£116,000 Profit

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Expand view Topic review: £116,000 Profit

Re: £116,000 Profit

by Plymouth Gull » 23 Feb 2012, 19:49

Has Cheltenhams profit included their Spurs game? If so then it shows just how well we've done to turn ours around....

Re: £116,000 Profit

by goodluckgull » 23 Feb 2012, 14:32

I started this thread with the comment that "this is very good news", but I needed some explanation of the Herald Express article. Exilegull kindly explained that it was confirmation of £100,000 payment to Colin Lee. I hadn't intended to distract from the brilliant job that club has achieved,but this is the first time I have read that the club definately paid out £100,000 to Lee.

Re: £116,000 Profit

by Aussie » 23 Feb 2012, 09:43

We are talking about losses of £600-£700 thousand pounds being transformed into a profit of over £100,000 and all people seem to want to do is focus on one very small aspect of this money and blaming everything on CL. Well what about the amazing job Dean Edwards has done in the commercial dept. We are in profit with a new fleet of sign written vehicles and a grandstand being built, the directors have done brilliantly and everyone at the club is pulling together, yet this doesn`t get a mention! WHY?

Re: £116,000 Profit

by exilegull » 23 Feb 2012, 09:02

Cheltenham have just announced a small profit..

http://www.bbc.co.uk/sport/0/football/17127461" onclick="window.open(this.href);return false;

However the most interesting part is..

"It is particularly important to use our money wisely given that central distributions from the Football League will fall by over £100,000 next season."

I wasn't aware of this - can anyone shed any light?

Re: £116,000 Profit

by WHG » 18 Feb 2012, 13:13

I think he is a very nice man who has Torquay tattooed on his heart and would do anything he could for his beloved Torquay and would never take them to the cleaners :Z

Re: £116,000 Profit

by Southampton Gull » 17 Feb 2012, 17:18

Awayday wrote:I was thinking the same SG....... by the way why do you think Colin Lee is a P**ck?
No, you know full well I think he's a c**t

Re: £116,000 Profit

by SteveDeckchair » 17 Feb 2012, 12:54

What story......? :whistle:

Re: £116,000 Profit

by ferrarilover » 17 Feb 2012, 10:54

Haha, nice one Paul, give him a chance to tell this story again. :-D

Matt.

Re: £116,000 Profit

by Awayday » 17 Feb 2012, 09:08

I was thinking the same SG....... by the way why do you think Colin Lee is a P**ck?

Re: £116,000 Profit

by goodluckgull » 17 Feb 2012, 09:02

Thanks "Exilegull" for explaining. This is the first time I have read confirmation that United payed £100,000 to part company with Colin Lee, although it did take me a while to understand that it was confirmation!

Re: £116,000 Profit

by Dave » 16 Feb 2012, 23:23

Not going to pretend for one miute I understand all this, if I have read it right , in 2009 under directors renumeration the club paid £100,975, in 2010 paid £96,544 plus compensation for loss of directorship £101,547.

Not sure whether I can post a link, off to work now will check with Dave S/G tomorrow, which would suggest that Colin Lee was paid in full if I understood it correctly.

Re: £116,000 Profit

by Southampton Gull » 16 Feb 2012, 22:43

cambgull wrote:I would imagine that there has been an agreement made with Colin Lee to offset payments, or maybe he even said for us not to worry about it. Who knows!
:O
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Re: £116,000 Profit

by cambgull » 16 Feb 2012, 22:35

I would imagine that there has been an agreement made with Colin Lee to offset payments, or maybe he even said for us not to worry about it. Who knows!

Re: £116,000 Profit

by Gulliball » 16 Feb 2012, 21:43

It's very important to what he's saying. In the previous two years we'd made losses of £700k and £600k. This year we totally turned that around to make a profit of £150k. That's the first sentence of the piece you're talking about, and then he explains how we managed to turn our finances around.

Colin Lee's £100k is a big amount of money for a club at our level, so it helps to explain why we'd make a big loss the year before, but a profit this year (along with the other factors).

Re: £116,000 Profit

by goodluckgull » 16 Feb 2012, 21:34

What I don't understand is if the club had already paid off Colin Lee then why did DT find it important to bring into the equation of stating the current finances. Its unneccessary. Its like saying the club saved money for not paying out extra wages for non existent players.

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