FORUMS > Wigan Warriors > Boston stand no more |
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| Quote: TheWarringtonWolve69 "Just see for yourself. All the info is available at companies house. To put it in layman’s terms, you owe £5.8m more than what you are owed/assets you have.
Would you lend money to a company like that? Of course you wouldn’t
With regards the “concern” this is the auditors stating there is an uncertainty in their opinion that the company will be able to continue to trade'"
but we owe it to our owner
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78702_1663485587.jpeg Wakefield Wildcats RLFANS Quiz Champion 2023:d7dc4b20b2c2dd7b76ac6eac29d5604e_78702.jpeg |
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| Quote: Pieman "but we owe it to our owner'"
And? The company and its owner are separate legal entities. As I said right at the start before armchair accountants started calling me out. Financial institutions don’t care who it’s owed to. Same goes for the auditors and their audit statement. Don’t believe me, download the Wigan credit file
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| If we want to wipe that debt tomorrow then we can. Why? Because it's owed to our owner. "In laymans terms" the bank won't be calling it in.
Now how about the losses Saints are making and their debts?
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| Quote: TheWarringtonWolve69 "And? The company and its owner are separate legal entities. As I said right at the start before armchair accountants started calling me out. Financial institutions don’t care who it’s owed to. Same goes for the auditors and their audit statement. Don’t believe me, download the Wigan credit file'"
so we owe our owner money?....who doesnt? He clears all losses and adds it to the debt owed, so no one apart from him can call in anything, as he is the major shareholder in the company that owns us, prove me wrong, tell me what bank can call in our debt?
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| Why bother watching the games next year!
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22575.gif "Brian McDermott, with a wry smile, nods when asked if he remembers a specific incident which made him realise he was a prick. 'I do', he murmurs.":22575.gif |
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| Although WW69 is a well known troll the stuff about the auditors is right.
This sort of thing can play havoc with your credit ratings, although the basics of the company's financial position mean it's probably struggling on that front anyway.
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| Quote: The Ghost of '99 "Although WW69 is a well known troll the stuff about the auditors is right.
This sort of thing can play havoc with your credit ratings, although the basics of the company's financial position mean it's probably struggling on that front anyway.'"
Nobody will lend someone 5m in debt money that's obvious.
When that money is owed to the owner though it can very quickly become a debt of zero. Nobody will come knocking on the door demanding their money because we don't owe anybody any money.
We lose money like all sport clubs do, but I'd rather be in our position where the owner fills the gaps than having 5mill of creditors.
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22575.gif "Brian McDermott, with a wry smile, nods when asked if he remembers a specific incident which made him realise he was a prick. 'I do', he murmurs.":22575.gif |
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| Quote: Egg Chasing "Nobody will lend someone 5m in debt money that's obvious.
When that money is owed to the owner though it can very quickly become a debt of zero. Nobody will come knocking on the door demanding their money because we don't owe anybody any money.
We lose money like all sport clubs do, but I'd rather be in our position where the owner fills the gaps than having 5mill of creditors.'" Obviously banks would steer clear but credit ratings are also important to suppliers and credit insurers who may pull their facilities which just compounds the cash crunch.
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| Quote: The Ghost of '99 "Obviously banks would steer clear but credit ratings are also important to suppliers and credit insurers who may pull their facilities which just compounds the cash crunch.'"
Every single supplier or anybody else who charges us a fee gets their money on time.
We are basically chipping away at our savings account to go on holidays and buy luxuries rather than using credit cards.
Losses are a big worry of course they are, but knowing that we have zero debt (effectively) is a big plus.
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| Quote: Pieman "so we owe our owner money?....who doesnt? He clears all losses and adds it to the debt owed, so no one apart from him can call in anything, as he is the major shareholder in the company that owns us, prove me wrong, tell me what bank can call in our debt?'"
What are you on about? I made a statement about 10 pages ago stating that banks wouldn’t touch you for finance and all of a sudden I’ve got loads of armchair accountants who haven’t got a clue what they are talking about calling me out lol
As I said. Banks don’t care if the money is owed to your owner. You are still insolvent and that’s all the banks care about but carry on denying it all you want. It’s a fact
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| Quote: TheWarringtonWolve69 "What are you on about? I made a statement about 10 pages ago stating that banks wouldn’t touch you for finance and all of a sudden I’ve got loads of armchair accountants who haven’t got a clue what they are talking about calling me out lol
As I said. Banks don’t care if the money is owed to your owner. You are still insolvent and that’s all the banks care about but carry on denying it all you want. It’s a fact'"
And when a bank is interested in buying us, that would be relevant. However, anyone buying a sports club would not be using bank loans to fund it so what's your point exactly and how does this impact on someone buying the club?
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| Quote: TheWarringtonWolve69 "What are you on about? I made a statement about 10 pages ago stating that banks wouldn’t touch you for finance and all of a sudden I’ve got loads of armchair accountants who haven’t got a clue what they are talking about calling me out lol
As I said. Banks don’t care if the money is owed to your owner. You are still insolvent and that’s all the banks care about but carry on denying it all you want. It’s a fact'"
im replying to you 2 pages ago you clown as you know......
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| Quote: Egg Chasing "If we want to wipe that debt tomorrow then we can. Why? Because it's owed to our owner. "In laymans terms" the bank won't be calling it in.
Now how about the losses Saints are making and their debts?'"
Which of course, they will have for a transditional period following the building of their own stadium, but Wigan have debts and financial problems without having any ownership or running of their own stadium.
Does not seem to bother St Helens with the way they still managed to sign to class players each season like they have done for next season.
Wigan, on the other hand???
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| Quote: Ruddy Duck "Which of course, they will have for a transditional period following the building of their own stadium, but Wigan have debts and financial problems without having any ownership or running of their own stadium.
Does not seem to bother St Helens with the way they still managed to sign to class players each season like they have done for next season.
Wigan, on the other hand???'"
Difference is Saints have 7 Directors ranging from companies, antique dealers and property developers.
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icons077e_files/5454-3678dentheman-msnicons.jpg Fans Forum 28.08.08 Fan from Haydock
"I've got one word for you Mr Chairman - Penalty Count"
[quote="The Daddy"]I've got one word for you all......Steve Hanley[/quote]
Some Salford fan said to me and I quote "You are by far and away the most Handsome & Knowledgeable Rugby League Fan in England!"
I thanked him and went on my Merry way!
RIVERCAVE DWELLER OF THE YEAR 2015!
"The club used you last night and didn't tell the truth."
Officially one of the 119 Mugs used by the club:icons077e_files/5454-3678dentheman-msnicons.jpg |
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| Quote: Ruddy Duck "
So saints are losing money (Sure Rogues will provide details but over the tenure of IL's ownership haven't Saints lost more per year than Wigan ?). And I'd also like a little wager that the figures forbthe last 5/6 years or so when the real belly aching about IL/KR started I'd bet our yearly losses weren't too different to Saints?
Saints may very well own their stadium, but that isn't always the be all and end all to success people think.
If they sold the stadium today for its value on the balance sheet (is it 30million? And it will be depreciating ) And they owe Coleman etc 18million ??? And then what?
As per the other thread
The only way things get better for Wigan is if more people (largely the ones who do the most moaning) get off their backside and spend their money
That won't happen whilst the people who are supoosed to be supporting the club constantly run it down at every opportunity.
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