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Post by coombes on Oct 16, 2018 17:21:03 GMT 1
Our season is now over and we'll leave picking over it until another day. For me I'd just like to thank the Facennas for their continued support. Their work in renovating the stadium gets a lot of coverage while their huge contribution to the Tigers each season tends to get overlooked. The recent accounts highlight just how much we are dependent on them. Ashfield Allied, Tigers parent company report that Glasgow Speedway "returned a profit after one off items of £344k". Quite amazing until you read in the Tigers accounts that Allied Vehicles wrote off a loan of £424k - meaning we ran a loss of around £80k. However our accounts further state that "Sponsorship income of £350k was received" from them too. Without that, well do the sums yourself. A huge contribution to keep us going. Against this backdrop our disgruntlement at the withdrawal of concessions seems badly misplaced. Huge thanks guys!
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Post by benbulben on Oct 16, 2018 19:48:26 GMT 1
I second that
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Post by md on Oct 16, 2018 21:58:14 GMT 1
Likewise. Phenomenal sums of money for a seasonal sport.
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Post by drosser on Oct 17, 2018 23:10:00 GMT 1
Its just a shame that speedway, in general, is so poorly run that teams have to rely on generous benefactors like the Facennas. Let's hope that some format can be agreed for next season that provides weekly regular racing on Friday night with all team members available for selection. A winning team would be nice but a team of racers on their way to the top would be fine, particularly if the track is kept in good racing shape. The track improved greatly towards the end of the season with a good, competitive inside line. Regular, competitive racing will help to bring back some of the 'lost' fans and may attract new ones.
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Post by coombes on Dec 12, 2018 19:19:38 GMT 1
Our financial accounts and those of Allied Vehicles are now drawing comment on the BSF. To correct/amplify a few points
The debt waivers of 424K (2017) and 617K (2016) refer solely to Glasgow Speedway operations and do not involve the major works in renovating the stadium. These are in the Ashfield Allied accounts and feature a further debt waiver of 1236K in 2016. Comments on the possible tax implications on these waivers are pure speculation. It's a complex subject and way above our pay grade.
The transfer fees of 40.5K no doubt refer to Lawson, Summers and Lunna and our accounts state that our directors consider they are worth at least this figure and that no depreciation is therefore required.
Sponsorship income of 350K was received from Allied Vehicles in 2017.
Ashfield Allied owns Glasgow Speedway, purchased for 100K and the directors consider that it is right to carry this value and no impairment is required.
Sums spent on the new fence, the big screen and possibly the track remodelling do NOT lie in their entirety in the 2018 accounts. Being items of Capital Expenditure, they will be depreciated over their forecast life - three years has been used In recent accounts so possibly will be used for them - consequently 2019 and 2020 would have the appropriate share of these costs set against the profit and loss account for these years.
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Post by coombes on Mar 14, 2019 13:14:48 GMT 1
Allied's latest accounts, to April 2018, show that they paid £458k of Tigers expenses and "received services" of £500k from the Tigers, leaving a balance of £41k.
I just hope there is some kind of financial planning going on to reduce our losses. Right now there seems little interest in reducing our costs. "If we continue to do what we've always done, we'll continue to get what we've always got". The latest boot camp being a case in point. Its hard to see it brought any financial benefit and if it cost £5k we need 20 extra admissions each week to pay for it. 40 extra fans if it cost twice that.
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Post by benbulben on Mar 14, 2019 16:14:23 GMT 1
Yeah and the successful bonding really paid dividends last year, didnt it ? Maybe if they want to spend spend spend they should go to Marmande pre season ( I have passed it on the train) rather than hill walking in the Trossachs.
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