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Furloughing staff

nailsy

SC Supporter
Jul 24, 2005
30,536
46,630
Deferring a 3m bonus isn't exactly sticking your neck out though. The reality of the situation is that businesses are in trouble and more importantly people are in trouble.

I'm sure the directors could sacrifice their lavish lifestyle for a few months for the sake of their workers?

A £3m deferral will pay for a lot of peoples wages. And if we do go broke he won't see that money at all.
It's easy to say these guys can take a big hit for a few months, but without looking at everyone's financial commitments we don't know if that's true.
 

TheRevolution

Well-Known Member
Nov 25, 2018
873
2,304
A £3m deferral will pay for a lot of peoples wages. And if we do go broke he won't see that money at all.
It's easy to say these guys can take a big hit for a few months, but without looking at everyone's financial commitments we don't know if that's true.

What could those financial commitments possibly be? If they have a big house, cars etc and need to let people go then that says it all about Tory Britain.

Like I said in my other post their lavish lifestyle shouldn't get in the way of paying their staff, after all where are all these millionaires without the honest working person they exploit?

Regardless of political views we are in the midst of a financial crisis, surely they could sacrifice some of those financial commitments for the next couple of months to help out the club? The football club is more than a plaything for millionaires
 

nailsy

SC Supporter
Jul 24, 2005
30,536
46,630
What could those financial commitments possibly be? If they have a big house, cars etc and need to let people go then that says it all about Tory Britain.

Like I said in my other post their lavish lifestyle shouldn't get in the way of paying their staff, after all where are all these millionaires without the honest working person they exploit?

Regardless of political views we are in the midst of a financial crisis, surely they could sacrifice some of those financial commitments for the next couple of months to help out the club? The football club is more than a plaything for millionaires

Mortgage, investments, bills, other businesses, extended family. For all we know they might need this income to support workers in their other businesses.

No one should have to face losing their home because of this virus.
 

Chirpystheman

Well-Known Member
Jan 22, 2019
501
1,610
I cant believe half the stuff some of you say on this forum. I pray some of you are just saying it for effect. This crisis will not be over any time soon. Foptball will not return in the next couple of months and could quite easily not get going again until the new year. A lot of the budgetting at spurs would have been done with stadium rental in mind. Losing a few music gigs and other sporting events will see spurs lose put on millions. Last season spurs made £69m profit with a turnover of £460m. This was with a completed season and 6m profit on sales. This season we have spent over 110m on players net and will only see 3 qtr of games completed. So in basic terms if you take 25% off our turnover thats £230m deficit coupled with 20m a season loan repayments. Thats £250m hole on our balance sheet. Let alone the refunds for season ticket holders. Lots of clubs borrow against future earnings as its assumed we will be guaranteed that income. For spurs to lose out on 115m of income (possibly more due to increased match day revenue) when spending 115m more on transfers could be financially devestating.

Also as for Joe lewis pumping money into the club (surely a breach of FFP) If he does that he will have all his other 199 businesses demanding the same. He owns the mitchell and butler chain of resturants and pubs. They all have no income. Why are so many of you outraged hes not ploughing money into spurs but not demanding he prop up all other 199 of his businesses. The super rich are likely to lose a lot more of their earned wealth than most of us. I find the view well they can afford it to be shocking. As just because someone has amounted to more then us in life shouldnt mean they should have to pick up the slack for those who havent achieved wealth. How many of you in here have said youd take a paycut so that the cleaner or canteen staff at your office can still be paid. Unless you are at the bottom of the pay roll then you too arent doing enough to help out those poorer going by some of your moral compasses. Football is built on future earnings and revenues. A few premiership clubs have a wage to turnover ratio over 80% yet they are only going to get 75% of income. How do they survive if football doesnt restart.

The next TV deal is going to be up for sale soon. How much will these companies be offering then for football. You can bet it will be nowhere near the levels it is now. However players are locked in to long contracts based on the assumption tv deals will be same level if not higher. Same with these mega million sponsorship deals. I dont think people understand the long term impact of this.

Lets for some people struggling with this take you and your house as an example. You buy your house and put down a 20% deposot. 80% mortgage. You cant afford it outright but you assume as does the bank you will be in a job for the duration. You get sacked and you have some mortgage protection insurance that covers you for 3 months giving you time to get income again. 3months no income turns in to 6months no income. Guess what happens then.......the bank takes your home. It doesnt take long for a situation totally out of your control to snowball in to a massive issue. If Nike and AIA suddenly demand 20m back do we have that in the bank to just hand over. How many season ticket holders in here will forego their refunds for the remaining home games. Id say that figure would be very low. Even if levy said that the money would be used to top up the wages to 100% im sure a lot would say nope thats my money i want it back. People need to be realistic with this crisis and the serious repercussions it has across society. Football is not above completely crashing and no club is too big to go under and cease to exist.
 

jay2040

Well-Known Member
Aug 31, 2012
2,684
4,278
I had to get your attention as you were busy pompously deriding other posters like you know every fucking thing which you clearly don't.



So you are absolutely sure they are following a collective agreement based on ensuring the best outcome for low paid full time staff at spurs while simultaneously refusing to reduce their wage bill in protest at Levy's actions - even though it's first team wages that are one of the largest expenses Spurs faces? Which is the biggest threat to those low paid staff having a job at all?

DO you see the problem here? Maybe you could explain it to your non first team mate who could pass it onto the guys who earn the big bucks?



It takes a minute of googling but if you're too fucking lazy to educate yourself rather than shitting on people who do here's a link describing how players will take a pay cut up to %70 depending on the length of the crisis.


I'll let you take the time to see how many staff Clubs have laid off just to hope the sport can survive.

And this is a sport much more "socialised" that EPL. Which is to say I'll be keeping my AFL club membership regardless of whether there is any footy played.



Daniel Levy's job is to make the club survive until 2022. That's not hyperbole.

This thing is here longer than July. The moment this reality hits the other clubs is the moment panic sets in.





You just ignore everything I wrote in my post. Our balance sheet is great in "ordinary circumstances".

These are NOT "ordinary circumstances".

Our wonderful new stadium is currently a massive fucking white whale which will not be used for the foreseeable future.

Do you get that? Everything we currently do - everyone we employ - is based on 60, 000 people coming to that stadium at least once a week.

At least ONCE a WEEK.

That might not happen for a YEAR.



I don't think you, the "rest of the football community" or "the players" have quite realised what is actually going on - and will continue to "go on" with this pandemic.

The only way football starts with fans attending in the 12 months is with the consent of the population that "people will die".

Do you see that consent happening any time soon?



The players will take the same cut as Aussie rules players have or never have a job again.

Unless they go to China.

And that would be very honourable of them wouldn't it?



We do know. It won't happen.

Aussie Rules might re-start sport again by the end of the year - but only behind closed doors. And Australia has been able to manage this outbreak far better (as in limiting deaths/containing spread). even that is a very optimistic outlook at this stage.

Barring some amazing breakthrough or the virus bizarrely burning out (it's not if you look at Singapore) all mass sporting gatherings are off until a vaccine.

Any club believing we are up and running in a few months is delusional.

And will go broke.

So by the sounds of it it does not look like we will able to afford Bale then
 

jay2040

Well-Known Member
Aug 31, 2012
2,684
4,278
I cant believe half the stuff some of you say on this forum. I pray some of you are just saying it for effect. This crisis will not be over any time soon. Foptball will not return in the next couple of months and could quite easily not get going again until the new year. A lot of the budgetting at spurs would have been done with stadium rental in mind. Losing a few music gigs and other sporting events will see spurs lose put on millions. Last season spurs made £69m profit with a turnover of £460m. This was with a completed season and 6m profit on sales. This season we have spent over 110m on players net and will only see 3 qtr of games completed. So in basic terms if you take 25% off our turnover thats £230m deficit coupled with 20m a season loan repayments. Thats £250m hole on our balance sheet. Let alone the refunds for season ticket holders. Lots of clubs borrow against future earnings as its assumed we will be guaranteed that income. For spurs to lose out on 115m of income (possibly more due to increased match day revenue) when spending 115m more on transfers could be financially devestating.

Also as for Joe lewis pumping money into the club (surely a breach of FFP) If he does that he will have all his other 199 businesses demanding the same. He owns the mitchell and butler chain of resturants and pubs. They all have no income. Why are so many of you outraged hes not ploughing money into spurs but not demanding he prop up all other 199 of his businesses. The super rich are likely to lose a lot more of their earned wealth than most of us. I find the view well they can afford it to be shocking. As just because someone has amounted to more then us in life shouldnt mean they should have to pick up the slack for those who havent achieved wealth. How many of you in here have said youd take a paycut so that the cleaner or canteen staff at your office can still be paid. Unless you are at the bottom of the pay roll then you too arent doing enough to help out those poorer going by some of your moral compasses. Football is built on future earnings and revenues. A few premiership clubs have a wage to turnover ratio over 80% yet they are only going to get 75% of income. How do they survive if football doesnt restart.

The next TV deal is going to be up for sale soon. How much will these companies be offering then for football. You can bet it will be nowhere near the levels it is now. However players are locked in to long contracts based on the assumption tv deals will be same level if not higher. Same with these mega million sponsorship deals. I dont think people understand the long term impact of this.

Lets for some people struggling with this take you and your house as an example. You buy your house and put down a 20% deposot. 80% mortgage. You cant afford it outright but you assume as does the bank you will be in a job for the duration. You get sacked and you have some mortgage protection insurance that covers you for 3 months giving you time to get income again. 3months no income turns in to 6months no income. Guess what happens then.......the bank takes your home. It doesnt take long for a situation totally out of your control to snowball in to a massive issue. If Nike and AIA suddenly demand 20m back do we have that in the bank to just hand over. How many season ticket holders in here will forego their refunds for the remaining home games. Id say that figure would be very low. Even if levy said that the money would be used to top up the wages to 100% im sure a lot would say nope thats my money i want it back. People need to be realistic with this crisis and the serious repercussions it has across society. Football is not above completely crashing and no club is too big to go under and cease to exist.

Great points. Its also unclear when we will be allowed a full stadium again
 

Chirpystheman

Well-Known Member
Jan 22, 2019
501
1,610
@[email protected] and @Colonel Dax please feel free to tell me what you disagree with and point out the errors i may have made. Discussion is healthy and i thought the point of a forum.

Reading this morning adidas are looking for a near 2bn bailout and the same for airline Emirates. Thay could cause our neighbours massive issues. If you think this isnt going to be wide across the board then id say all being very optimistic. I hope im wrong i dont want to be on lockdown for months just to be right on this. However when i look at china who since ending the lockdown (Much stricter than ours) have started reporting new cases which has increased daily makes me realise that these lockdown measures will be a rolling thing. We might be out for a couple of weeks but then back in. Those who can work from home will have to continue to do so. I just dont see it being a quick thing like some are hoping for. China first had it according to some reports in october and are still reporting new cases today thats 6months. Out first case was Jan 31st so you are looking at July and we will still be getting new cases. Whether we get to a point where we have to just accept that we might get it etc and return to normal life no one knows. But i cant see Boris having had it and almost dying from it sanctioning such action.
 

Shadydan

Well-Known Member
Jul 7, 2012
38,247
104,143
@[email protected] and @Colonel Dax please feel free to tell me what you disagree with and point out the errors i may have made. Discussion is healthy and i thought the point of a forum.

Reading this morning adidas are looking for a near 2bn bailout and the same for airline Emirates. Thay could cause our neighbours massive issues. If you think this isnt going to be wide across the board then id say all being very optimistic. I hope im wrong i dont want to be on lockdown for months just to be right on this. However when i look at china who since ending the lockdown (Much stricter than ours) have started reporting new cases which has increased daily makes me realise that these lockdown measures will be a rolling thing. We might be out for a couple of weeks but then back in. Those who can work from home will have to continue to do so. I just dont see it being a quick thing like some are hoping for. China first had it according to some reports in october and are still reporting new cases today thats 6months. Out first case was Jan 31st so you are looking at July and we will still be getting new cases. Whether we get to a point where we have to just accept that we might get it etc and return to normal life no one knows. But i cant see Boris having had it and almost dying from it sanctioning such action.

Good luck getting anything out of those rating ninjas.
 

Colonel Dax

Well-Known Member
Jul 24, 2008
2,954
12,293
@[email protected] and @Colonel Dax please feel free to tell me what you disagree with and point out the errors i may have made. Discussion is healthy and i thought the point of a forum.

The disagree rating was a bit harsh I must admit as I don't disagree with the majority of your post. I'll remove the disagree. I did however take exception to this bit of your post:

Also as for Joe lewis pumping money into the club (surely a breach of FFP) If he does that he will have all his other 199 businesses demanding the same. He owns the mitchell and butler chain of resturants and pubs. They all have no income. Why are so many of you outraged hes not ploughing money into spurs but not demanding he prop up all other 199 of his businesses. The super rich are likely to lose a lot more of their earned wealth than most of us. I find the view well they can afford it to be shocking. As just because someone has amounted to more then us in life shouldnt mean they should have to pick up the slack for those who havent achieved wealth. How many of you in here have said youd take a paycut so that the cleaner or canteen staff at your office can still be paid.

I run a small business employing 12 people. I've put them on the furlough scheme where the government pay up to 80% of their wage and I've decided to make up the other 20%, as I value their contribution to the company. In doing so, I've actually not drawn my own wage at all for March and probably won't do for April either. I'm not wealthy, I don't have piles of savings lying around - I have 2 mortgages to pay and lots of bills etc. However I recognise that without my staff there is no company. If the people in the company suffers, I will too. Now admittedly I won't be able to subsidise my emplyoee's wages indefinitely. If this financial crisis resulting from Covid-19 continues for several months then obviously I'll find it difficult to continue but for the time being I feel it's right that I help my staff out.

I don't want any sympathy and nor do I want any plaudits. I admit that the circumstances of my business are different to others, including Spurs, but please forgive me for not feeling sorry for the likes of Joe Lewis. "The super rich are likely to lose a lot more of their earned wealth than most of us." Well boo-hoo. Maybe if they hadn't hoarded their wealth in off-shore tax havens for the last 20 years the global economy would be better equipped to withstand systemic shocks. Perhaps when this crisis has subsided we ought as a society to re-evaluate what's important in life. Racking up profits for the sake of it, hoarding wealth and sailing around the world on a super yacht whilst paying no UK tax and expecting your employees to carry on as before generating wealth for you and not sharing that wealth is morally repugnant IMO. That's capitalism eh? Well, maybe it's time capitalism evolved into a system that didn't shaft people when they're trying to do the right thing.
 
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topper

Well-Known Member
Jan 27, 2008
3,806
16,254
Official site apparently saying that they have reconsidered their position and all staff will be paid 100% for April and May.
Only the board will take a 20% pay cut
 

thekneaf

Well-Known Member
Jan 18, 2011
1,935
3,878

I don't think this article got enough attention. David Conn lives in the financial results of clubs more than the on field results. It's a sober account of the current situation.

If BA owned majority by Qatar Airlines can furlough thousands without even a sniff from the media, why can't Spurs?
 

Saoirse

Well-Known Member
Aug 20, 2013
6,164
15,642
Sorry, not gonna praise them for this. A PR disaster with no benefit whatsoever now. I don't know how they thought they could do this without a negative reaction.
 

topper

Well-Known Member
Jan 27, 2008
3,806
16,254
I don't think this article got enough attention. David Conn lives in the financial results of clubs more than the on field results. It's a sober account of the current situation.

If BA owned majority by Qatar Airlines can furlough thousands without even a sniff from the media, why can't Spurs?
See above posts - Levy just done a U turn!!
 

Wsussexspur

Well-Known Member
Oct 2, 2007
8,918
10,176
Sorry, not gonna praise them for this. A PR disaster with no benefit whatsoever now. I don't know how they thought they could do this without a negative reaction.

Fully agree the don’t deserve praise. Left it far too long to reverse the decision.

One suspects this might be something to do with them currently negotiating with the players to take a pay cut.
 
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