longer the case, the loan has exceeded it by a large amount in the past.

Taking out a commercial loan for the stand is a good way of bringing some proper financial rigour to the organisation, I thought similar when the Lansdowns financed the stadium construction with a third party loan so making the stadium pay for itself by its revenues paying the interest on and repaying those capital loans.  It is then easy to see whether it is a genuine commercial success or just another "Steve, send us another cheque, mate, we've spent the last one" venture reminiscent of the Gary Johnson and Mark Ashton days.

Financially they are very similar to us, albeit on a much smaller scale, they have a wealthy owner who spent loads of money but hasn;t advanced teh league position much and is now trying to bring the club into better financial shape.

I'm not waving a flag for them because I cannot see how any club can have such a dreadful person as their manager, but financially they are in no worse a position than we are.

 


Hitler was wrong

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20 minutes ago, bert tann said:


Hitler was wrong

Yep, agree. The very act of taking out a loan with a short term sub prime lender on (so say) a temporary structure means it’s a world away from long term debt restructuring on a stadium development.

Fruit Market is Wallys exit plan. And it’s purpose is to give him money back but leave Rovers with no assets.

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1 hour ago, Silvio Dante said:

For balance, just went on their forum. They seem to think it’s linked to the construction of the new stand.

This special belter thinks that construction of a single tier temporary structure will cost £5m (because those projects don’t need planning, you spend that much when you’re leaving shortly and the stand will be constructed in two months, obvs), and despite it being a replacement for existing tents, will generate all totally “new” income.

They’re special.

 

IMG_0284.jpeg

Since when has advertising been charged on the size of a structure. 
 

I thought it was done on the size of audience that interact with the advert. Unless we’ve all got it wrong and that drawing a couple of weeks ago wasn’t to scale. Maybe this new structure will be so massive it can be seen from ******* London or something.

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1 hour ago, Silvio Dante said:

For balance, just went on their forum. They seem to think it’s linked to the construction of the new stand.

This special belter thinks that construction of a single tier temporary structure will cost £5m (because those projects don’t need planning, you spend that much when you’re leaving shortly and the stand will be constructed in two months, obvs), and despite it being a replacement for existing tents, will generate all totally “new” income.

They’re special.

 

IMG_0284.jpeg

Christ you wouldn't want that guy doing your business's accounts.

It seems like he's been to the Mark Ashton wildly optimistic school of accountancy there. 

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10 minutes ago, NcnsBcfc said:

Christ you wouldn't want that guy doing your business's accounts.

It seems like he's been to the Mark Ashton wildly optimistic school of accountancy there. 

Yeah £22.00 a game average across concessions too sounds speculative for bottom end league 1. Assuming aswell they sell out every game at full redeveloped capacity which we know never happens.

I visit many other clubs forums and have to say they don't have spout some shite on there compared to most. The other forum Gas Guzzler was slightly more with it but then after someone on their said Barton speaks more sense than Pearson I quickly lost respect.

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Surely the biggest error seems to be that building a stand for 2,500 people does not mean 2,500 extra supporter revenue, it means that 2,500 people who were stood up before are now sat down?

It is possible that there is extra space created above what was there previously, but equally that doesn't mean it will be filled.

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3 minutes ago, Open End Numb Legs said:

Surely the biggest error seems to be that building a stand for 2,500 people does not mean 2,500 extra supporter revenue, it means that 2,500 people who were stood up before are now sat down?

It is possible that there is extra space created above what was there previously, but equally that doesn't mean it will be filled.

Tbf I think it’s supposed to be an extra 2500 people who were previously locked out. However, as you rightly say they still need to fill those seats - it’s already been pointed out that not all those will be sold to adults every game, and the saggies figures also don’t account for the cost of maintenance/stewarding the new shack, and also the cost of what they’ll spend on concessions.

Add in that he somehow thinks that a rate of 3% will be payable on a high risk loan in todays market and it’s clear he hasn’t got a bloody clue.

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3 hours ago, steviestevieneville said:

My mate is up there emptying the bins . He said the tents coming down . Two blokes on a ladder 

If he spends any more time there, the Gas will probably co-opt him into building the stand and then finishing off the electrics afterwards.

Still waiting for them to call out their Volunteer army again .?

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8 minutes ago, Kodjias Wrist said:

**** me apparently Barton went into second favourite for Blackpool job earlier ?. Even more of a shocker is that some of them wouldn't mind him.

Well they have had dealings with the Oystons in the past, Joey might seem a step up.

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1 hour ago, Dolman Block B said:

Hardly a surprise to read that they are in “constant communication” with the council over the planning application.

I wonder who that could possibly be?

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8 hours ago, BCFC11 said:

I do find it strange that Wally who’s family have large stakes in a Jordanian bank has to borrow money from elsewhere ?

Not that usual. Banks have a profile and investors will often buy shares that reflect their risk appetite, interests and beliefs (for example, a lot of funds are ethical and wouldn't invest in companies that produce weapons, even if the returns are strong).

Given that the football club loses money every year and are able to continue trading because of owner investment, the bank they hold shares in might not want that type of loan on their books.

 

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8 hours ago, GrahamC said:

Hardly a surprise to read that they are in “constant communication” with the council over the planning application.

I wonder who that could possibly be?

There are massive delays with planning applications at bcc at the moment.  Obviously trying to use old marvellous to queue jump.

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36 minutes ago, myol'man said:

Still top of the list, after 31 years, it's Mr. Andy Tillson ?

https://footballleagueworld.co.uk/bristol-rovers-5-most-expensive-signings-where-are-they-now/

(no idea who the bloke in 2nd place is)

Was going to say that too.

Never heard of him. Must have been really good though, the Fewers go on about him all the time.

What? They don't...

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Is there a less transparent football club in business right now?

How many times have we seen an announcement from their boardroom that contains the words "Can't talk about it", "Confidential" "Work going on behind the scenes", "Not in a position to announce" etc, etc, etc?

If you turn to google there are clubs up and down the country talking about stadium improvements and their web pages or at the very least the local press, can explain time lines, costings and the facilities that they are looking to create.

There are 86 Days, 4 Hours and 30 Minutes (give a take a minute or two) until the first EFL Game of the season kicks off at 15:00 on Saturday 5th August 2023.

In that time the sags have to:

Submit planning permission for their new stand.

Obtain Planning permission for their new stand.

Take down the temporary structure that is their two current stands

Relocate their big screen.

Clear the ground for the new structure.

Build the new structure

Build any associated facilities and services (catering, lighting etc)

Hold a test event to obtain a safety certificate.

When they talk about tight timelines they're not wrong.

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2 hours ago, myol'man said:

Still top of the list, after 31 years, it's Mr. Andy Tillson ?

https://footballleagueworld.co.uk/bristol-rovers-5-most-expensive-signings-where-are-they-now/

(no idea who the bloke in 2nd place is)

The rate they don’t spend money, a “where are they now” for their top signings in ten years time is likely to just be a picture of Arnos Vale Cemetery 

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2 hours ago, Midlands Robin said:

Is there a less transparent football club in business right now?

How many times have we seen an announcement from their boardroom that contains the words "Can't talk about it", "Confidential" "Work going on behind the scenes", "Not in a position to announce" etc, etc, etc?

If you turn to google there are clubs up and down the country talking about stadium improvements and their web pages or at the very least the local press, can explain time lines, costings and the facilities that they are looking to create.

There are 86 Days, 4 Hours and 30 Minutes (give a take a minute or two) until the first EFL Game of the season kicks off at 15:00 on Saturday 5th August 2023.

In that time the sags have to:

Submit planning permission for their new stand.

Obtain Planning permission for their new stand.

Take down the temporary structure that is their two current stands

Relocate their big screen.

Clear the ground for the new structure.

Build the new structure

Build any associated facilities and services (catering, lighting etc)

Hold a test event to obtain a safety certificate.

When they talk about tight timelines they're not wrong.

Let's hope the rosy cheeked lady garden doesn't do them a dodgy deal again with any relocation/replacement.

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2 hours ago, Dredd said:

I saw Liverpool have requested to start the season away from home to finish off their (very impressive non sheet metal, no pillared) new Anfield road end stand. Reckon the fewers might make a similar request?

They will be away on 5th August as we'll be at home but they would normally get a home game on 12th August as it's Balloon fiesta.

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4 minutes ago, Midlands Robin said:

They'll be absolutely knackered if any of the houses on Alton Road, Ellicot Road or Downend Road object to the plans.

There has to be a planning application to object !

At the very least the club should be in dialogue with their neighbours (maybe they are).

They don't need planning permission to start demolition and build, but they'll have to get retrospective permission at some stage.

I'm guessing that permission is in the bag anyway...

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