Record Losses....

[TheSandman]

MON was backed into a corner and felt he had no option but to walk,

Of course he had another option. He could have stayed doing the job he was ridiculously well paid to do, except that for the first time he might have had to work under a few restrictions, just like every other manager has to. We're not talking some young secretary being sexually harassed or an office junior getting bullied; this was an intelligent and driven man in one of the most high-powered professions in the country. I fail to see how anyone can excuse his behaviour.

Agree. And even if he couldn't handle the restrictions he was going to be placed under it wasn't as if they were news to him when he left. He would have known for some time and could and should have left earlier if he couldn't handle them. Instead he left at the most spiteful time designed to damage the club.

[richardhubbard]

Stop blaming mon for financial issues , those are firmly down to Faulkner , he is ceo and responsible for business mgmt. If Lerner had not put 25m in we would be in serious trouble . We appear to be seeping cash, I do not see anything else but more cuts, we appear on headlines eating 300k of cash a week, that not sustainable.

[richardhubbard]

So in simple terms buying NRC for £8mil then him leaving for nothing would now show as a £8mil loss ?

So in simple terms buying NRC for £8mil then him leaving for nothing would now show





 as a £8mil loss ?



No we right transfer down over contract

So in simple terms buying NRC for £8mil then him leaving for nothing would now show as a £8mil loss ?

So in simple terms buying NRC for £8mil then him leaving for nothing would now show as a £8mil loss ?

[pauliewalnuts]

Stop blaming mon for financial issues , those are firmly down to Faulkner , he is ceo and responsible for business mgmt. If Lerner had not put 25m in we would be in serious trouble . We appear to be seeping cash, I do not see anything else but more cuts, we appear on headlines eating 300k of cash a week, that not sustainable.

yeah but one of our problems is we've a lot of ageing players on stupidly big money.

That's partly MON's fault (for thinking they were worth it, let alone then not bothering to use them) and Lerner's for being so blindly loyal in agreeing with everything he asked him for for four years.

[Ad@m]

So in simple terms buying NRC for £8mil then him leaving for nothing would now show as a £8mil loss ?

Almost.

Let's say we sign NRC for £8m on a four year contract in June 2008 (I can't remember the exact details).  The £8m then gets released to profit and loss evenly over his four year contract.  If he leaves after just less than two years for nothing it would show as an effective £6m loss in that year's accounts (ie the £2m charge for that year plus the £4m that would've been charged over the rest of his contract).  If he left after just less than three years (ie just before he started the final year of his contract) we'd get a £4m loss impact in that year.

On the flip side, signing Bent for £24m in January last year on a four and a half year contract will have had very little impact on these accounts (c.£2 for four months worth of amortisation out of a total of 54 months).

Player trading can have very strange effects on the profitability of clubs.

[Ad@m]

We appear to be seeping cash, I do not see anything else but more cuts, we appear on headlines eating 300k of cash a week, that not sustainable.

Where do you get this from?  The figures released show bank borrowings have fallen by £8.3m which suggests cash has improved significantly.

[freethinker]

I must be missing something here.  Are some people suggesting that MON was able to claim constructive dismissal simply becasue he wasn't given enough money to spend? Couldn't almost any manager claim this at some point? How on earth did he resign yet end up in such a strong bargaining position that he walked away with millions? Something smells fishy.

[Mazrim]

I cant believe anybody is making excuses for that turncoat pubeheaded twat.
A lot of our troubles are down to him and he skipped off into the sunset at the first sign of trouble. A ****** of the first water.

[Greg N'Ash]

Stop blaming mon for financial issues , those are firmly down to Faulkner , he is ceo and responsible for business mgmt.

larf. yeh i'm sure Lerner and faulkner kept forcing expensive buys on MON. The reality was it the only way they could keep him happy, and when the penny finally dropped that his piss poor "Mcleish on a lottery win" style of football would never get into the top4 they said no more and he walked. He's got a history of walking out on clubs when he doesn't get his way. We won't be the last thats for sure,

"

[Greg N'Ash]

The very mention of O'Neill has the rose-tinted spectacles being dusted down again.

yep

[Californian Villain]

MON was backed into a corner and felt he had no option but to walk,

Of course he had another option. He could have stayed doing the job he was ridiculously well paid to do, except that for the first time he might have had to work under a few restrictions, just like every other manager has to. We're not talking some young secretary being sexually harassed or an office junior getting bullied; this was an intelligent and driven man in one of the most high-powered professions in the country. I fail to see how anyone can excuse his behaviour.

I'm going to excuse his behavior, and this is why:

All the facts surrounding MON's departure are not public knowledge, only the club and MON really know everything that went on and what order it happened in. However, whatever the fine details, the means of his departure was enough for the club settle out of court for at least 6million quid - presumably if they had let it carry on it may well have been more - so it must be serious. My guess is that MON was essentially sacked, and he sought (& won) unfair dismissal.

I have no problem with MON over the way he left the club at all....some of the players he signed and their contracts though....well that's a whole different kettle of fish.

[brian green]

I am utterly amazed that the departure of O'Neill is now being spun into an almost honourable act by some on here on the baldly hypothetical assumption that "something serious must have happened that we do not know about"   Like what?   Like he was told to stop wasting money on players he never used?   Like no you can't have Scott parker on a hundred grand a week?

In life I have found that the sifting of the runes and the spinning of hypotheses is a much inferior way of getting to the truth than the Basil Fawlty approach that a statement of the blindingly bleedin' obvious rules.

He ratted on us.   

[Scott Nielsen]

I must be missing something here.  Are some people suggesting that MON was able to claim constructive dismissal simply becasue he wasn't given enough money to spend?

I don't get this either. A request for cut-backs cannot be construed as constructive dismissal, surely.

[richardhubbard]

We appear to be seeping cash, I do not see anything else but more cuts, we appear on headlines eating 300k of cash a week, that not sustainable.

Yes by Lerner putting further 25m in which equals 17m outflow

Where do you get this from?  The figures released show bank borrowings have fallen by £8.3m which suggests cash has improved significantly.

[richardhubbard]

Stop blaming mon for financial issues , those are firmly down to Faulkner , he is ceo and responsible for business mgmt.

Sorry Greg these accounts relate to the year when he bought no one, and we raised 20 m from sale of Milner. Even if we paid 6m to mon. And I am not defending him. Lerner still allowed legally to get position to allow him to sue and secondly allowed
Faulkner to run a company with a reading loss of 42m and need abother loan of 25m

it is a very badly run business, if Lerner called in the debt , we would be in adminstration




larf. yeh i'm sure Lerner and faulkner kept forcing expensive buys on MON. The reality was it the only way they could keep him happy, and when the penny finally dropped that his piss poor "Mcleish on a lottery win" style of football would never get into the top4 they said no more and he walked. He's got a history of walking out on clubs when he doesn't get his way. We won't be the last thats for sure,

"