GMac 1,405 Posted November 27, 2012 Share Posted November 27, 2012 Aberdeen have just slipped out their annual report. Another loss taking their debt to £16.5m. They are now worth a total of £14,000. Had it not been for the sale of Aluko to Rangers then they would be technically insolvent. Well done us. http://www.afc.co.uk/staticFiles/de/b9/0,,10284~178654,00.pdf Quote Link to post Share on other sites More sharing options...
rangersxfc 265 Posted November 27, 2012 Share Posted November 27, 2012 where are they gettin this £50M for the new stadium or has the been put on hold LMAO Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted November 27, 2012 Share Posted November 27, 2012 Didnt Sone pay that himself as Shyte was too tight? Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted November 27, 2012 Share Posted November 27, 2012 They might be safe for now but in the future it will get worse for them. They could be next to follow hearts. Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted November 27, 2012 Share Posted November 27, 2012 where are they gettin this £50M for the new stadium or has the been put on hold LMAOIt's not been put on hold the council rejected it all together their not building it anymore. Quote Link to post Share on other sites More sharing options...
quabba 440 Posted November 27, 2012 Share Posted November 27, 2012 Let's hope the same happens to all of them Quote Link to post Share on other sites More sharing options...
rangersxfc 265 Posted November 27, 2012 Share Posted November 27, 2012 chairman Stewart Milne has agreed to write off a £3.7M loan due to him to help the club during the current financial crisis. .............WOW Quote Link to post Share on other sites More sharing options...
GMac 1,405 Posted November 27, 2012 Author Share Posted November 27, 2012 chairman Stewart Milne has agreed to write off a £3.7M loan due to him to help the club during the current financial crisis. .............WOW And if we write of loans to players they try to do us.The point is Aberdeen are begining to look very similar to Hearts. Quote Link to post Share on other sites More sharing options...
Moraybluenose 99 Posted November 27, 2012 Share Posted November 27, 2012 They are an apology for a football team, they will get there just deserts soon Quote Link to post Share on other sites More sharing options...
rangersxfc 265 Posted November 27, 2012 Share Posted November 27, 2012 And if we write of loans to players they try to do us.The point is Aberdeen are begining to look very similar to Hearts.just sit back and enjoy the show Quote Link to post Share on other sites More sharing options...
Ricky_ 893 Posted November 27, 2012 Share Posted November 27, 2012 i dont think milne wrote it off completely, i think he converted the loan into equity. They also value Pittodrie at £17m (no laughing at the back). Quote Link to post Share on other sites More sharing options...
ritchieshearercaldow 22,241 Posted November 27, 2012 Share Posted November 27, 2012 Debts worth 16.5 mil...my myDiddly Die Die Die Quote Link to post Share on other sites More sharing options...
Brian Fantana 28,894 Posted November 27, 2012 Share Posted November 27, 2012 pittodrie has to be one of the worst grounds i have ever attended.they missed a trick with Trump rolling into town, a chairman with sense would have tried to get him on board even if just for sponsorship of their shitey team. Quote Link to post Share on other sites More sharing options...
chris81 61 Posted November 27, 2012 Share Posted November 27, 2012 They might be safe for now but in the future it will get worse for them. They could be next to follow hearts.I hope so Quote Link to post Share on other sites More sharing options...
Creampuff 22,628 Posted November 27, 2012 Share Posted November 27, 2012 Tick tock.. Quote Link to post Share on other sites More sharing options...
Smile 26,622 Posted November 27, 2012 Share Posted November 27, 2012 seems like its time to close this team down they are done. Quote Link to post Share on other sites More sharing options...
keithgersbear 3,225 Posted November 27, 2012 Share Posted November 27, 2012 Oh dear.. Quote Link to post Share on other sites More sharing options...
Stoorie 1,088 Posted November 27, 2012 Share Posted November 27, 2012 chairman Stewart Milne has agreed to write off a £3.7M loan due to him to help the club during the current financial crisis. .............WOW "Paying players they can't afford", Anyone?........Anyone? Quote Link to post Share on other sites More sharing options...
GMac 1,405 Posted November 27, 2012 Author Share Posted November 27, 2012 Just checked the BBC site. Surprise, suprise its all good at Aberdeen. 6m debt has been waived(it hasn't its been swapped for shares). And this £6million saving is to be used to develop their new Stadium. No its not. Unbelievable made up pish Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted November 27, 2012 Share Posted November 27, 2012 I've just read through their accounts. Absolute car crash.Loss of £1.4mNet debt of £16.4m including £10.8m to the bankShareholders had to loan £1.25m during the year to pay the billsGoing concern emphasis of matter in the auditor's reportetc.but the best bits....Net assets of only £14,000They only managed that by revaluing the stadium up to £17m by writing back depreciation previously written off(We all remember the "depreciated replacement cost" valuation and using this to prevent technical insolvency!)They have capitalised £2.7m of costs for moving to their new stadium (will that ever happen?)If they had to write off the £2.7m, they would have been bust to the tune of £2.7mA few other points, Milne's company £3.5m) and Aberdeen Asset Management (£2.25m) are to get new preference shares in exchange for these loans. These new shares effectively wipe out the ordinary shareholders value as they get first dibs (after the bank) on any winding up.P.S. I didn't know (or care) that the stadium is actually owned by a subsidiary company called Talltray Limited, which is also where the bank loans are. Quote Link to post Share on other sites More sharing options...
cushynumber 25,178 Posted November 27, 2012 Share Posted November 27, 2012 Their turnover was £8.337 million - so their debt is double the turnover.Our turnover last year under white was £57Million - with debt at £14million roughly a quarter of our turnover (this is published in our annual accounts for last year).Why are the banks not chasing them like they did us? Quote Link to post Share on other sites More sharing options...
Rangers Rob 29 Posted November 27, 2012 Share Posted November 27, 2012 Didnt Sone pay that himself as Shyte was too tight?This is my recollection of it as well. Quote Link to post Share on other sites More sharing options...
GMac 1,405 Posted November 27, 2012 Author Share Posted November 27, 2012 I've just read through their accounts. Absolute car crash.Loss of £1.4mNet debt of £16.4m including £10.8m to the bankShareholders had to loan £1.25m during the year to pay the billsGoing concern emphasis of matter in the auditor's reportetc.but the best bits....Net assets of only £14,000They only managed that by revaluing the stadium up to £17m by writing back depreciation previously written off(We all remember the "depreciated replacement cost" valuation and using this to prevent technical insolvency!)They have capitalised £2.7m of costs for moving to their new stadium (will that ever happen?)If they had to write off the £2.7m, they would have been bust to the tune of £2.7mA few other points, Milne's company £3.5m) and Aberdeen Asset Management (£2.25m) are to get new preference shares in exchange for these loans. These new shares effectively wipe out the ordinary shareholders value as they get first dibs (after the bank) on any winding up.P.S. I didn't know (or care) that the stadium is actually owned by a subsidiary company called Talltray Limited, which is also where the bank loans are.Tell this to the BBC. Think they've been looking a at different set of books. They've actually taken the loan swap for shares as a fucking investment.http://www.bbc.co.uk/sport/0/football/20516243 Quote Link to post Share on other sites More sharing options...
Gaffbear 4,101 Posted November 27, 2012 Share Posted November 27, 2012 Quote Link to post Share on other sites More sharing options...
Ianbrown 0 Posted November 27, 2012 Share Posted November 27, 2012 Their turnover was £8.337 million - so their debt is double the turnover.Our turnover last year under white was £57Million - with debt at £14million roughly a quarter of our turnover (this is published in our annual accounts for last year).Why are the banks not chasing them like they did us?The bank did chase them, the other 11m is a bank loan and one their club services at 600k a year. It's due to be repaid when pittodrie is sold.The directors in 2011 paid 5m of debts back to the bank but became due they then became creditirs, which has now become preference shares. It's good news for Aberdeen fc as they don't have any shareholders looking to make money out of shares anyway and they've basically accounting wise saved themselves a fortune.The key I guess is whether the major shareholder has the balls to pay of the bank debt? It would save them 600k a year but fact is they are still losing that too.There is no comparison at all with hearts here Quote Link to post Share on other sites More sharing options...
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