Rovers Financial Update

[Rovers Maniac]

That's it. As far as I'm concerned they can take a run and jump for themselves. I'm not contributing any more than I normally do for the rest of the season ie. Lotto, 400, 15 at the gate and fiver for half time raffle.
They've lost all cred with me.

Totally agree and big time shot themselves in the foot even though i heard there is another part of a tax bill to come in. Sure lets go to the well again more syndicates please !

[celticV3]

Another €130,000? i hope someone is joking? With the publicity that has gone around claiming that we were sure to go out of business if we didn't receive the money, i was praying this wasn't scaremongering. there are a lot of people who tried their hardest to organsie and raise money and people aren't going to be as generous if they think that this was indeed scaremongering by and inept MC.

[avvenalaf]

sorry to hear this Rovers fans, hope you can pull this out of the bag.

The problem is that the bag is empty. We'll finish up giving Seamie Coleman away for nothing.

[Rovers Maniac]

The problem is that the bag is empty. We'll finish up giving Seamie Coleman away for nothing.

We won't but i am raging over this, really disgusted, it was not even bloody spell checked

[Mr A]

So Rovers had to raise €130k, raised pretty much €100k and now need €130k again.

Where did the extra €100k come from? Did the board of Sligo simply not know about it when they made the first appeal (woeful planning and incompetence) or were they just not telling the truth? If they did know why didn't they make more squad cuts?

It's very hard to know what to make of all this- it really is getting into Twilight Zone territory at this stage, and donor fatigue is going to hit big-time. I think the people who worked so hard in responding to the first appeal deserve a proper explanation of what's going on.

[Nah Nah Nah Nah]

We won't but i am raging over this, really disgusted, it was not even bloody spell checked

Why not? Do you honestly think any team is going to come in and give us what close to what he's worth when they know we're completely broke?

[deecay]

That's it. As far as I'm concerned they can take a run and jump for themselves. I'm not contributing any more than I normally do for the rest of the season ie. Lotto, 400, 15 at the gate and fiver for half time raffle.
They've lost all cred with me.

Totally agree

[Rovers Maniac]

Why not? Do you honestly think any team is going to come in and give us what close to what he's worth when they know we're completely broke?

The poster said we would give him away for free i said we won't
And we won't either, i think you jumped the gun with your post.

[brianw82]

Have to echo what everyone else has said so far. To come out and say that they need another 130K is just baffling.

Personally speaking, I can't afford to keep digging in my pockets. I'm currently living off an overdraft, have my CC maxed out, and have just put a deposit on a flat. I haven't 2 pennies to rub together, yet I'm supposed to contribute more?

[Jeebus]

Have to echo what everyone else has said so far. To come out and say that they need another 130K is just baffling.

Personally speaking, I can't afford to keep digging in my pockets. I'm currently living off an overdraft, have my CC maxed out, and have just put a deposit on a flat. I haven't 2 pennies to rub together, yet I'm supposed to contribute more?

Brian,

I dont think people realise that the extra 130K is normal weekly expenses. gate receipts and lotto will cover most of it. (thats what we were told anyway at a DSC meeting in July anyway)

All of us up here in Dublin pushed that extra mile recently to get cash for our race night. Mates of mine were ringing me offering €20 to help save the Rovers as they knew this is my life (jesus even the girlfriend gave me €50 to get me out of the house most weekends) Some of those lads were Shams fans!!!

I dont know why the club didnt look for a big time backer when all this started. They should have went an looked for €500k, got Cookie the guts of the budget for next year (and he will stay if he can get the budget.

We can never go back and ask these people again in Dublin to help save our club, we hit the same people in Dublin every year. I really hope that the club realises that we can never cry " we are dying" again as i know i'll be laughed at by most people if this happens again.

btw brianw52 dont be afraid to say hello to us DSC heads, we are not that scary!!! You were pointed out to me at Inchicore so we know who you are

[srfc1928]

Have to echo what everyone else has said so far. To come out and say that they need another 130K is just baffling.

Personally speaking, I can't afford to keep digging in my pockets. I'm currently living off an overdraft, have my CC maxed out, and have just put a deposit on a flat. I haven't 2 pennies to rub together, yet I'm supposed to contribute more?

Brian, i think you summed up a lot of peoples fiancial situation at the moment give or take different situations i.e mortgages etc. I couldnt keep going with donations, syndicates and the rest.

I dont think people realise that the extra 130K is normal weekly expenses. gate receipts and lotto will cover most of it. (thats what we were told anyway at a DSC meeting in July anyway)

Jeebus, thanks for some clarity on this

I dont know why the club didnt look for a big time backer when all this started. They should have went an looked for €500k, got Cookie the guts of the budget for next year (and he will stay if he can get the budget.

Easier said than done, id say. But this is the only way forward that I can see. unfortunatly the club doesnt seem to be set up for this to happen, yeah theyll take the money but what say does the investor get

[brianw82]

btw brianw52 dont be afraid to say hello to us DSC heads, we are not that scary!!! You were pointed out to me at Inchicore so we know who you are

Really? That's weird, I don't think I know anyone from this forum personally, and didn't know that anyone here knew me. Well, I'll probably be at UCD on Friday so say hello if you do know who I am.

[sligo1]

I think you'd need a Masters in Maths to understand these figures.I'm well able to add 1 and 1 together but when the calculator keeps saying 130,000 and I know the answer is 2,then I get confused.

Lets stick to the facts-

its 10 weeks from the date of the MC's statement to the end of the season.
we have 4 home games
according to the MC,the weekly expenditure is 17,000 euro.
according to the MC,the players wages is (9,000 + 2,500 euro)=11,500 euro

Let's throw in some assumptions:

4 home games at an average of between 10,000 and 15,000 euro per game
The payers wages of 11,500 includes PAYE/PRSI
400 Club will bring in 1,000 euro per week after expenses
Lotto will bring in 1,000 euro per week after expenses

Use the TOP SECRET Formula known only to the Committee of Sligo Rovers

x+y+(a/b-c)+1 cup of soup=130,000

So when you put all the figures into this magical equation,you get income of between 60,000 and 80,000 and expenditure of 170,000 leaving a deficit of between 90,000 and 110,000 euro rounded up to 130,000 as per the TOP SECRET Formula.

Some Questions:

-what is the 5,500 euro per week on top of the players wages for?
-Jeebus,who at the DSC meeting in July told you that the extra 130k is normal weekly expenses and would be covered by gate receipts,lotto and 400 club even though the MC didn't issue their statement until the 8th September(maybe you have the month wrong)?

In my opinion,the Club need more money and any shortfall will not be made up from regular income.

I will be deleting the TOP SECRET Formula within the next 24 hours before Finance Committees or Treasurers from other Clubs get hold of it.

[Mr A]

I think adding just €2500 on to a net wage bill of 9k for PRSI and PAYE is probably much too low. I'd be surprised if it wasn't at least €4.5k once players PAYE, employers PAYE, and PRSI for both are taken in.

Plus aren't Rovers still making debt repayments on last year and also failed to hit the previous target?

[sligoman]

Michael Toolan was on Ocean FM and explained where this 130k comes from. Rovers currently owe €22,000 to trade creditors, the weekly wage bill is €17,000 with eleven weeks of the season left so that's €187,000 and there are non-wage costs of €22,000 (coach travel, laundry, day to day bills etc.) so all added up that's €229,000. Projected income between now and the end of the season is €100,000 which leaves €130,000 needed approx.

[pineapple stu]

So basically your wage bill is twice what you can afford even after letting a few players go? That's insane.

[John83]

So basically your wage bill is twice what you can afford even after letting a few players go? That's insane.

Depends on whether their income and other costs for the remainder of the season are representative of the whole season. If a lot of their fundraising is early in the season, the numbers might add up better. Still looks pretty bad though.

[red bellied]

The 130,000 is needed to make sure the club are debt free going into next season, according to Toolan.

[Mr A]

So the debts from the start of this season have been cleared? That's excellent work if true and would mean that Rovers are in better shape now than at the start of the year!

[red bellied]

Interview on the back page of the Weekender with Toolan claiming that the club will be debt free if the extra 130,000 is raised. I presume its the total debt that will be cleared.