| Is Jenkins “resignation” part of a plan 13:54 - Feb 4 with 3308 views | valleyboy |
Reading a posting on another site. Makes me wonder if the poster there has hit on something
Now that I’m beginning to believe there is a black hole in the accounts of Swansea City AFC and the possibility that things will go pear shape for the Swans.
Could it be that Jenkins has gone now, when he should have done the right thing and gone many times before. Only for him to ride back as a knight in shining armour to rescue a club that he and the other conniving directors had brought to its knees
Especially with the rumours flying around that I have heard over the last 6-9 months, makes me believe that the poster that wrote this on SCFC2 may have made a very good poin |  | | |  |
| Is Jenkins “resignation” part of a plan on 13:58 - Feb 4 with 2618 views | swan65split |
Would that involve the fans putting money in again??  |  | | |
| Is Jenkins “resignation” part of a plan on 14:00 - Feb 4 with 2589 views | pembsjack |
I think there is a lot more going on than we are aware of. I wouldn't be surprised if HJ has a plan to takeover, just as the Yanks have a plan to milk every dollar. After its all played out, the Yanks will sell the club to whoever offers most, there will be no loyalty toward HJ. Personally, I would imagine that the Americans are a lot more sophisticated and cunning than HJ. Its a battle between greedy rats and our club is in the middle being treat as fodder. [Post edited 4 Feb 2019 14:01]
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| Is Jenkins “resignation” part of a plan on 14:01 - Feb 4 with 2576 views | swan65split |
| Is Jenkins “resignation” part of a plan on 14:00 - Feb 4 by pembsjack |
I think there is a lot more going on than we are aware of. I wouldn't be surprised if HJ has a plan to takeover, just as the Yanks have a plan to milk every dollar. After its all played out, the Yanks will sell the club to whoever offers most, there will be no loyalty toward HJ. Personally, I would imagine that the Americans are a lot more sophisticated and cunning than HJ. Its a battle between greedy rats and our club is in the middle being treat as fodder. [Post edited 4 Feb 2019 14:01]
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Yep. | | | |
| Is Jenkins “resignation” part of a plan on 14:07 - Feb 4 with 2530 views | valleyboy |
| Is Jenkins “resignation” part of a plan on 14:00 - Feb 4 by pembsjack |
I think there is a lot more going on than we are aware of. I wouldn't be surprised if HJ has a plan to takeover, just as the Yanks have a plan to milk every dollar. After its all played out, the Yanks will sell the club to whoever offers most, there will be no loyalty toward HJ. Personally, I would imagine that the Americans are a lot more sophisticated and cunning than HJ. Its a battle between greedy rats and our club is in the middle being treat as fodder. [Post edited 4 Feb 2019 14:01]
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Could also be a way to get the supporters part (Trust) written into history | | | |
| Is Jenkins “resignation” part of a plan on 14:10 - Feb 4 with 2513 views | SomethingRandom |
There's been a big black hole in the accounts for years, such that the Swans have been living off their overdrafts and on loans from various banks. For example, when Mawson was sold to Fulham, £10m of the fee wasn't payable immediately. £5m is payable in August 2019 and £5m in August 2020. However, the club took out a loan against those future receipts and so those payments won't come to the club but go to Macquarie Bank (a bank I've never heard of!). Same thing happened with Mesa, Fabianski, Sigurdson and no doubt many more.
It's all on Companies House website for all to see. | |
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| Is Jenkins “resignation” part of a plan on 14:13 - Feb 4 with 2483 views | giantstoneater |
The only way for HJ to help is to dish the dirt on the board - Turn Queens evidence!! |  | | |
| Is Jenkins “resignation” part of a plan on 14:14 - Feb 4 with 2470 views | andrew |
| Is Jenkins “resignation” part of a plan on 14:10 - Feb 4 by SomethingRandom |
There's been a big black hole in the accounts for years, such that the Swans have been living off their overdrafts and on loans from various banks. For example, when Mawson was sold to Fulham, £10m of the fee wasn't payable immediately. £5m is payable in August 2019 and £5m in August 2020. However, the club took out a loan against those future receipts and so those payments won't come to the club but go to Macquarie Bank (a bank I've never heard of!). Same thing happened with Mesa, Fabianski, Sigurdson and no doubt many more.
It's all on Companies House website for all to see. |
Jordan Ayews purchase was a loan too. | |
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| Is Jenkins “resignation” part of a plan on 14:16 - Feb 4 with 2458 views | wobbly |
The sellers went to huge lengths to engineer their payout, trashing their “legacy” to maximise their return.
Why on earth would they have a masterplan to go through all that just to put the money back in?
So, it’s never going to happen. HJ is now planning a very happy retirement counting his 30 pieces of silver. [Post edited 4 Feb 2019 14:17]
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| Is Jenkins “resignation” part of a plan on 14:18 - Feb 4 with 2438 views | pembsjack |
| Is Jenkins “resignation” part of a plan on 14:07 - Feb 4 by valleyboy |
Could also be a way to get the supporters part (Trust) written into history |
I do think there's an agenda against the trust, wouldn't be shocked if some of the posts against the trust in the last day or two have come from the sellouts camp. It just seems too convenient, taint the trust and hope they go away? | | | |
| Is Jenkins “resignation” part of a plan on 14:24 - Feb 4 with 2402 views | waynekerr55 |
| Is Jenkins “resignation” part of a plan on 14:18 - Feb 4 by pembsjack |
I do think there's an agenda against the trust, wouldn't be shocked if some of the posts against the trust in the last day or two have come from the sellouts camp. It just seems too convenient, taint the trust and hope they go away? |
FWIW I genuinely don't think the Res is on the payroll. I disagree with what he says but he's always argued his case.
However I know for a fact that two posters are definitely linked to the sellers; one is definitely a seller and hasn't posted for ages. |  |
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| Is Jenkins “resignation” part of a plan on 14:46 - Feb 4 with 2288 views | valleyboy |
| Is Jenkins “resignation” part of a plan on 14:16 - Feb 4 by wobbly |
The sellers went to huge lengths to engineer their payout, trashing their “legacy” to maximise their return.
Why on earth would they have a masterplan to go through all that just to put the money back in?
So, it’s never going to happen. HJ is now planning a very happy retirement counting his 30 pieces of silver. [Post edited 4 Feb 2019 14:17]
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Surely you are not dull enough to think the whole £60 million will have to be paid back to the Yanks are you
How about a third, a quarter or even less. They would still make a handsome profit on the backs of you supporters | | | |
| Is Jenkins “resignation” part of a plan on 14:51 - Feb 4 with 2256 views | wobbly |
| Is Jenkins “resignation” part of a plan on 14:46 - Feb 4 by valleyboy |
Surely you are not dull enough to think the whole £60 million will have to be paid back to the Yanks are you
How about a third, a quarter or even less. They would still make a handsome profit on the backs of you supporters |
Surely you are not dull enough to think the sellers are going to hand back anything?
They got their 68m. Honestly, can you see them putting their hands back in their pockets for even 10m of that? I can’t. You don’t win the lottery twice. | | | |
| Is Jenkins “resignation” part of a plan on 15:09 - Feb 4 with 2170 views | valleyboy |
| Is Jenkins “resignation” part of a plan on 14:51 - Feb 4 by wobbly |
Surely you are not dull enough to think the sellers are going to hand back anything?
They got their 68m. Honestly, can you see them putting their hands back in their pockets for even 10m of that? I can’t. You don’t win the lottery twice. |
If you think the Yanks won’t get all their money back plus more. Then you haven’t a clue how these hedge fund people work
You only have to look in what they do to whole communities in the US in that they leave them decimated when it runs out of making money
If they can do that in the US, it’s not worth contemplating what they will do in a little town like Swansea
When the Yanks leave there will only one thing left
A much bigger black hole than there is now
These Yanks are not dull and have already decided in what direction they are going | | | |
| Is Jenkins “resignation” part of a plan on 15:10 - Feb 4 with 2166 views | thornabyswan |
| Is Jenkins “resignation” part of a plan on 14:51 - Feb 4 by wobbly |
Surely you are not dull enough to think the sellers are going to hand back anything?
They got their 68m. Honestly, can you see them putting their hands back in their pockets for even 10m of that? I can’t. You don’t win the lottery twice. |
Jenkins was dull enough to waste the club's money on Bony and Andre Ayew twice.
But yes I think he will be a bit more careful with his own.
Does anyone have a breakdown of who had what when the club was sold. | |
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| Is Jenkins “resignation” part of a plan on 15:42 - Feb 4 with 2048 views | wobbly |
| Is Jenkins “resignation” part of a plan on 15:09 - Feb 4 by valleyboy |
If you think the Yanks won’t get all their money back plus more. Then you haven’t a clue how these hedge fund people work
You only have to look in what they do to whole communities in the US in that they leave them decimated when it runs out of making money
If they can do that in the US, it’s not worth contemplating what they will do in a little town like Swansea
When the Yanks leave there will only one thing left
A much bigger black hole than there is now
These Yanks are not dull and have already decided in what direction they are going |
You appear to have mixed up sellers and buyers in your response there, Haydn. I wasn’t talking about the yanks. | | | |
| Is Jenkins “resignation” part of a plan on 15:47 - Feb 4 with 2014 views | dna |
| Is Jenkins “resignation” part of a plan on 14:13 - Feb 4 by giantstoneater |
The only way for HJ to help is to dish the dirt on the board - Turn Queens evidence!! |
Or to donate his remaining shares to the Trust - wouldn't hold my breath on that one!! |  | | |
| Is Jenkins “resignation” part of a plan on 15:53 - Feb 4 with 1973 views | giantstoneater |
| Is Jenkins “resignation” part of a plan on 15:47 - Feb 4 by dna |
Or to donate his remaining shares to the Trust - wouldn't hold my breath on that one!! |
Its what they all should have done when they sold up. Not sure if he did that now it would do any good because he handed his voting rights to the new board. What about the rest of the old board are they happy their friend has fallen on his sword. | | | |
| Is Jenkins “resignation” part of a plan on 16:00 - Feb 4 with 1943 views | thornabyswan |
| Is Jenkins “resignation” part of a plan on 15:47 - Feb 4 by dna |
Or to donate his remaining shares to the Trust - wouldn't hold my breath on that one!! |
More chance of him donating a kidney than them shares. | |
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| Is Jenkins “resignation” part of a plan on 16:03 - Feb 4 with 1922 views | valleyboy |
| Is Jenkins “resignation” part of a plan on 15:47 - Feb 4 by dna |
Or to donate his remaining shares to the Trust - wouldn't hold my breath on that one!! |
What good will that do???
Jenkins has already sold out his voting shares to the Yanks Lready
The Yanks have the controlling interest and can virtually do as they want
For example
Jenkins went before he was sacked, but only just
But the point I’m making is that the Yanks didn’t have to get approval from the Trust
They could have done it without their approval | | | |
| Is Jenkins “resignation” part of a plan on 16:12 - Feb 4 with 1876 views | LeonWasGod |
More people discussing black holes on here than at the International Particle Accelerator Conference. And still nobody is able to clarify what this actually means. |  | | |
| Is Jenkins “resignation” part of a plan on 17:16 - Feb 4 with 1647 views | valleyboy |
| Is Jenkins “resignation” part of a plan on 16:12 - Feb 4 by LeonWasGod |
More people discussing black holes on here than at the International Particle Accelerator Conference. And still nobody is able to clarify what this actually means. |
The best one to explain what a black hole in financial circumstances is Shaky
Over the years that I have read his postings and there was another that is an accountant working in Sweden writing on another site, have been the best, explaining financial matters concerning Swansea City AFC
My simple interpretation of a “black hole” is that there’s not enough money in the pot and something needs to be done to put some more in
In other words and as far as Swansea City is concerned, either to sell more players or go out and borrow money fro the banks | | | |
| Is Jenkins “resignation” part of a plan on 17:27 - Feb 4 with 1609 views | nantywatcher |
| Is Jenkins “resignation” part of a plan on 15:10 - Feb 4 by thornabyswan |
Jenkins was dull enough to waste the club's money on Bony and Andre Ayew twice.
But yes I think he will be a bit more careful with his own.
Does anyone have a breakdown of who had what when the club was sold. |
Do you believe HJ was that"dull" that he did not get financially rewarded for brokering those diabolical deals? | | | |
| Is Jenkins “resignation” part of a plan on 17:34 - Feb 4 with 1558 views | LeonWasGod |
| Is Jenkins “resignation” part of a plan on 17:16 - Feb 4 by valleyboy |
The best one to explain what a black hole in financial circumstances is Shaky
Over the years that I have read his postings and there was another that is an accountant working in Sweden writing on another site, have been the best, explaining financial matters concerning Swansea City AFC
My simple interpretation of a “black hole” is that there’s not enough money in the pot and something needs to be done to put some more in
In other words and as far as Swansea City is concerned, either to sell more players or go out and borrow money fro the banks |
That's always going to be the case with relegation - a drop in income will always precede the reduction in costs (unless I've still got the wrong end of the stick in all of this). It'd be interesting to have a look at Shaky's stuff again.
We know from the account that net debt was only £3m as of July '17. Last year's accounts (17/18 to end-July I think) should be released by the end of this month. They'll make for very interesting reading - in previous seasons we were running at about £20m operating loss per season. Unless wages shot up substantially, that's unlikely to be much worse for 17/18 (tv income was slightly down I think, so maybe ~£10m worse). Player sales profits (Transfermarkt - not the most reliable I know) were about £6-7 m. So we may be looking at a pre-tax loss for 17/18 somewhere around the £20m mark (+/- £10m). So that's total net debt of ~£15-20m ish.
Income this year will have dropped from around £120-130m to around £50-60m. I'm assuming that's the black hole everyone's talking about. So in response wages will have to come down significantly from the ~£100m mark to under ~£50m if the aim is for the club to be sustainable (which it is).
All very rough, but I don't see this black hole being debt. More likely to be just the drop in income , which is expected. | | | |
| Is Jenkins “resignation” part of a plan on 17:46 - Feb 4 with 1508 views | Joe_bradshaw |
If the black hole is correct no one will buy the club from the hedge fund.
Someone may give them a pound and take on the debts.
Jenkins/Morgan? I doubt it. |  |
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| Is Jenkins “resignation” part of a plan on 18:04 - Feb 4 with 1414 views | OptimisticJack |
Prior to the sale of the club every single signing and expenditure was done with extreme prudence. We kept a close watch on every pound hence why we were seen by many as a model club.
Shortly before the sell out all directors were awarded a 100% pay rise and the club was in profit quite handsomely hence all shareholders (including the trust) received dividends.
I would love to see a forensic analysis of our accounts as well as a thorough examination of building works, tenders and contracts offered. [Post edited 4 Feb 2019 18:05]
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