Steve Gibson writes off nearly £107 million of loans

He's made alot of mistakes and I think he's learnt from them but this move has made me requestion my doubts I had of him.I will say very loyal servant and hats of we are moving in the right direction so it seems.
 
I hope this doesn’t jeopardise my free pint…😡 … whilst building his own bar with his money…

We all know how tight Gibson is 😳, always looking out for himself…
 
newusername said:
The classic quote is "How do you make a small fortune out of owning a football club? Start with a large one."

A football club is more like a house than a business, you spend years spending money on it & hope when you come to sell that the market has moved on & it is worth more than you've spent on it.
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Its more like a racehorse but 10 thousand times more expensive. A costly hobby where one in a thousand will actually make you a few quid.

But if you've got the money and enjoy the sport, it's a nice to have.
 
atypical_boro said:
Reckon he’s priming for a sale?
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Nope. Not at all. I did tell you that something might become clearer in the books towards the end of the year.
It was not absolutely certain so we had to wait.
imagine the frustration in reading so many reports that the club is in his debt when he knew it was basically an accountancy exercise that would come out in the wash sooner rather than later. He suspected it would all be clear this month. He kept saying we were looking in the wrong place for the answers.
From various discussions with Steve Gibson this year I can tell you, hand on heart, he is 100% committed. He clearly loves the club and is absolutely driven to make us competitive as possible, playing great football and being an absolute focal point for the community.
 
indeedido said:
Massive statement.
Makes the club become saleable. It becomes an option for him.
Similar to Stoke, but a lot easier for Bet365 to do than Gibson O'Neill.

Hats off.
In a big way.
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Reckon he’s priming to
fmttmadmin said:
Nope. Not at all. I did tell you that something might become clearer in the books towards the end of the year.
It was not absolutely certain so we had to wait.
imagine the frustration in reading so many reports that the club is in his debt when he knew it was basically an accountancy exercise that would come out in the wash sooner rather than later. He suspected it would all be clear this month. He kept saying we were looking in the wrong place for the answers.
From various discussions with Steve Gibson this year I can tell you, hand on heart, he is 100% committed. He clearly loves the club and is absolutely driven to make us competitive as possible, playing great football and being an absolute focal point for the community.
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I don’t doubt for one second that he loves the club and is committed, but there will come a time where he realises it’s never going to be how it was in the first decade or so of his tenure and (understandably) he will get bored of trying to compete (with himself) eventually, plus all the criticism that goes with it.

But who knows, maybe he’ll be chairman til the day he dies.
 
atypical_boro said:
Reckon he’s priming to

I don’t doubt for one second that he loves the club and is committed, but there will come a time where he realises it’s never going to be how it was in the first decade or so of his tenure and (understandably) he will get bored of trying to compete (with himself) eventually, plus all the criticism that goes with it.

But who knows, maybe he’ll be chairman til the day he dies.
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Bored of competing with himself? I doubt it.. it’s never going to be how it was in the first decade? Like having an ex Man Utd captain a team playing in errea gear aiming for promotion? Having a pretty good cup run at the same time?

Bored of being the most respected football chairman in the uk? (If not the world) having the seat at that premier league table requires the finances of a small country.. and he makes it possible.

Is he going to stop living the dream? Because someone said something on a social media platform.. that quickly gets squirrelled away after the next victory.. the next linked player.. the next update from one of our highly sought after players and staff.

Nah, I’m not having it. Building teams, building dreams.. SPORTING GLORY
 
Whats the club worth without loans

Assets - all guesses

Stadium - £25m
Part of Rockcliffe Complex dedicated to football - £3m
General Equipment £1m
net transfer fees due but not received (for transfers of the last 2 years) - £10m
Transfer value of players under contract - £30m (conservative)
Goodwill of the Club i.e. supporter base - 30k fans @ £500 = £15m

Total £84m

However clubs with Premier League potential do go for more than their normal assets.

Myself I would put a value of around £125m on the Club.
 
newyddion said:
Bored of competing with himself? I doubt it.. it’s never going to be how it was in the first decade? Like having an ex Man Utd captain a team playing in errea gear aiming for promotion? Having a pretty good cup run at the same time?

Bored of being the most respected football chairman in the uk? (If not the world) having the seat at that premier league table requires the finances of a small country.. and he makes it possible.

Is he going to stop living the dream? Because someone said something on a social media platform.. that quickly gets squirrelled away after the next victory.. the next linked player.. the next update from one of our highly sought after players and staff.

Nah, I’m not having it. Building teams, building dreams.. SPORTING GLORY
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He doesn’t have the same spending power now though newy, which makes it much, much harder.

Maybe he does think it’s all possible again, but I still think that if someone came along with a big offer, who looked like they were serious and had the same beliefs as him about what the club should be (were a fan etc), and had the ability to throw more money at it, he’d listen.
 
newusername said:
Others have said we borrow a sum equivalent to the transfer fee received for a player so we have the cash now, while the funder gets the instalments & a fee.
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That's not borrowing money. It's debt factoring, which is just selling a settlement you will receive sometime in the future for cash now.
 
Unless I'm misreading something, Gibson* has swapped £107m in debt for 1 million shares with each share having a nominal value of £1. There's now around 65 million shares in Boro PLC valuing the club at £65m on paper.

Gibson is literally getting a piece of paper worth £1 for each £107 he previously owed the club.

Indeedy has been quite convincing that Gibson has been trying to get the club to operate at the lower level of the FFP limit. This big bang approach from Gibson does mean that he no longer needs to worry about that so there is likely some extra breathing room in FFP terms. I doubt there's a lot extra this year but next year things look a lot looser.

In purely financial terms, this changes very little. There is no extra money in the club to spend and the club is still losing money hand over fist. The only way the club gets close to breaking even is to make a chunky profit in the transfer market each year. Gibson's exit route, should he want one, remains the same. Get to the Premier league and sell up.

It is however a huge statement of financial support for the club from its owner and that kind of thing matters.


*Technically it is the parent company rather than Gibson himself but for all practical purposes the two can be treated as the same.
 
iamborome said:
Hmmmm...so we can't afford to keep Chuba or buy Archer.
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No we can't. That would have required Gibson to put in £20m to buy Archer and then another £8m or so to fund incoming transfers instead of using the proceeds of Chuba's sale. That would have seen us getting deducted points under FFP next year, Everton style.

Gibson as not put any new money into the club, he's just acknowledged that he's not getting back the £107m or so he has already spent.
 
I'm going to hold my hands up I questioned his decision making at times but this is confirmation that I was wrong at times.He is doing it right at the moment and after years of been in the respect..
 
If this has somehow made you reconsider your negative opinions of Gibson then you really want to have a long hard think about yourself :ROFLMAO:

The club loses a lot of money, and he covers it from his own pocket, it can’t be that long since he wrote the last £100m off is it? This is simple accounting move to clean up the balance sheet, do you think he put £107m in thinking he’d get it back?

He’s an unbelievable owner, just because he’s got a managerial appointment wrong or not spaffed £20m on Archer whilst giving Akpom £50k a week on a 3 year deal doesn’t change that.
 
B-Man said:
If this has somehow made you reconsider your negative opinions of Gibson then you really want to have a long hard think about yourself :ROFLMAO:

The club loses a lot of money, and he covers it from his own pocket, it can’t be that long since he wrote the last £100m off is it? This is simple accounting move to clean up the balance sheet, do you think he put £107m in thinking he’d get it back?

He’s an unbelievable owner, just because he’s got a managerial appointment wrong or not spaffed £20m on Archer whilst giving Akpom £50k a week on a 3 year deal doesn’t change that.
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He is undoubtedly a good owner and a very safe pair of hands.

We have reached a point with our second tier status that we haven’t had since the 60s, in that it seems virtually perpetual. That will always raise questions, and as one of his biggest defenders on here traditionally, I have started to see why he gets questioned so much over this last year or two. It’s always the way when a particular regime goes stale.

But I’d rather have him than most other chairmen, I just wish he had a bit more cash. 😁
 
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