Leeds United 3-0 Watford Fc - 23/09/2023

You only have to look at Wendover on twitter. Wish I had a poundfor every time he tweets “we will be debt free next year which makes us more healthy than the vast amount of championship clubs”.

 

By bare minimum I don't mean paying back less than was agreed. It means paying back what was agreed on the timescale it was agreed to be paid over. I very much doubt that all the loans we have with Macquarie Bank are due to be fully paid up by July 2024, as implied by Duxbury in his statement of being debt free next year. By July next year I expect we'll still owe Macquarie Bank a healthy sum of money which is going to be paid over a number of years as per contract. Why would the bank agree to early settlements when they can get interest over the length of the payback term. That's how banks work and make money on loans. The longer the term, the more they make on the deal.

Watford (hopefully) now have the cash sitting in club accounts which is ringfenced to pay Macquarie Bank over the original term agreed. But what I'm suggesting is those terms won't all expire by July 2024. This is why I'm sceptical about Duxbury's statement. We may have the money to service the debt, but we won't have technically paid it by July 2024.

 

That guy is the most gullible person I think I've ever heard, certainly in the realms of Watford supporter....and that's going some.

 

I take a different view in that we are a side coming to terms with a new style, quite a lot of changes and obviously yet another new manager. Yes we've only won twice but we could/ possibly should have won all home games. We've been the better side in all of those games. Away form is a concern without question
Middlesborough next Saturday is a big game now. If we bounce back and win then all good but if we lose with an abject performance then it might be time to worry. For me though, so far, Leeds is the only game we've not been at the races for and got what we deserved

 

I think we're close in what we're saying.....and by the sounds of it, if we do lose to Boro and play below par, then alarm bells will start to ring for you also. This is all I'm suggesting. If we lose the Boro game, then it's looking bleak for Ismael with those two tough away games to come.

Personally, I don't blame VI at all. He's been given a low-budget squad. Very few, if any coaches, could make it work. He's doing the best possible job with the worst squad ever given to any coach during the Pozzo tenure. But he'll no doubt be judged all the same by Gino, as he continually over evaluates the players he signs.

 

The latest Macquarie agreement assigns "all of the Central Funds which may be due...to [Watford FC] from the Premier League...from...February 2023 up to and including June 2024".

It's as simple as that. There's no early settlement and it's not a medium/long term loan with certain security in the event of default. It's an outright assignation of our PL parachute money to Macquarie in return for them bunging us the cash up front earlier this year. What we don't know for sure is how much of that loan facility the club used. But given our potless approach to the summer transfer window I suspect 'most' is the answer.

 

That takes care of the parachute payments, but what about the loans secured against the ground etc. Wasn't it a sum around £50m plus the parachute payments on top?

 

I doubt that any lender wants to be secured only by the ground-i suspect it was taken as part of an overall security package. Even Macquarie would see having to try and realise a football ground as security is not on so they and other lenders will want out (from guaranteed revenue due) leaving only that owed to Gino

 

I don't think we know. There's 10 active charges registered with Companies House. Macquarie still have the stadium as security for one loan facility. But what's been borrowed against that is only known up to summer 2022, which is the date of the last accounts.

The fun of being a year behind is Duxbury can assure people everything's ok now safe in the knowledge the only real confirmation is 2 years off.

 

Yes, exactly. This is the big problem. He doesn't get found out for 48 months, by which time things could have moved on favourably, so the issues of right now may never be fully scrutinised. That is the gamble he's willing to take, and let's be honest, if we're still in a bad place in 2 years from now, we'll probably be in League One/administration and SD probably won't be around.

Also, and I'm just working from memory here so this is going to be a bit sketchy. But didn't we insist on being paid in crypto currency a couple of years ago? It was either a parachute payment or a transfer fee. I thought at the time, that's so risky. Hopefully you can fill in the detail.

If my memory is correct, it just goes to show what a gambler Gino actually is.

 

Without looking back, I think that was a sponsorship thing. One of our dodgy sleeve sponsors paid us in crypto I think. Or at least so the press release said.

 

I am going to this game, so we WILL lose.
Sorry.

 

Ah yes.....that was it. A shirt sponsor paid us in crypto. Another dodgy deal from Gino.

 

The Covid effect?

 

Have some faith. I’m sure we can take a point if we play our best game.

 

A wise man once said. “If somebody tells you the sun is shining outside, you have to believe them.”

 

The crypto thing was just marketing, nothing more. I doubt it even happened, and if it did, then they’re effectively a crypto exchange so we could’ve just instantly converted it into GBP or whatever else with no risk.

 

I saw one of the prominent wise owls on X / Twitter overnight telling someone that Watford probably isn't the club for them if they won't swallow the whole rebuild narrative without dissent. The arrogance of these self-appointed super fans is disgusting.

 

I think the quote is “If someone tells you the sun is shining outside, you’re probably not in England”

 

I could excuse Ngakia, Andrews and Koné for that because they've not had much senior game time for their age (Ngakia has 67 appearances, a large chunk of which has been substitutions until last season. Andrews has had 15 senior game appearances and Koné has 55 games total, but also has international experience) so for all but Andrews and perhaps Ngakia, nobody else should have had this excuse apply to them against Leeds.

 

It will be the first time in football history that a side is found trembling in the dressing room refusing to go out until everyone has gone home.

 

I agree you have valid concerns. And I'm excited to see what they change to next week.

 

Whereas I’m delighted to think you’re spending your days reading my old posts. You are my number one fan. Let my know know your postal address and I’ll send you an HB1 water bottle, which I’ll know will excite you even more.

 

I think gravy is misaligned in the same/different meat/gravy analogy.

Gravy is generally a good thing, at its best it’s the tastiest thing on the plate , at its worst it at least keeps the headline grabbing meat warm and edible .

Gravy is the quality holding midfielder we miss . When it does a good job it rarely gets the pundits , but when it’s missing we soon see the weakness in the rest of the team/dinner plate .

Just leave our gravy alone .

 

HB has gone full blown BW . It’s like watching someone slowly be subsumed by a 1960’s Californian cult .

 

I have no affiliation with Bolton Wanderers whatsoever.

 

It's not been with a fully fit squad though - we already started the season with no Lewis (having to play Morris at LB), no Ince (having to play Sema in his less effective RW spot), and had games where we also had no Sierralta, or only one striker available.

 

That post was different gravy.

 

Thanks! My favourite was the admission that you don't actually read anyone's posts apart from your own, which suggests you treat this forum like your own personal blog, to vent your frustrations, like a teenage girl with a diary. Please do keep it up!

 

That’s actually correct, but I don’t need a diary. I’ll let you do the donkey work for me. If I need to know what I wrote a couple of years ago, I’ll get you to look it up for me.

 

I'll try my best but it's tricky when you're posting 25 times a day! A little bit sad but whatever keeps you busy I guess

 

Gravyline was a great striker.

 

Says the man with 19000 posts to his name. I guess you’re just and sad and busy as me, especially now you’re my PA.

 

Whereas you're at 32k and counting, blimey! Keep up the boring repetitive 25 posts a day and you'll hit 50k in no time