By RinTin
#67245
Bucks1861 wrote:
Wed Mar 27, 2024 8:23 pm
Umm, I’m staggered anyone was unaware.
Then staggered you shall remain. I have absolutely no recollection of it at all. £88 million across all clubs is something memorable I admit.

Government now wants their money to start being paid back - 3 clubs went bust post the money being loaned. This is going to be messy.
By Stoke Shark
#67248
I’m pretty sure I read from an interview some time back with Simon Orange that the club did not spend the Covid payments, just set them aside ?
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By SimonG
#67265
Bearing in mind it is our (taxpayers) money that was loaned I trust it will be repaid on time by the clubs as agreed. If some have not made provision for this then that is their fault.
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By RinTin
#67269
SimonG wrote:
Thu Mar 28, 2024 3:47 pm
Bearing in mind it is our (taxpayers) money that was loaned I trust it will be repaid on time by the clubs as agreed. If some have not made provision for this then that is their fault.
This is the point of me posting this story, clubs are asking for deferrals on the first payment.
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By Shark in Exile
#67277
Stoke Shark wrote:
Thu Mar 28, 2024 8:48 am
I’m pretty sure I read from an interview some time back with Simon Orange that the club did not spend the Covid payments, just set them aside ?

Yes that was in an interview with Simon Orange. So hopefully Sale will just pay the loan money back.
By The Back Row
#67281
Look at the going concern statements in Glaws accounts.

Look at Glaws income compared to ours.

Of all the things I am concerned about at the club, our financial management is not one. Even though we are making a hefty loss we have owners willing to support.

However the real risk for us is not OUR financial position, or our going concern. It is in a league (and owners) that have been naive in their drive for a 10 team Premiership. Dropping to 9 or fewer will surely see the league fold like a pack of cards. Worrying times indeed.
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By SimonG
#67310
RinTin wrote:
Thu Mar 28, 2024 4:17 pm
SimonG wrote:
Thu Mar 28, 2024 3:47 pm
Bearing in mind it is our (taxpayers) money that was loaned I trust it will be repaid on time by the clubs as agreed. If some have not made provision for this then that is their fault.
This is the point of me posting this story, clubs are asking for deferrals on the first payment.
Yes I understand which is why I made my comment.
User avatar
By poyntonshark
#67317
SimonG wrote:
Thu Mar 28, 2024 3:47 pm
Bearing in mind it is our (taxpayers) money that was loaned I trust it will be repaid on time by the clubs as agreed. If some have not made provision for this then that is their fault.
Wot like the banks did?
By SimonG
#67333
poyntonshark wrote:
Fri Mar 29, 2024 5:44 pm
SimonG wrote:
Thu Mar 28, 2024 3:47 pm
Bearing in mind it is our (taxpayers) money that was loaned I trust it will be repaid on time by the clubs as agreed. If some have not made provision for this then that is their fault.
Wot like the banks did?
There are plenty of small businesses that had to repay loans on time and as a taxpayer I would like all money loaned to be paid back in the same way.

Of course the banks have "friends" in high places (the same "friends" who it seems see absolutely no connection between receiving massive donations and issuing knighthoods) which means they get treated differently but that is another matter sadly.

(Sorry about the political comment making this more like the Leicester Tigers SN board. Other political views are of course acceptable. Even if they are deeply misguided!)
By The Back Row
#67338
The huge scandal in COVID loans are the number of small business owners who took them out, spent the cash on home/ garden improvements and folded their business - starting up a new one doing the same thing and basically were handed £30k.

An open secret that no one addressed. In that package that Sunak rolled out quick (Amazing job - but who the hell thought he should be PM!) the biggest flaw was the dishonesty of the British public - from top to bottom.
User avatar
By poyntonshark
#67346
As a small business owner I would like to point out that I got zero handouts for my business, but did get a personal wage supplementation for 8 weeks.

That was in Australia mind you, nothing to do with Rishi.

There were similar shenanigans down here where larger companies recieved monies to help with their wage bill. Many laid off the employees but kept the money.
User avatar
By Flumpty
#67352
As a large man, owning a small business, the payments that were set up by Rishi and administered by the Council were the difference between the life and death of my business and for that, i salute the Rishmeister.
For the (taxable)SEISS payments that he set up for self employed people, I'll be forever grateful that I was able to support my family, when I wasn't allowed to trade, as well as being impressed that such a huge scheme was set up so quickly and so efficiently.
And I'm aware of many, many people who feel the same (Directors of small Limited Companies less so !).

Thankfully, I didn't need to take out a covid LOAN, but i was aware, 3rd hand of many people who filled their boots and didn't use the money for the purpose that was intended.
User avatar
By Yareet
#67382
Flumpty wrote:
Sun Mar 31, 2024 1:44 pm
As a large man, owning a small business, the payments that were set up by Rishi and administered by the Council were the difference between the life and death of my business and for that, i salute the Rishmeister.
For the (taxable)SEISS payments that he set up for self employed people, I'll be forever grateful that I was able to support my family, when I wasn't allowed to trade, as well as being impressed that such a huge scheme was set up so quickly and so efficiently.
And I'm aware of many, many people who feel the same (Directors of small Limited Companies less so !).

Thankfully, I didn't need to take out a covid LOAN, but i was aware, 3rd hand of many people who filled their boots and didn't use the money for the purpose that was intended.
That’d be me then. We only continued to survive as a business because of the loan we had to take out. It was very low interest but we were under no illusion about repayment.

We knew it was a year of grace and then start paying the money back. We therefore had to budget accordingly from 2021.
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By SimonG
#67404
Yareet wrote:
Sun Mar 31, 2024 9:03 pm
Flumpty wrote:
Sun Mar 31, 2024 1:44 pm
As a large man, owning a small business, the payments that were set up by Rishi and administered by the Council were the difference between the life and death of my business and for that, i salute the Rishmeister.
For the (taxable)SEISS payments that he set up for self employed people, I'll be forever grateful that I was able to support my family, when I wasn't allowed to trade, as well as being impressed that such a huge scheme was set up so quickly and so efficiently.
And I'm aware of many, many people who feel the same (Directors of small Limited Companies less so !).

Thankfully, I didn't need to take out a covid LOAN, but i was aware, 3rd hand of many people who filled their boots and didn't use the money for the purpose that was intended.
That’d be me then. We only continued to survive as a business because of the loan we had to take out. It was very low interest but we were under no illusion about repayment.

We knew it was a year of grace and then start paying the money back. We therefore had to budget accordingly from 2021.
You could never run a Premiership rugby club with that sort of attitude!
By dinogyro
#67405
Looking at those figures, what jumps out to me is the overall budget figures. I am going from memory (I know I shouldn't, but I'm feeling lazy today) but we have a budget of £17 million and Saracens £28 million. Surely the cap should be on operational expenses, not salary?

With our £17 million, we run a pretty good squad in a fairly good stadium and our loss was less than half a million quid. If everyone had the same operational budget (I'm not sure how to define it exactly) then presumably the Premiership could survive and maybe even get some teams back?

I'm far from an accountant, so maybe I've missed something.

edit: not only lazy today, but stupid (with slight hangover from yesterday's boozing). Please could mods move this to the correct topic? Sorry.
User avatar
By poyntonshark
#67411
Very difficult to do on operational costs when those costs can be so disparate in different regions. Rates paid by Quins are likely to be much higher than for us or Newcastle. Then there are differences between teams owning their own ground or renting. Massive cost for owners, but also potential income.
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