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Rugby league receives £16 million loan lifeline (Merged threads)

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1 hour ago, Toby Chopra said:

How will they survive then if the league resumes without crowds? That's got to be close to a million in lost revenue this year for a club like Wakefield. They can't make all that back with wage and stadium staff cuts. 

Carter doesn't have the money to put in himself so I hope they don't go down the road of cutting reserves, youth, foundation activities etc, which is the exact opposite of what the govt wants, hence the bailout. 

I trust we will have considered all options, and it’s better for us not to take a loan if we don’t need to.   

 

Up the Trin 

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2 hours ago, Toby Chopra said:

How will they survive then if the league resumes without crowds? That's got to be close to a million in lost revenue this year for a club like Wakefield. They can't make all that back with wage and stadium staff cuts. 

Carter doesn't have the money to put in himself so I hope they don't go down the road of cutting reserves, youth, foundation activities etc, which is the exact opposite of what the govt wants, hence the bailout. 

Well Carter has stated the fans put in an extra 40k last month to the lottery and Squad builder that's almost 1/2 million a year that wasn't there before if everybody who contributed last month carries on and even higher if more fans join. In addition they have had some cute marketing at Wakefield with clothing that seems to be going well as well.

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Carter believes in his club cutting its cloth rather than taking loans which will have to be repaid from future earnings. It's a tough one to balance but I can see his point at a club as clearly marginal as Wakey. Other marginal clubs will no doubt take different views.

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2 hours ago, scotchy1 said:

Well it's the players at the moment. 

No one knows who taking the brunt. If the players aren't happy about how the club is run they will leave, if they see the bigger picture that if clubs go pop during this time there will be less employment opportunity in the future. I've been on 20% less pay for the past two months and I work for a business that turns over more than SL combined by quite some distance. 

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9 hours ago, Les Tonks Sidestep said:

But on another thread dboy claims that (according to Carter) Wakefield only have £3k of debt and including that £3m would be being 'silly'...…..

No, the sillyness comment was directed at the dismissive nature of Carter's quote - of course there is the serviced debt such as the mortgage loan.

Carter said the club have £3k of operating debt on their books.

 

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4 hours ago, scotchy1 said:

Better for who? 

Its telling that Wakefield would see players go without before accessing this loan

The loan CANNOT be used for player wages.

 

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14 minutes ago, dboy said:

The loan CANNOT be used for player wages.

 

Amazing that this point doesn't seem to be getting through to the critics.

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23 minutes ago, M j M said:

Amazing that this point doesn't seem to be getting through to the critics.

Critics ? , Critic , or players agent ?

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5 minutes ago, GUBRATS said:

Critics ? , Critic , or players agent ?

GMB and several posters on here!

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1 minute ago, scotchy1 said:

We know the players are.

That's why Carter would rather not take out out a loan than pay the players what they are owed

See dboys post. Can the loan be used for players wages?

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Let's be factual:

Right now, a player on £36k is receiving is £3125k per month (£2.5k from furlough and the other 20% from the club), as is anyone on a contract over £36k.

Anyone on a contract less than £36k is receiving exactly what they would have been paid anyway.

Anyone who can't cope on £3k a month for 2-3 months has issues.

When they start training again and their furlough ends, they are oft-rumoured to be on 80% of their normal contract...so a top player on £100k is still taking £80k and the player on £36k is taking £2800.

There are people much worse off - especially those who don't have jobs to go back to.

 

 

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5 minutes ago, dboy said:

Let's be factual:

Right now, a player on £36k is receiving is £3125k per month (£2.5k from furlough and the other 20% from the club), as is anyone on a contract over £36k.

Anyone on a contract less than £36k is receiving exactly what they would have been paid anyway.

Anyone who can't cope on £3k a month for 2-3 months has issues.

When they start training again and their furlough ends, they are oft-rumoured to be on 80% of their normal contract...so a top player on £100k is still taking £80k and the player on £36k is taking £2800.

There are people much worse off - especially those who don't have jobs to go back to.

 

 

The current furlough though isn't the main point. When/if the season resumes something like normal wages will have to be paid. I don't see how the club can afford to pay 80% of wages if the rest of the season is played behind closed doors. Something will have to give. 

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I can't remember where I saw 80% mentioned and there was also a mention of a sliding scale methodology.

One thing is very clear - the loan money is not for player wages.

This isn't owners taking advantage (I work in FE/HE education and believe me, there are Uni's out there already doing exactly that), this is everyone involved in the game needing to understand that the money isn't there to go on "as normal".

TBF to Carter, he's said any player who thinks they will be better off elsewhere can go. He also says that, when we are clear of this, the players are the first in line to benefit.

I won't comment on every owner out there, but I trust Carter to be "straight up".

 

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28 minutes ago, dboy said:

 

Anyone who can't cope on £3k a month for 2-3 months has issues.

Not really - people set budgets based on their income. If someone is on say £200k a year they probably have a bigger mortgage, bigger car loan or credit card Bill's than someone who is on £20k a year.

Thats why footballers on say £100k a week cant just take a 30% pay cut - based on financial advice they will put their wages into property, shares, off shore accounts that would all have penalties for missing payments on. - Your average footballer wont just get all his wages paid his savings account .

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All those things were dealt with separately - all can be deferred.

I get that someone on £100k will spend more - I would too.  But they would also have collateral.

My heart does not bleed for these poor disadvantaged millionaires.

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1 hour ago, scotchy1 said:

The loan can be used for anything. 

If Carter is able to do what he is doing without the loan. Then he can take the loan. Use it to pay for the community aspect the club is currently paying out of it's own pocket for, and with the money they are no longer spending out of pocket for, they can use to pay their players

The loan is given in respect of the changes the game has made to cope with the situation - the loan cannot be used to reverse those changes.

“Clearly it is a loan and Ralph has said quite categorically that it cannot be used in any way, shape or form to reinstate salaries that are currently being adjusted,” said Carter, with players across the sport largely furloughed since the start of last month and also taking pay cuts.

 

https://www.yorkshirepost.co.uk/sport/rugby-league/wakefield-trinity-chief-michael-carter-cautious-over-government-bailout-2842535

 

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1 hour ago, Mr Frisky said:

Not really - people set budgets based on their income. If someone is on say £200k a year they probably have a bigger mortgage, bigger car loan or credit card Bill's than someone who is on £20k a year.

Thats why footballers on say £100k a week cant just take a 30% pay cut - based on financial advice they will put their wages into property, shares, off shore accounts that would all have penalties for missing payments on. - Your average footballer wont just get all his wages paid his savings account .

If somebody on £200 K needs a credit card , they have a problem 

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Just now, GUBRATS said:

If somebody on £200 K needs a credit card , they have a problem 

That line of cocaine won't cut itself!

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8 hours ago, GUBRATS said:

If somebody on £200 K needs a credit card , they have a problem 

Not really, just about anyone with a brain will use a credit card and not a debit for transactions - Credit cards give a lot more protection from fraudsters than a debit.

If I was on £200k and had spare money in my account I would never use a debit card, it should always be a credit card for just about all big purchases.

Basic stuff marra.

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31 minutes ago, Mr Frisky said:

Not really, just about anyone with a brain will use a credit card and not a debit for transactions - Credit cards give a lot more protection from fraudsters than a debit.

If I was on £200k and had spare money in my account I would never use a debit card, it should always be a credit card for just about all big purchases.

Basic stuff marra.

" Had spare money in my account " being the more relevant part of your post 

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