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| Dundee FC; Melville wants out! | |
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| Tweet Topic Started: Sep 20 2010, 10:49 AM (6,030 Views) | |
| whatsthatonyourback | Sep 28 2010, 09:07 PM Post #31 |
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Waldo Jeffers
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I posted this on EFF, but since I've gone to all the effort of downloading the DFC accounts I thought i'd put it in here too... Dundee Football Club: 2009 Remuneration: £1,646,198 on a turnover of £2,101,288, giving a 78% Salary to turnover ratio, which is well over the advised 60% level. Salaries went up £361,404 between '08 and '09, despite the number of employees staying the same. While this is an average of £4k p/a average increase, it seems fair to assume this increase was not spread evenly throughout the club. All other things being equal, you could speculate that this sum is made up of the salaries Melville is funding for Griffiths, Harkins and the other one. An average of £120k more than each of the players they replaced - that's a pretty good wage in the First, to put it mildly. Looking at their previous annual Balance Sheets makes for comically horrifying reading. Examples: They've currently got 86 employees. In 2001 they had 357 employees! 357! What did they all do? In the three years up to 2003 they lost £14,369,532 In 2002 they lost £6,635,000 on a turnover of £3,472,000 In 2004 they paid £1,231,000 in interest, while they've paid pennies in '08 and '09, which shows the benefits of going into administration and doing whatever the hell they did to clear their debt. Any other questions on their accounts, just whistle. |
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| The Eggman | Sep 29 2010, 07:54 AM Post #32 |
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Tommy McLean
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How much money do Dundee owe as of September 2010? It was said in 2005 that it was £23 million. Then they went into administration. How much of that £23 million did they get written off by going into administration? |
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| whatsthatonyourback | Sep 29 2010, 09:35 AM Post #33 |
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Waldo Jeffers
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Company accounts only go up to mid-2009, so I dunno, but they were effectively debt free a couple of years ago through selling their ground and various other shenanigans with the motley crew of rich benefactors that are drawn to the place. Hard to know how much of that is held over them behind the scenes or what the terms are, but from discussions elsewhere it sounds like Brannan, Melville and Bennett constitute over 75% of the club's creditors (remember HMRC are creditors to the tune of £350k, so they're at least £1.4m in debt to someone), so they've been effectively financing it. The bank don't seem to be giving them any loans whatsoever. And why would they? |
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| Naebody | Sep 29 2010, 11:31 AM Post #34 |
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Twat
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That's a quid well spent, WT. Ta. Somewhere around the end of the accounts there's likely to be the independent auditor's "going concern" warning. These tend to be boilerplate, though sometimes they're not. I'd like to know: is there anything curious or unusual in there? |
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| whatsthatonyourback | Sep 29 2010, 11:43 AM Post #35 |
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Waldo Jeffers
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In the Credit Score & Rating section: Qui Score - 89 - Secure. Nothing else of interest that I could detect. |
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| Naebody | Sep 29 2010, 12:07 PM Post #36 |
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Twat
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Really? No "going concern" warning? That's odd. It should read something like this:
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| whatsthatonyourback | Sep 29 2010, 01:03 PM Post #37 |
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Waldo Jeffers
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Fairly concise and enlightening article by Spencey today. Dundee are locked in talks with the taxman to avoid administration, after being served a tax bill for £365,000 which is due immediately. The club has appointed insolvency practitioner Blair Nimmo to liase with Her Majesty's Revenue and Customs. However, survival now seems to rest on benefactor Calum Melville agreeing to underwrite a portion of the tax demand. Local businesses have already pledged to raise £75,000 towards the amount which is due in full to HMRC. HMRC is seeking payment for the period between January and April 2010 when the club failed to pay their PAYE and National Insurance bill. However, the taxman could lose out entirely with the club owing around £1.6m to directors Melville, Bob Brannan and landlord John Bennett in soft loans. The trio could push through a creditors voluntary arrangement, which would apply to all creditors, writing off the money due and forcing the club into administration. With HMRC no longer having preferred creditor status they would lose out on almost all of the money due to them. Penalties available to the Scottish Football League range from a points deduction to relegation, so the club is keen to come to a deal with the tax authorities. A pledge made last weekend by Melville to lodge a six-figure down-payment and provide a legally-binding personal guarantee to cover the club paying the outstanding balance in instalments, is the best hope of avoiding administration, if HMRC accept that offer as opposed to their demand for immediate payment. |
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| Anybody | Sep 29 2010, 01:26 PM Post #38 |
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Paul Sturrock
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I have to admit, I'm not completely underdstandng the whole thing of people owing money and not having to pay it malarky. But from what I'm seeing, I can go without paying my taxes for a period of time, when the taxmas come knocking on my door, I can pretty much get away without having to pay it if I tell him I owe my mates more money than I owe him. |
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| Yagan | Sep 29 2010, 01:48 PM Post #39 |
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Paul Sturrock
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And then pay (almost) feck all, dust down and o the same again, |
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| Conan the Destroyer | Sep 29 2010, 01:50 PM Post #40 |
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I prefer it when we're pish
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As long as you're prepared for the taxman and your mates to take just about everything you own, aye. |
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| Anybody | Sep 29 2010, 01:52 PM Post #41 |
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Paul Sturrock
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Ah, but if I sold most of my goods belonging first, so an acquaintance. but he lets me borrow them for a period of time. there's not much left for the taking. |
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| Barca87 | Sep 29 2010, 02:26 PM Post #42 |
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Gordon Chisholm
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And what if you have bought some stuff (on credit) under the misaprehension that you would be able to flog them on say, ebay for more than you paid for them? |
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| whatsthatonyourback | Sep 29 2010, 02:33 PM Post #43 |
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Waldo Jeffers
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I can't see them going into administration, as this would need to be instigated by creditors who cumulatively have 75% of DFC's outstanding debt. The three directors of the company - Bennett, Melville and Brannan would have the requisite 75%, so they could force administration, but as directors they could also be charged with running the business while knowingly insolvent and get put in jail. Therefore, unless Melville fancies some time at Her Majesty's Pleasure, he's got no option but to bail them out. Anything that results in HMRC not getting paid due to administration or insolvency could have very severe consequences for him. He'll cough up reluctantly, and as little as possible, then get the hell out of there as quickly as he can. Of course he may not have the cash lying around to pay up right now, so he'll have to sell whatever assets he has ready access to in order to get HM of his back. Just as well he's got his main business interests to fall back on, isn't it. Oh, err... |
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| The Eggman | Sep 29 2010, 02:39 PM Post #44 |
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Tommy McLean
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So if they don't own the ground, how much do they pay to rent it, and how much money can they be making from home games? |
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| Ivan | Sep 29 2010, 02:42 PM Post #45 |
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F*cking plebs.
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You can't just give away your stuff (or sell it for less than value), the courts are wise to that one and will simply reduce the transactions and take the stuff back. |
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