sts financial problem

[ste lord]

Unfortunately the accounts are very bad and without the support of directors' and bank loans the company could not trade. It is insolvent to the tune of £2,499,366 up from £2,240,128 in 2005 and £2,208,967 in 2004.

Taken from there fans site

[warrior till i die]

so at this rate their losing 40 grand a year. And although the council are paying a percentage of the ground that will put them in more debt. Personally I think saints need to act quickly and it obviously shows they are worried because they have not signed anyone this year! Which although they will be saying it is for stability, it is very strange.

[ancientnloyal]

Simply dont use the full salary cap amount and operate at amlower level... save £400,000 perhaps releiving 3 players? Success may be more difficult but id rather have that than go bust and have points deducted.... theres a thought... administration - points loss to the tune of Widnes?

[highland convert]

The thing is are they losses or debts? How often did weelan dig deep for the club? If they are debts I cannot see the money coming in for the new stadium. Who would back a three legged horse in the Grand National. If it is money borrowed without interest or gifted by a sugar daddy it is totally different. St H lost its backer. They now have a new one. I cannot see it being the multi million backer theyt require. They have a case for lottery money. It may be the hold up but yet again the lotto millions are going to london. Olympic games or not why do they end up with the cheese every time. I would imagine that St H will survive abet with a geriatric team. A lot of edge was coming off their players last year. A lot of new blood is in superleague this year. Be honest. Without St H superleague would lose a lot of its appeal. A derby match against Warrington would not have the same appeal. You have to have a villian not a thug to dislike.

[GeoffN]

highland convert posted:
The thing is are they losses or debts? How often did weelan dig deep for the club? If they are debts I cannot see the money coming in for the new stadium. Who would back a three legged horse in the Grand National. If it is money borrowed without interest or gifted by a sugar daddy it is totally different. St H lost its backer. They now have a new one. I cannot see it being the multi million backer theyt require. They have a case for lottery money. It may be the hold up but yet again the lotto millions are going to london. Olympic games or not why do they end up with the cheese every time. I would imagine that St H will survive abet with a geriatric team. A lot of edge was coming off their players last year. A lot of new blood is in superleague this year. Be honest. Without St H superleague would lose a lot of its appeal. A derby match against Warrington would not have the same appeal. You have to have a villian not a thug to dislike.

That's the level of debt, not losses - they've already announced what their loss was, and it was "only" about £ 1/4 million. The difference between the '05 and '06 figures in the opening post, in fact.

Mostly spent on Blu-tak to hold KR together.

[DaveO]

highland convert posted:
The thing is are they losses or debts? How often did weelan dig deep for the club?

They are debts and yes DW did fund Wigan but I don't see anyone doing this for Saints.

Wigan made a big loss to buy the Orrell facility. I believe as of when IL took over, Wigan had no debt so either IL or DW bore the cost of that loss or at least the majority of it with the rest funded by what profit the club was generating normally.

Saints loss posted on the accounts just got added to their debt.

They have a case for lottery money.

Why? Lottery money is not handed out to top flight clubs who are badly in debt so they can build new grounds. The council might get a grant if the ground is not just for Saints but even then it would be a small percentage of the overall cost.

I would imagine that St H will survive abet with a geriatric team. A lot of edge was coming off their players last year. A lot of new blood is in superleague this year. Be honest. Without St H superleague would lose a lot of its appeal. A derby match against Warrington would not have the same appeal. You have to have a villian not a thug to dislike.

It would not be very good for the game is Saints went into administration. A top flight side going bust is not good. If it did happen though it would be very ironic given the lectures the saints fans have given Wigan'ers over recent seasons about thes alary cap.

Dave

[GeoffN]

God posted:
I hope Saints are on the verge of relagation for the next 20 years and never go down. Taking a tanking from us year in year out that would be great.

Sounds good to me!

SL needs a weak Saints?

[lucky 13]

It shows the cap up well and truly for what it was intended , was it to stop teams getting into financial trouble or to make a level playing field ? well in the end neither. Saints dominated SL era and in that same time got into financial trouble !
Now they have removed the restrictions with regards to spending 50% of your earnings it could get back to an embarrassing state of affairs .
To me THE 50% rule was the best part of the cap era it should just have been extended to have no ceiling but instead guess what they removed it mind boggling :eusa2:

[lucky 13]

We keep earing about DW bailing us out he ran the club showing only as much profit as he needed to or loss if it suited is needs .
Like Dave O said we have something to balance the losses against in the Orrel facility does anyone really think we made that much of a loss ?

[ancientnloyal]

Attendances UP
Presumably merchandise UP (JJB kits)
Food sales/ programmes therefor UP
Deal with Frasier Eagle = cash injection of sorts
Salary cap 'should' cap outgoings on payroll for 1st team players

Orrell = loss...


who knows?