Stewart_Aberdeen Posted November 12, 2014 Share Posted November 12, 2014 http://www.afc.co.uk/news/5358.php#.VGMEsclECjY Quote Link to comment Share on other sites More sharing options...
deecie Posted November 12, 2014 Share Posted November 12, 2014 Really starting to enjoy this whole Armageddon. Quote Link to comment Share on other sites More sharing options...
Flure Posted November 12, 2014 Share Posted November 12, 2014 Really starting to enjoy this whole Armageddon. ...thang!! Quote Link to comment Share on other sites More sharing options...
North East Loon Posted November 12, 2014 Share Posted November 12, 2014 Fantastic news for the club COYR Quote Link to comment Share on other sites More sharing options...
Rossy Posted November 12, 2014 Share Posted November 12, 2014 Wages to turnover down to 55%. Good news. Quote Link to comment Share on other sites More sharing options...
AberdeenAngus Posted November 12, 2014 Share Posted November 12, 2014 I have known for a couple of months that a deal was close on wiping out the debt but the involvement of Willie and Elaine Donald is news to me. Fantastic news and great to see that success on the pitch translating into a huge increase in turnover. Announcement on purpose built training facilities to follow shortly too. Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 12, 2014 Share Posted November 12, 2014 Wages to turnover down to 55%. Good news. Without meaning to dredge up an old news and steer this off topic, when you consider that Rangers wages to turnover is around 33% and the above is being touted as good news (which I've no doubt it is), it highlights the ridiculous amounts of money being siphoned out of Ibrox by other means. As you were. Quote Link to comment Share on other sites More sharing options...
Doric Posted November 12, 2014 Share Posted November 12, 2014 The Mighty Dons may be Mighty again. Good news, Quote Link to comment Share on other sites More sharing options...
Parklife Posted November 12, 2014 Share Posted November 12, 2014 Great news Quote Link to comment Share on other sites More sharing options...
AberdeenAngus Posted November 12, 2014 Share Posted November 12, 2014 Debt free whoever you may be We are the famous Aberdeen We don't owe a buck whoever you may be We are the famous Aberdeen Quote Link to comment Share on other sites More sharing options...
biffer Posted November 12, 2014 Share Posted November 12, 2014 Pie and Bovril tweeted to expect similar from DUFC. Good mews if true. Clubs have to get out of debt and live within their means, it's the only way forward. Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 12, 2014 Share Posted November 12, 2014 Pie and Bovril tweeted to expect similar from DUFC. Good mews if true. Clubs have to get out of debt and live within their means, it's the only way forward. Did they not wipe out their debt last season? Quote Link to comment Share on other sites More sharing options...
Parklife Posted November 12, 2014 Share Posted November 12, 2014 Did they not wipe out their debt last season? Aye. Quote Link to comment Share on other sites More sharing options...
adamntg Posted November 12, 2014 Share Posted November 12, 2014 So, who is taking the hit? Who was the money owed to and why is not owed any more? United's bank debt was bought out by "sympathetic local businessmen" along with the bank agreeing to take a share of future transfers for reducing the rest. The sales of Robertson and Gauld paid most of that back, but has somebody written off £14.49m here or have shareholdings been diluted to allow these new investors in? Quote Link to comment Share on other sites More sharing options...
1ANDYP Posted November 12, 2014 Share Posted November 12, 2014 Clyde are also debt free now after 10 years of misery, think they repaid 1.4 million or so which is a lot of dosh for teams like them. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 12, 2014 Share Posted November 12, 2014 Very good news for the club. as always following the example set by Dundee Utd. Quote Link to comment Share on other sites More sharing options...
Maq Posted November 12, 2014 Share Posted November 12, 2014 Without meaning to dredge up an old news and steer this off topic, when you consider that Rangers wages to turnover is around 33% and the above is being touted as good news (which I've no doubt it is), it highlights the ridiculous amounts of money being siphoned out of Ibrox by other means. As you were. True Quote Link to comment Share on other sites More sharing options...
Al2014 Posted November 12, 2014 Share Posted November 12, 2014 whats happening with a new stadium? Quote Link to comment Share on other sites More sharing options...
Maq Posted November 12, 2014 Share Posted November 12, 2014 whats happening with a new stadium? New 80,000 seater being built on Torry battery Quote Link to comment Share on other sites More sharing options...
TartanJon Posted November 12, 2014 Share Posted November 12, 2014 So, who is taking the hit? Who was the money owed to and why is not owed any more? United's bank debt was bought out by "sympathetic local businessmen" along with the bank agreeing to take a share of future transfers for reducing the rest. The sales of Robertson and Gauld paid most of that back, but has somebody written off £14.49m here or have shareholdings been diluted to allow these new investors in? The Donalds and AFC Trust have invested for a piece of the club and wee Wiggy has transferred debt to shares.I think bank debt stood at nearly £10m so obviously the Donalds have put in a ####in bundle if it's wi wi wi wiped out. I'd like to see a toaster and a left back come in during January Quote Link to comment Share on other sites More sharing options...
min Posted November 12, 2014 Share Posted November 12, 2014 So, who is taking the hit? Who was the money owed to and why is not owed any more? United's bank debt was bought out by "sympathetic local businessmen" along with the bank agreeing to take a share of future transfers for reducing the rest. The sales of Robertson and Gauld paid most of that back, but has somebody written off £14.49m here or have shareholdings been diluted to allow these new investors in? Details are still a bit sketchy, but Willie and Elaine Donald appear to be taking the main hit. Using the previous years figures, the total debt was £15.06m, including bank loans of £10.075m. For £14.49m to be written off (I'm assuming this figure will match the current years debt, although this has still to be confirmed), SMG and AAM will convert their remaining loans to equity and Willie and Elaine Donald will pay off the bulk of the bank debt in exchange for shares. The AFC community trust will also pay off a portion of the bank debt for shares. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 12, 2014 Share Posted November 12, 2014 The Donalds and AFC Trust have invested for a piece of the club and wee Wiggy has transferred debt to shares.I think bank debt stood at nearly £10m so obviously the Donalds have put in a ####in bundle if it's wi wi wi wiped out. I'd like to see a toaster and a left back come in during January well if the debt has gone - £10m worth, then that will free up quite a lot of cash to spend on things other than interest. good news for you. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 12, 2014 Share Posted November 12, 2014 Details are still a bit sketchy, but Willie and Elaine Donald appear to be taking the main hit. Using the previous years figures, the total debt was £15.06m, including bank loans of £10.075m. For £14.49m to be written off (I'm assuming this figure will match the current years debt, although this has still to be confirmed), SMG and AAM will convert their remaining loans to equity and Willie and Elaine Donald will pay off the bulk of the bank debt in exchange for shares. The AFC community trust will also pay off a portion of the bank debt for shares. are the donalds defo taking shares for the debt or is it in effect an interest free loan like Utd did? Quote Link to comment Share on other sites More sharing options...
min Posted November 12, 2014 Share Posted November 12, 2014 are the donalds defo taking shares for the debt or is it in effect an interest free loan like Utd did? Donalds are defo. taking shares. A £14.49m reduction will almost certainly make us debt free, with no loans from anywhere. Quote Link to comment Share on other sites More sharing options...
TartanJon Posted November 12, 2014 Share Posted November 12, 2014 are the donalds defo taking shares for the debt or is it in effect an interest free loan like Utd did? Shares for the debt Quote Link to comment Share on other sites More sharing options...
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