Excellent article Paul.
Phew it is good to see a thought through and well argued piece.
You are right it is terrifying . Tiger may have many faults but he is pumping huge amounts into OUFC. If he pulls the plug we are in deep trouble.
I am assuming that the service charge from Kassam in 2018 includes some backdated charges from previous years. Still £1.2m!!
As you say Kassam is shafting us.
Excellent piece. Painful to read at points but it is important that this information is being made clear to the fanbase.
With regards the debenture held by Eales, do you have any idea of what the maturity date on that security is? (I'm a total novice in this, so forgive me if my terminology is off.) 10% interest p/a seems horrendously high, and, if I understand the piece correctly, until that debt is paid off we won't be seeing any of the financial benefit of our high profile sales. Stadium issues and FK being a w****r aside, this seems to me to be the crucial point to address - if our model is predicated on sustaining the club through player sales, we cannot afford to be investing the money from those sales anywhere other than back into the club! The satisfaction of that debt also seems like something Tiger could pay off in one fell swoop (unlike, say, the annual rent paid to Stadco), which might be financially prudent if it is increasing year on year with interest accumulation?
It also seems like Tiger is pouring more money into the club than he is given credit for by many (including myself). How admirable this is, given he took control of the club presumably knowing the financial contribution required and prepared to pay it, is debatable, but the fact seems to remain that without his contribution we would be even further in the brown stuff than we are now.
We can but dream.The accounts have been available for some time now via Companies house: OUFC Companies House
From this it is possible to read the entire document and the charge held over the club by Ensco 1070 (Darryl Eales) With a little patience and thought it soon becomes apparent how fragile the finances are and will be for some time unless an owner truly wipes the slate.
The set up with FK is never going to change. Successive owners, chairmen, MDs spouting their nonsense about how they will seek to work with FK has no swing with me. FK got what he wanted and he's not the sort to bend. OCC have recognised that and even now are trying to save face by threatening to take away the lease on the Priory as though that would be a punishment! Exactly what he wants!
My hope is that the mega rich board find their new site, build their offices, shops, homes, hotels etc and do indeed find a nice spot for a stadium in amongst all the profit making construction. (and, as part of the deal, sign it over to the community and OUFC in perpetuity)
Let’s look at that particular paragraph from Paul Beasley and let it sink in - albeit slowly:
“ There’s a long list of admin. expenses that make up the total but the standouts are rent re: the operating lease
and stadium service charges and overheads i.e what the FOOTBALL CLUB PAYS FIROKA (OXFORD UTD STADIUM) LTD:
2016 - £485k (rent) £281k (service charges)
2017 - £492k (rent) £317k (service charges)
2018 - £433k (rent) £810k (service charges)
an increase of nearly £400k in the rent and service charges (combined).
“If that wasn’t bad enough we are also paying for REPAIRS and MAINTENANCE too - last three years:
2016 - £92k
2017 - £183k
2018 - £246k
Yes we are being well and truly shafted. Oh and let’s remember the club paid £170,000 for the pitch to be replaced in 2016.”
So for all these charges, fees and expenses we can’t seem to get clean toilets and a clean and well maintained stadium.
We can’t even change the goal nets ! We can’t even sell Singha beer ! We can’t get in on a matchday at midday !
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