Cormack Thread

[Don Shula]

21 minutes ago, aberdeen1970 said:

Dave never paid for the training ground though. 

He made a small personal investment which was converted to shares and raised a few million through his American investors, the main one being Tom Crotty who stumped up around £1m which was converted to shares.   

Kudos to him for his fund raising but lets not perpetuate the myth that he paid for the stadium out of his own pocket as some sort of donation to the club. 

Later investment was made by the consortium after the club changed its company status to allow additional shares to be made available and for loans to be converted into shares.  

I really don't want to sound as though I am defending Cormack as I hate what he has done to my club with his absolute incompetence and his egotistical arrogance, but let's at least acknowledge what are facts and what are myths.

At the end of 2021 (roughly when the majority of the cash had been spent on the training ground), AFC had 49,511,552 shares of which Cormack himself owned 18,990,293. The vast majority of his shares were issued at 46p although some were at 75p and some were at 32p so in ball park numbers his small personal investment as you call it is around £9Million. As far as I can see, his fellow investors own 18,421,376 shares (I may not have picked up all of the smaller investors) so another £8-9Million (as an aside Crotty owns 7,542,834 of those 18.4M shares). 

Whilst some of the £17-£18Million will have been used for day to day spend, it is the case that Cormack funded about half of the training ground and his fellow investors the other half and it is a donation as he is never seeing any of that money again.

[Millertime]

2 hours ago, Johnnyred1 said:

If only he had spent half on the training complex and the other half on the squad, we might have been able to have a better overall experience. I mean, even a wooden hut for changing rooms would have been better than what we had before. To think a multi million state of the art complex would improve performance and attract players has turned out to be naive. Instead, it has increased operational costs at no gain. I said at the time, Hibs still got relegated after splurging cash on their complex. If only the money could have gone to building a strong squad. Instead. Nice complex, shit squad.

Plenty money has been spent on the squad

[RUL]

2 minutes ago, Don Shula said:

I really don't want to sound as though I am defending Cormack as I hate what he has done to my club with his absolute incompetence and his egotistical arrogance, but let's at least acknowledge what are facts and what are myths.

At the end of 2021 (roughly when the majority of the cash had been spent on the training ground), AFC had 49,511,552 shares of which Cormack himself owned 18,990,293. The vast majority of his shares were issued at 46p although some were at 75p and some were at 32p so in ball park numbers his small personal investment as you call it is around £9Million. As far as I can see, his fellow investors own 18,421,376 shares (I may not have picked up all of the smaller investors) so another £8-9Million (as an aside Crotty owns 7,542,834 of those 18.4M shares). 

Whilst some of the £17-£18Million will have been used for day to day spend, it is the case that Cormack funded about half of the training ground and his fellow investors the other half and it is a donation as he is never seeing any of that money again.

Yeah I can’t believe this is even brought up. If it was left to Milne we’d still be building it.

[aberdeen1970]

2 minutes ago, Don Shula said:

I really don't want to sound as though I am defending Cormack as I hate what he has done to my club with his absolute incompetence and his egotistical arrogance, but let's at least acknowledge what are facts and what are myths.

At the end of 2021 (roughly when the majority of the cash had been spent on the training ground), AFC had 49,511,552 shares of which Cormack himself owned 18,990,293. The vast majority of his shares were issued at 46p although some were at 75p and some were at 32p so in ball park numbers his small personal investment as you call it is around £9Million. As far as I can see, his fellow investors own 18,421,376 shares (I may not have picked up all of the smaller investors) so another £8-9Million (as an aside Crotty owns 7,542,834 of those 18.4M shares). 

Whilst some of the £17-£18Million will have been used for day to day spend, it is the case that Cormack funded about half of the training ground and his fellow investors the other half and it is a donation as he is never seeing any of that money again.

I'm not disputing Dave's current shareholding but thanks for the response.  We differ on our definition of investment and donation.

Enjoy your weekend min. 

 

 

 

[Don Shula]

1 minute ago, aberdeen1970 said:

I'm not disputing Dave's current shareholding but thanks for the response.  We differ on our definition of investment and donation.

Enjoy your weekend min. 

 

 

 

Cheers min and I will do my best but that will be largely dependent on what happens between 3 and 5 today, which brings us back to the main Cormack point, which is he alone is personally responsible for the clownshow shitfest that we are all having to endure

[aberdeen1970]

Just now, Don Shula said:

Cheers min and I will do my best but that will be largely dependent on what happens between 3 and 5 today, which brings us back to the main Cormack point, which is he alone is personally responsible for the clownshow shitfest that we are all having to endure

Aye. 3 points would be an absolute tonic today 

[BaaBaaRedSheep]

Even though we won yesterday our absent chairman, holidaying away from the flack, remains a twat.

Wonder if the appointment of a new manager is still well advanced, and will be announced b4 the County match.

I would be surprised if there is an appointment anytime soon. 

Here's hoping we beat County regardless. 

[Helmet]

On 3/16/2024 at 11:15 AM, aberdeen1970 said:

Aye. 

Hope he's having a good holiday after managing to fall out with our interim manager while he was over here and then leaving our ill equipped coaching team to try and save the club from falling into the relegation zone. 

I really want to know what happened with Warnock.

Can’t decide if the FMB finally became too much for a man of his experience or he just chucked it and walked out cos he’s a dick.

[ericblack4boss]

That cunt Mcintyre  said on sportsound  that warnocks reasons  for leaving  will come to light in the next few weeks 

[Helmet]

On 3/16/2024 at 1:12 PM, Don Shula said:

I really don't want to sound as though I am defending Cormack as I hate what he has done to my club with his absolute incompetence and his egotistical arrogance, but let's at least acknowledge what are facts and what are myths.

At the end of 2021 (roughly when the majority of the cash had been spent on the training ground), AFC had 49,511,552 shares of which Cormack himself owned 18,990,293. The vast majority of his shares were issued at 46p although some were at 75p and some were at 32p so in ball park numbers his small personal investment as you call it is around £9Million. As far as I can see, his fellow investors own 18,421,376 shares (I may not have picked up all of the smaller investors) so another £8-9Million (as an aside Crotty owns 7,542,834 of those 18.4M shares). 

Whilst some of the £17-£18Million will have been used for day to day spend, it is the case that Cormack funded about half of the training ground and his fellow investors the other half and it is a donation as he is never seeing any of that money again.

Totally agree that it’s churlish for people argue Cormack hasn’t invested quite a lump of money in the club.

However in your calculations above I’m interested if these are newly issued shares, or shares he bought from other shareholders? Obviously shares bought from other shareholders don’t really benefit the club (unless there’s some special agreement with the person selling the shares).

 

[Ke1t]

On 3/16/2024 at 6:58 AM, Johnnyred1 said:

If only he had spent half on the training complex and the other half on the squad, we might have been able to have a better overall experience. I mean, even a wooden hut for changing rooms would have been better than what we had before. To think a multi million state of the art complex would improve performance and attract players has turned out to be naive. Instead, it has increased operational costs at no gain. I said at the time, Hibs still got relegated after splurging cash on their complex. If only the money could have gone to building a strong squad. Instead. Nice complex, shit squad.

We spent plenty money on the squad, we just spent it on shite and the wrong positions.

[Helmet]

12 minutes ago, ericblack4boss said:

That cunt Mcintyre  said on sportsound  that warnocks reasons  for leaving  will come to light in the next few weeks 

I really want to know them, but at the same time don’t want the scumbags in our media using it as another excuse to give the club a kicking.

[ahead on alphabet]

34 minutes ago, Helmet said:

I really want to know them, but at the same time don’t want the scumbags in our media using it as another excuse to give the club a kicking.

A good run of wins to a comfortable league position and a cup final would make anything he had to say kind of irrelevant. 

[Helmet]

1 minute ago, ahead on alphabet said:

A good run of wins to a comfortable league position and a cup final would make anything he had to say kind of irrelevant. 

Can’t see that happening tbf

[RDS]

On 3/16/2024 at 11:03 AM, aberdeen1970 said:

He never paid for the training complex.  This is a myth. 

He and his investment partners invested the money required to COMPLETE the training complex. 

Which was a couple of million out of a total cost of about £15m. 

Converted into shares of course. 

He actually gave last million or so required to AFC Charitable Trust through his Cormack Foundation (probably some US tax saving) and Afcct then loaned money to club and in return Trust got a "lease" on  pitches (astro ones I think) for good few years and get income from lets

[Schapenneuker]

Talking about training complexes, I'm sure that both Hearts and Hibs were relegated within a couple of seasons of their new, super dooper training complexes opening. 

I'm sure*** it won't happen to us though.

 

 

 

*** I'm not sure. 

 

[Don Shula]

5 hours ago, Helmet said:

Totally agree that it’s churlish for people argue Cormack hasn’t invested quite a lump of money in the club.

However in your calculations above I’m interested if these are newly issued shares, or shares he bought from other shareholders? Obviously shares bought from other shareholders don’t really benefit the club (unless there’s some special agreement with the person selling the shares).

 

They were all new shares issued

[Johnnyred1]

4 hours ago, Schapenneuker said:

Talking about training complexes, I'm sure that both Hearts and Hibs were relegated within a couple of seasons of their new, super dooper training complexes opening. 

I'm sure*** it won't happen to us though.

 

 

 

*** I'm not sure. 

 

Hibs, yes. Hearts don't own any. They train out of Heriot Watt University. Tight gits.

[Granite95]

6 hours ago, Helmet said:

I really want to know them, but at the same time don’t want the scumbags in our media using it as another excuse to give the club a kicking.

Media already doing that saying Motherwell got a dubious VAR decision against them 

Sure Warnock will be shouting from the rooftops soon enough about everything that’s gone on

[RUL]

33 minutes ago, Granite95 said:

Media already doing that saying Motherwell got a dubious VAR decision against them 

Sure Warnock will be shouting from the rooftops soon enough about everything that’s gone on

Hope he does. I dunno about anyone else but my job is boring as fuck. The drama at afc helps pass the time quicker. Looking forward to him making up stuff.

[minijc]

2 minutes ago, RUL said:

Hope he does. I dunno about anyone else but my job is boring as fuck. The drama at afc helps pass the time quicker. Looking forward to him making up stuff.

Sadly, I don't think he'll need to make stuff up.

[Granite95]

31 minutes ago, RUL said:

Hope he does. I dunno about anyone else but my job is boring as fuck. The drama at afc helps pass the time quicker. Looking forward to him making up stuff.

Aye Tbf sure there’s probably enough true stories out there. 
Wonder what he’ll appear in first; OpenGoal or Talksport?

[beef_sister]

On 3/16/2024 at 7:39 AM, Dons79 said:

Of course gets to name it as well leaving a legacy once dead, immortalises his name, a vanity project if you will, he was always going to do that. If he could he would have named the stadium after himself, the type of cunt to add in a cormack burger to the canteen menu so he can see his name kicking about the place wherever he goes. He couldn’t have gave 2 fucks if the training ground actually helped the squad achieve better. WELCOME TO CORMACK PARK, that’s all he wanted

Thing with this is, As soon as he leaves the club and someone else takes it over, They can name the training ground whatever they like. Hopefully the day after he fuck's off it's changed to a more appropriate name

[Helmet]

9 hours ago, Don Shula said:

They were all new shares issued

Fair enough, more of a donation to the club than anything then really.

[alscotoz]

8 hours ago, minijc said:

Sadly, I don't think he'll need to make stuff up.

I don't see what's in it for him to 'dish dirt'. 

[G man]

3 minutes ago, alscotoz said:

I don't see what's in it for him to 'dish dirt'. 

It keeps him being asked to appear on programmes like Talksport etc . Suspect he will get a decent fee every time he appears. Part of me will probably be embarrassed for the club with what comes out but to be honest nothing will surprise me.?

I hope it does not make a potential decent manager decide not to take the job.

[ERNIE]

1 hour ago, G man said:

It keeps him being asked to appear on programmes like Talksport etc . Suspect he will get a decent fee every time he appears. Part of me will probably be embarrassed for the club with what comes out but to be honest nothing will surprise me.?

I hope it does not make a potential decent manager decide not to take the job.

They could have the other 4 ex managers on with him.That would be interesting....

[DeltaRay1903]

1 hour ago, G man said:

It keeps him being asked to appear on programmes like Talksport etc . Suspect he will get a decent fee every time he appears. Part of me will probably be embarrassed for the club with what comes out but to be honest nothing will surprise me.?

I hope it does not make a potential decent manager decide not to take the job.

Big Warno will already have forgotten about us and now he's no longer here the English media are back to being totally disinterested in the goings on at Pittodrie. Stand down. 

[fine-n-dandy]

8 hours ago, beef_sister said:

Thing with this is, As soon as he leaves the club and someone else takes it over, They can name the training ground whatever they like. Hopefully the day after he fuck's off it's changed to a more appropriate name

We can name it Elixir park to remember the snake oil punting cunt

[fine-n-dandy]

We should assemble a chairman monitoring board 🤔