| Brissle Rovers -from the Beeb 08:53 - Mar 28 with 2819 views | BigKindo |
Bristol Rovers announce debts of £24m
Bristol Rovers president Wael Al-Qadi has told fans he will protect the club and its staff after the League One outfit announced debts of over £24m.
Rovers made a loss of £3.4m for the year to June 2019, with their financial position also set to be impacted by the effects of the coronavirus pandemic.
Their accounts show the club owe £16.2m to Dwane Sports, an offshore company owned by the Al-Qadi family.
“We are continuing to work to ensure that the club comes out of these tough times in a strong position,” Al-Qadi said in a statement on the club website.
"I understand that many supporters may be concerned about the increasing level of debt.
“However, I want to reassure them that this position in the current football climate is not unusual.
“The debt amounting is internal debt so doesn't affect the day-to-day running of the club, and my commitment to the club and its long-term aims remains as strong as ever.
“Over the course of the 2019-20 season, a series of actions have been taken to substantially reduce the deficit, although the financial implications of the current pandemic will no doubt have an effect on this.”
Bristol Rovers are 14th in the League One table, but the season has been postponed until at least 30 April because of the pandemic.
"The impacts of this virus will hit all areas of the economy hard and football clubs are no different,” Al-Qadi added.
"However, along with our executive team, I am doing all I can to ensure that everyone within the Bristol Rovers family is as secure as possible.”
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| Brissle Rovers -from the Beeb on 11:10 - Mar 28 with 2694 views | Yorkshire_Dale |
We should have been playing them today. | | | |
| Brissle Rovers -from the Beeb on 11:50 - Mar 28 with 2652 views | SuddenLad |
"This position in the current football climate is not unusual"
Really? League One club £24 million in debt ??
What's the difference between 'debt' and 'internal debt' ?
Is this SD1 in disguise? The sh!t can only get deeper, surely. | |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| Brissle Rovers -from the Beeb on 18:01 - Mar 28 with 2414 views | RAFCBLUE |
Beware anyone coming into lower division football promising "investment".
Al-Qadi arrived in February 2016 in Bristol buying a 92% stake.
Here's what happened since:
https://www.bristolpost.co.uk/sport/football/football-news/what-wael-al-qadi-sai
We could easily find ourselves in this situation chasing a pipe dream of either a redeveloped ground, a training complex/ground. I think the figure quoted publically about our search was £14m.
Most of the £24m is owed by Rovers is to parties connected with Al-Qadi but it is debt nevertheless and Brizzle are beholden to him for the foreseeable.
As the saying goes, beware the trojan horse. | |
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| Brissle Rovers -from the Beeb on 08:58 - Mar 29 with 2273 views | NDGN82 |
On the flip side, without the investment (loans), Bristol Rovers might have gone under before now!
The ideal scenario is an investor who eventually writes off their own debt but those will be very few and far between, especially a multi millionaire Dale fan happy to write off a couple of million every year! | | | |
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