PieEater A1ndy The club's debt currently stands at £10million.
Never knew the club was in that amount of debt, did anyone else?
If this includes the debt for building the stadium then I'd say we are in pretty good shape, as this asset is worth much more than £10m. It also means that His Madj has been paid back (or written off against other losses) a large proportion of the original loan.
The last accounts I have are up to 30th June 05, so do not take into account last year, nor specifically signings such as Lita.
In them, it states we have creditors (amounts falling due within 1 year) of £36.5M. My understanding is that that includes the stadium, hotel, dome etc, but I think excludes the work undertaken at the new training ground.
Of the £36.5M, the breakdown is thus:
Bank loans and overdraft £5.9M
Chairman's loan £23.3M
Accruals, deferred income, et al = the rest
The Chariman's loan is repayable ON DEMAND. Interest is being charged at 1% BELOW HSBC bank base rate on the element loaned to RFC (£6.2M) and NO interest is being charged on the £17M loan to Madejski Stadium Hotel Ltd, (a wholly owned subsidiary of RFC (Holdings) Ltd.
The Chairman confirms that it is not his intention to withdraw his support for the Group in the foreseeable future.
Obviously this means JM IS putting money into the club that he may not see again, as he would presumably be able to obtain very decent market rates of interest if he was to invest "normally".
My apologies for my £40M loan comment in previous post, clearly a good bit of that has been paid back or written off, if indeed the original figure was as high as £40M.
So it seems to me, the £10M debt figure being bandied about now could just be the overdraft plus other creditors. Or, it could be (more likely) we have gone a further £4M into the red last year.
As of last year, RFC (holdings) Ltd owes Mr Mad £23.3M plus interest. There is also the matter of £13.2M of other debt a potential buyer will need to take on.
On the plus side - tangible fixed assets totalled £53M. Of this, £33.5M was freehold land and buildings (the Mad Stad?) and £15.8M was in the form of long leasehold property (the hotel?). No dividends were taken last year.
I am no expert in these things, and may have read this incorrectly, but it seems to make sense. Intangible assets (presumably players?) was on the books at £2.7M, which is clearly a very low figure, bearing in mind we might possibly get that for one player.
This info is available from Companies House, so I don't think I've breached any confidences.
So, in nutshell, if you have a spare £50M lying around, give JM a call. Be prepared to raise your initial offer though!