southwoodford 2:34 Mon Aug 2
Are our owners skint?
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Because all the signals are that they don't have any real money to land quality targets and European qualification has only exposed their true poverty even further. They are probably borrowed up to the hilt already.
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Replies - In Chronological Order ( Show Newest Messages First)
goose
2:37 Mon Aug 2
Re: Are our owners skint?
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Yes they are skint.
They have been for a while.
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Pagey
2:38 Mon Aug 2
Re: Are our owners skint?
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I don’t think they’ll be waiting for pay day to go to Harvester if that’s what you mean.
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Sven Roeder
2:46 Mon Aug 2
Re: Are our owners skint?
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They are still very wealthy men though I imagine Sullivan has taken a massive hit on his commercial property portfolio.
My feeling is that they lack:
1. Cash
2. Any inclination to spend money on West Ham if they can ride things out as a Premier league club until they can bank ALL the proceeds of a sale
3. Any real ambition to see the club succeed on the pitch beyond retaining Premier league status
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Mike Oxsaw
2:51 Mon Aug 2
Re: Are our owners skint?
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Does not Sullivan own one or more prestigious properties on Regent/Oxford Street where the tenants have given notice to quit/closed down?
He's probably very wealthy on paper but cannot liquidize that wealth and use it elsewhere.
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MrSnoogans
3:02 Mon Aug 2
Re: Are our owners skint?
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We are always borrowing against next years tv money too.
I would say I was baffled as to how they managed to fuck up the sale of Upton Park (selling it without planning permission so at a lower value) but I imagine they their fair share, just its the club that didn't.
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Mike Oxsaw
3:05 Mon Aug 2
Re: Are our owners skint?
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If the club folded tomorrow, would they actually give a fuck?
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joyo
3:07 Mon Aug 2
Re: Are our owners skint?
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Definitely got cash flow problems,but not skint,unfortunately stuck with them till at least 2023
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goose
3:11 Mon Aug 2
Re: Are our owners skint?
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The 6th placed finish and extra prize money has saved their bacon.
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Pagey
3:12 Mon Aug 2
Re: Are our owners skint?
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Mike Oxsaw 3:05 Mon Aug 2
Of course they would. What a truly ridiculous thing to say.
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Athletico Easthamico
3:16 Mon Aug 2
Re: Are our owners skint?
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Goose,
Do you think the Europa Cup is an unexpected financial pain in the arse for them?
I mean it should attract better players,,,in theory.
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nychammer
3:23 Mon Aug 2
Re: Are our owners skint?
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I thought compared to the CL the Europa League has relatively little prize money, especially in the early stages, so the comparatively larger outlay on the squad required to compete in that plus the PL / Cups must make it more of a financial burden to the owners than a successful money spinner.
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Mike Oxsaw
3:24 Mon Aug 2
Re: Are our owners skint?
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They will only regard Europa qualification as a success if it means that they can get a 20m player for 10m and a 10m player for 5m.
Otherwise it's an expense their business plan can do without.
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goose
3:25 Mon Aug 2
Re: Are our owners skint?
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I dont think there's a huge financial benefit unless you go pretty far in the tournament.
otherwise it probably means attracting better players but also needing a slightly bigger squad to cope with it............. unless you dont take it seriously and lose to a team you've never heard of (again).
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Steady
3:26 Mon Aug 2
Re: Are our owners skint?
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I think we all know that whether skint or rich, they will put as little into the club as possible. They will rely on luck/fortune like last season, have fingers crossed we stay up each year and get players mainly on loan until they sell up in 2 years time, not too much long to suffer !!
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Sven Roeder
3:28 Mon Aug 2
Re: Are our owners skint?
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Its probably beyond their time with us but I wonder what is going to happen to these large commercial sites Sullivan's owns which are presumably department stores / retail premises.
Obviously there is going to be less need for these sites in their current use , which was happening anyway with online shopping and has been fast tracked by the pandemic.... is he going to fall on his feet if the government is basically forced to allow different schemes on these sites.
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Pagey
3:39 Mon Aug 2
Re: Are our owners skint?
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Steady, I’m not sure that’s true as they spent a lot of money on Lingard with a loan fee and wages when we were already safe. Plus we had the huge amount of money spent on and given to Pellegrini and his useless management team.
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zico
3:41 Mon Aug 2
Re: Are our owners skint?
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Certainly not personally skint but definitely not putting much of it into the Club.
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Mex Martillo
3:51 Mon Aug 2
Re: Are our owners skint?
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I get the feeling a lot of people think owners should finance the club with their personal wealth?
I don’t agree with that. I think owners should run the club efficiently using the money the club generates. Yes, I agree, not sure our owners are very good at that.
However, it doesn’t surprise me that all this covid nonsense has left us a bit skint.
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Charoo
3:54 Mon Aug 2
Re: Are our owners skint?
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The problem is their age, their egos and the way they previously did business.
Age, they are both at an age where if they roll their dice and get it wrong, they don’t have the time, inclination or energy to get it back.
Their ego’s are inflated by the power that wealth gives them and fear of loss makes them less likely to invest their personal wealth into a vehicle which may not yield a reasonable return. Plus they like to say to their mates that they a current premier league owners. A little bit of gloss is wiped off when you say “former owner”.
The way they did business to make their riches 20-30-40 years ago worked then but doesn’t necessarily work now. They probably sit and talk about how clever they have been in the past and tell stories of how they did a miraculous money making deal but although those times haven’t completely passed they are very rare and big deals with proper companies are subject to approval and review.
I personally would welcome new owners to the club who had some youth, some enthusiasm mixed with some good experience, people who had a vision to improve the club and were more representative of the times.
I wouldn’t want to just sell for selling sake, I hope we get knew owners that are right for the club.
I know fuck all about business and deals and structure of deals, finance or any of that stuff. I would just like to see a good fit for our club.
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chim chim cha boo
4:01 Mon Aug 2
Re: Are our owners skint?
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They ARE either skint or wish to appear so to drive the prices of potential players down. They're hardly going to go to clubs saying that they've got bundles and we'll write you a blank cheque for so and so.
What I don't get is how do you buy a club with 100 million of debt, proclaim to be their saviours, sell their home and move into a more or less free ground with double the capacity, take 7% then 4% interest off the 100 million loan and 10 years later STILL be 100 million in debt?
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