Source: Northern_Echo
Boro indebted to Gibson
MIDDLESBROUGH'S latest annual accounts confirm that chairman Steve Gibson continues to bankroll the club after highlighting the extent of the club's growing debts.[LNB] Figures released yesterday, for the year ending December 31, 2008, indicated a year on year pre-tax loss of £12.794m, raising the net deficit of the shareholder's funds to £58.917m.[LNB] [LNB] But with Gibson carrying out a huge restructuring of the finances of the club since relegation from the Premier League, Middlesbrough maintain there have been no significant changes during the year'.[LNB] The parent undertaking company of the club, The Gibson- O'Neill Company Limited whose other company, Bulkhaul, made around £40m in pre-tax profit in the same year remain fully committed to leading Middlesbrough back to the Premier League.[LNB] The annual report stated: The company is determined the team can achieve promotion at the end of the first season in the Football League as a result of the necessary restructuring and with the help of the reduced financial benefit still being received from the Premier League.[LNB] Promotion is essential in 2010, with the £8.8m gate receipts recorded during the final full year of the Premier League destined for a huge hit.[LNB] And while the wage bill has been reduced significantly from the £34m published in the latest accounts following the summer sale of players, the serious reduction in the revenue received from broadcasting has already had a major impact.[LNB] Boro stand to collect a parachute payment of around £11m following relegation, but the figure of £35.564m received from Premier League television rights will have reduced significantly following the fall into the Championship.[LNB] It was widely predicted at the start of the season that TV income could be as little as £1m for a campaign in the Championship.[LNB] Since December 31, 2008, Boro have also cashed in on saleable assets Stewart Downing and Tuncay Sanli, while the departures of Robert Huth and Afonso Alves will also have helped go some way to balancing the books.[LNB] But with Gibson said to have reached a new debt agreement comprising of a committed term loan facility together with a working capital overdraft facility he is convinced the club has sufficient funds to make future investments.[LNB] Gibson reached an agreement to transfer £50m of term debt in November this year to Bulkhaul and, together with a working capital overdraft facility, he is convinced the club has sufficient funds to make future investments.[LNB] That will come as some relief to Boro fans, who are desperate to see further additions to a squad struggling to stay in contention in the Championship promotion race.[LNB] As revealed yesterday Boro have held talks with Rangers striker Kris Boyd and are hopeful of persuading him to move to Teesside, where he could more than double what he earns at Ibrox.[LNB] Boro, however, look increasingly likely to miss out on Celtic striker Scott Mc- Donald, after his agent outlined a desire to remain north of the border.[LNB] McDonald, who is believed to have clashed with manager Tony Mowbray before the Old Firm draw on Sunday, is available for around £5m, but the Australian would prefer to stay at Parkhead.[LNB] His agent, Lou Sticca, said: I speak to Scott every day and, as far as I'm concerned, he wants to be at Celtic.[LNB] I have also spoken regularly to (chief executive) Peter Lawwell and he has told me Celtic are happy with Scott.[LNB] If anything does happen, it will be Celtic telling Scott to leave, not Scott asking to go.[LNB] But with Boro reluctant to match his valuation, manager Gordon Strachan has become more determined to buy Boyd.[LNB] Boyd could be available for as little as £1.5m, with his contract due to expire in the summer, and further talks between the clubs are expected this week.[LNB] Strachan also remains interested in Celtic's Barry Robson and Gary Caldwell, but Mowbray is unwilling to sell either until he has replacements lined up.[LNB] One player certainly not returning to Boro could be head to Celtic instead.[LNB] Dave Kitson, who quickly outlined an intention not to stay in the North-East when he arrived on loan in November, has hinted his willingness to uproot from Stoke to Glasgow.[LNB] Celtic is a club I have always admired and hoped to get the chance to play for them at some point, he said.[LNB] Obviously Stoke would need to be happy with any deal, but moving to Celtic would be a great opportunity.[LNB] I am at a critical point in my career when I should be at my peak and I need to be playing.[LNB] And, unfortunately, it doesn't look like I'm going to be playing too much for Stoke.[LNB] Boro's Shaun Saiko has been selected for the Canadian Soccer Association's Under-23 Olympic team's training camp in Florida between January 11-19. The 20- year-old midfielder has one cap for the Canada Under-20 side.[LNB]
