The Takeover Thread - Recon Group - NOW WITH NEW POLL

[Villa in Denmark]

Leicester have reported a £20m profit for last season. Let's see what the amateurs have conjured up.

wouldn't that have been helped with them not being weighed down by horrendous contracts and continual payoffs of manager after manager as we sought mid table mediocrity? When you start from a decent financial base (not heavy overladen with debt), come up not having mortgaged your future to do so, and then reap the rewards of the PL windfall, the numbers should look good.

Lerner took a going concern and turned it into a basket case within four years. That's some going...

It was 10 years to be fair to our incompetent owner.

No it wasn't. We were banjaxed after O'Neill left.

It wasn't a "going concern" during the O'Neill years though was it? It was an unsustainable financial mess.

I meant it was a going concern when Doug sold it and four years after that it was a wreck.

See Dave Woodhall's post Re signing Petrov. We've not been a going concern as normally understood for at least 2 years pre Lerner. Look at the majority of deals done in the last throws of O'Leary's tenure. The only reason we weren't bothered about not having a pot to piss in was because we couldn't afford a coffee for the scouts so we didn't need to piss.

We were as good as cooked without Lerner stepping in. Just a pity it was a long tour round the outer circle to end up where we started. And then the kicker was no deal to be done on new ownership this time, for whatever reason.

[brian green]

Plus ca change.  We had it spelled out to us loud and clear in the Meaning Evil, the Argus, the Blue Mail, the Sunday Mercury, the Post and the Despatch that Trevor Ford was a once only transfer kitty burster.  Fortunately for our First Division status the Welshman's goals did the trick.

[Stirchley Villain]

Leicester have reported a £20m profit for last season. Let's see what the amateurs have conjured up.

wouldn't that have been helped with them not being weighed down by horrendous contracts and continual payoffs of manager after manager as we sought mid table mediocrity? When you start from a decent financial base (not heavy overladen with debt), come up not having mortgaged your future to do so, and then reap the rewards of the PL windfall, the numbers should look good.

Lerner took a going concern and turned it into a basket case within four years. That's some going...

It was 10 years to be fair to our incompetent owner.

No it wasn't. We were banjaxed after O'Neill left.

It wasn't a "going concern" during the O'Neill years though was it? It was an unsustainable financial mess.

I meant it was a going concern when Doug sold it and four years after that it was a wreck.

See Dave Woodhall's post Re signing Petrov. We've not been a going concern as normally understood for at least 2 years pre Lerner. Look at the majority of deals done in the last throws of O'Leary's tenure. The only reason we weren't bothered about not having a pot to piss in was because we couldn't afford a coffee for the scouts so we didn't need to piss.

We were as good as cooked without Lerner stepping in. Just a pity it was a long tour round the outer circle to end up where we started. And then the kicker was no deal to be done on new ownership this time, for whatever reason.

Just because Doug couldn't afford to run it anymore doesn't mean it wasn't a going concern. By going concern I mean debt free, sound infrastructure, considerable property assets and good potential. Apart from the property assets we have none of that now.

[Risso]

Point of accounting order, it was a going concern then, and has been since.  If it wasn't, the accounts wouldn't have been prepared on the going concern basis.

As you were.

[Risso]

Under Doug, we were up to the agreed at the time overdraft limit.  I'm sure that if it had been required extra funding would have been forthcoming, but things weren't looking pretty.

[adrenachrome]

True dat.

Don't forget the sale of the Serpentine land at a price well below its valuation on the balance sheet around this time.

[Stirchley Villain]

Point of accounting order, it was a going concern then, and has been since.  If it wasn't, the accounts wouldn't have been prepared on the going concern basis.

As you were.

Thanks for the clarification. Could you now describe us as much less of a going concern now? I'm not being facetious, just interested.

[ronshirt]

I think Randy knows we're going. Not sure how much concern there is.

[Chris Harte]

I think Randy knows we're going. Not sure how much concern there is.

I'd imagine there will be concern. If only for the fact no-one will pay £150M for a Championship club.

[Risso]

Point of accounting order, it was a going concern then, and has been since.  If it wasn't, the accounts wouldn't have been prepared on the going concern basis.

As you were.

Thanks for the clarification. Could you now describe us as much less of a going concern now? I'm not being facetious, just interested.

Companies are either going concerns or they're not.  If they're in a loss-making position and have a surplus of liabilities over assets for example, then the directors/shareholders have to prove how the club will be supported for the forthcoming 12 months.  As long as the auditors are happy that the support exists, then the club is technically a going concern.  As for the current financial position, the accounts that were due at the end of Feb should hopefully appear on Companies House in the next few days.

[Stirchley Villain]

Well we've certainly got a surplus of liabilities. Hopefully three of them will sacked at the end of the season.

[Stirchley Villain]

An interested party from abroad and Lerner ready to cut his losses, according to the Mail. There's nothing substantive in the article though.

[SoccerHQ]

Heard it all before, we've been close to being sold over the last two summer according to many decent sources but there's always been something in the books stopping and with the latest accounts I won't be holding my breath at the price being demanded.

[ROBBO]

I know we have heard it all before but the changes that have been made are very un Learner like, I have been having thoughts about this for a week or so and was thinking that there maybe someone in the background who pulling the strings, thought it very odd that Randy suddenly has all these influential people coming on board. I'm ever the optimist.

[Jon Crofts]

Look over there!  A whole squadron of pigs just flew by.