Gresham Posted June 9, 2016 Report Share Posted June 9, 2016 I do financial review of around 1.5 billion euros of projects a year. If one of our structured finance team tried to tell me a customer had a solid balance sheet on the basis of treating as "assets" a contracts with self employed individual who were not exclusively bound to work for that entity, had no legally enforceable break clauses and the contracts has "minimal" liquid value - I would politely suggest that their manager finds someone else to do reviews for me in the future. I agree...like I said...it all depends what each individual riders contract has written in it and where they reside. Each is an individual case. You don't ignore any contracts...as some maybe legally binding and effect money coming in or going out. That is a basic of any business balance sheet...as you should/would already know. Quote Link to comment Share on other sites More sharing options...
waiheke1 Posted June 9, 2016 Report Share Posted June 9, 2016 (edited) you would take into account contracts when looking at income projections and cashflow.. contracts which assure revenue, and contractual expenditure commitments. Most contracts of course aren't included on the business balance sheet, as you would/should know? I'd find it very hard to see a legitimate justification for including a rider's contract on the balance sheet, and even less for seeing it as a positive when assessing lending. Edited June 9, 2016 by waihekeaces1 1 Quote Link to comment Share on other sites More sharing options...
RobMcCaffery Posted June 9, 2016 Report Share Posted June 9, 2016 I looked at a speedway promotion's track's financial accounts on the Companies House website. If I remember correctly the assets listed were a safety fence, starting gate and a tractor. Quote Link to comment Share on other sites More sharing options...
steve roberts Posted June 9, 2016 Report Share Posted June 9, 2016 (edited) When the Newcastle Promotion went 'Pear Shaped' after their disastrous entry into the British League in 1984 the riders were sold off to rival promotions (Joe Owen to Ellesmere Port for example) to help pay off some of the outstanding debts so I guess you could say that riders are assets although a very unstable one. Edited June 9, 2016 by steve roberts 1 Quote Link to comment Share on other sites More sharing options...
waiheke1 Posted June 9, 2016 Report Share Posted June 9, 2016 30 years ago pretty much the only option to make a living was to race in Britain. That's not the case now though. How much is tai being a wolves asset worth if he has no interest in riding in Britain? I looked at a speedway promotion's track's financial accounts on the Companies House website. If I remember correctly the assets listed were a safety fence, starting gate and a tractor. That would seem right, though I'm surprised they even had to itemize the fixed assets. You'd have hoped they'd have had some cash listed as an asset too! Quote Link to comment Share on other sites More sharing options...
RobMcCaffery Posted June 9, 2016 Report Share Posted June 9, 2016 (edited) 30 years ago pretty much the only option to make a living was to race in Britain. That's not the case now though. How much is tai being a wolves asset worth if he has no interest in riding in Britain? That would seem right, though I'm surprised they even had to itemize the fixed assets. You'd have hoped they'd have had some cash listed as an asset too! I should have put 'fixed' in front of assets. The usual cash at hand, current assets and liabilities were there. The 'slush fund' was well-hidden. It was over 30 years ago and reporting requirements have been changed over the years... Edited June 9, 2016 by rmc Quote Link to comment Share on other sites More sharing options...
sommelier Posted June 18, 2016 Report Share Posted June 18, 2016 Having watched speedway from 1968, last night at Somerset was the poorest crowd ive EVER seen! Quote Link to comment Share on other sites More sharing options...
Gresham Posted June 18, 2016 Report Share Posted June 18, 2016 Having watched speedway from 1968, last night at Somerset was the poorest crowd ive EVER seen! It doesn't surprise me... I was thinking of going...but it was a 'nothing' meeting, and with so many meetings being called off for rain, even a hint these day's it's not worth taking the risk. Especially if you don't know whether the promotion are going to cover the re admittance cost if it does happen...which happened recently when Exeter raced IOW and it was cancelled. Quote Link to comment Share on other sites More sharing options...
sommelier Posted June 18, 2016 Report Share Posted June 18, 2016 It doesn't surprise me... I was thinking of going...but it was a 'nothing' meeting, and with so many meetings being called off for rain, even a hint these day's it's not worth taking the risk. Especially if you don't know whether the promotion are going to cover the re admittance cost if it does happen...which happened recently when Exeter raced IOW and it was cancelled. Yes mate, I was at the IOW Exeter meeting 1 Quote Link to comment Share on other sites More sharing options...
New Science Posted June 18, 2016 Report Share Posted June 18, 2016 Doesn't look a great crowd at Kings Lynn tonight for World u21 . Thought it would be packed with a good field and lots of British interest Quote Link to comment Share on other sites More sharing options...
foamfence Posted June 18, 2016 Report Share Posted June 18, 2016 Doesn't look a great crowd at Kings Lynn tonight for World u21 . Thought it would be packed with a good field and lots of British interest People have got wise to the terrible track. Quote Link to comment Share on other sites More sharing options...
Shale Searcher Posted June 20, 2016 Report Share Posted June 20, 2016 People now won't travel if there's the slightest hint of rain a week either side of the meeting they were thinking of going to..!!!! Quote Link to comment Share on other sites More sharing options...
Mike.Butler Posted June 20, 2016 Report Share Posted June 20, 2016 (edited) I drove 2.5 hours to Mildenhall yesterday, and 2.5 home again... I was trying to visit every track this year but what with the weather and now this totally avoidable cock-up my enthusiasm is waning. This on top of attending the Coventry fiasco last season. I am surprised as many fools like me still attend anything that's not local. Even if a meeting goes ahead I don't even expect to see 15 heats these days let alone the 20+ of old days... Supporters seem to be the last people riders and officials ands refs think of once we're in the stadium. Why on earth I spend up to £20 plus fuel to possibly see as few as 10 heats i can't quite to work out..the few of us left must me mad. I can only see attendances going down tbh.. Edited June 20, 2016 by Mike.Butler Quote Link to comment Share on other sites More sharing options...
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