Pearlman in today's Jack Magazine

CHIEF OPERATING OFFICER CHRIS PEARLMAN BRINGS FANS UP TO DATE ON EVENTS AND PROGRESS OFF THE PITCH AT SWANSEA CITY IN TODAY'S EDITION OF JACK MAGAZINE.

Good afternoon everyone and welcome back to the Liberty. A warm welcome also to the directors, players and supporters from Millwall.

It goes without saying that it has been a very eventful past week-and-a-half at the club since our last match at the Liberty.

Huw Jenkins’ resignation from Swansea City marked the end of an era. The club, our supporters and the community owe Huw a significant debt of gratitude for his contributions over the past 17 years.

He oversaw a storybook rise from the bottom of the Football League to seven years in the Premier League, Europe and a League Cup trophy in 2013.

His work in driving the development of our Academy and building a world-class first-team training facility at Fairwood has provided Swansea City with an important infrastructure that will help enable us to more effectively compete at the highest levels of the sport.

On a personal note, since my arrival in Swansea, Huw has been nothing but kind and welcoming to me and my family, and I will always appreciate that.

The club has embarked on a search for a new person to lead our football operations. We will be working closely with the Supporters’ Trust throughout the selection process and will be certain to get input from all major stakeholders as we make this important appointment.

We will provide updates on this front in due course.

Much has been made about the activity surrounding the transfer deadline last week. At the end of window, we sent three first-team players out on loan who had not featured regularly for Graham in the first half of the season.

While we think highly of Wilfried Bony, Tom Carroll and Jefferson Montero, it was our belief that these particular moves would have the least impact on our team for the second half of the season as we remain in the hunt for a potential play-off position, while allowing the club to recognise some financial relief.

We have spoken publicly on a few occasions since relegation about the club’s current financial position. Simply stated, our current contractual commitments are higher than our expected income.

Relegation has seen our annual income this season drop by approximately £60 million. That is inclusive of the parachute payments we received from the Premier League. Our transfer activity this past summer enabled us to address approximately half of this deficit.

On top of the decrease in income, the club still owes some transfer fee payment instalments on players we have bought over the past few years.

Furthermore, our financial position across all transfer windows in the past few years has shown a net loss.

Fans have every right to be critical about some of the transfer decisions that have added to our financial challenges.

We are hopeful and optimistic that a new head of football operations at the club – coupled with a more structured recruiting strategy and process – will enable us to avoid the mistakes of the past.

Next season, if we are still in the Championship, our parachute payments will go down by approximately £8 million in relation to this season’s allocation. If we are not promoted after next year, the payments decrease by approximately a further £19 million in the following season.

The above factors – when coupled with the financial obligations we have as part of multi-year player contracts – obviously makes for some difficult decisions. More work needs to be done to maintain the club on sound financial footing.

I recognise that some supporters are unhappy because of a perceived ‘lack of ambition’ by the club ownership.

However, Jason and Steve have vowed to operate Swansea City in a financially sustainable manner. We need to live within our means.

They do not want to burden the club with significant debt. While they have stepped in on a few occasions to loan the club money by accelerating some transfer payments in instances where banks would not, they are not going to allow the club to spend or borrow money where there is an uncertainty – based upon projected income – that we will be unable to pay or repay it.

British football is full of examples of clubs going into administration, or on the brink of it, and those fans who have supported the club for many years will remember Swansea City coming close to extinction themselves in the past.

This is a road we do not want to travel again.

A potentially viable option, if needed, to address a financial shortfall would be an injection of money into the club in the form of equity. That is something which may be considered, however it is not without some hurdles.

When the club was relegated, we said this was a time to press the reset button and get back to what made the club successful a number of years ago.

That process would involve a big overhaul of our playing squad. We also wanted to rediscover our identity and style of football. Graham Potter was hired with those objectives in mind. His track record of developing talent and working within a more limited budget, which we knew was a reality of relegation, made him a terrific candidate.

I think most supporters would agree he has delivered against those objectives thus far.

There was never an expectation that this transition would happen overnight. Moving away from some burdensome contracts while building around a core group of young talent takes time. Having said that, we already have a great foundation in place and have shown we can compete and succeed against any team in the league.

Finally, it would be remiss of me if I did not mention the activity surrounding Daniel James leading up to the transfer deadline as, for some, it seemed to belie our stated objectives.

The club did not want to see Daniel go and would only have reluctantly completed the deal - which was influenced by a number of contributing factors - if it was on terms that made sense for us and allowed us to accelerate the restructuring needed to put the club back on a sound financial footing for the future.

Ultimately, the structure of the deal was not in our interests.

We are thrilled that Daniel is still with us and are confident he will continue right where he left off. I am equally sure that the Jack Army will show him their vocal support.

The fact that our captain, Leroy Fer, will also be with us is a massive boost and gives us the best chance of success for the run-in.

Enjoy the match.

Comments

  • "The club did not want to see Daniel go and would only have reluctantly completed the deal - which was influenced by a number of contributing factors - if it was on terms that made sense for us and allowed us to accelerate the restructuring needed to put the club back on a sound financial footing for the future.

    Ultimately, the structure of the deal was not in our interests.

    We are thrilled that Daniel is still with us and are confident he will continue right where he left off. I am equally sure that the Jack Army will show him their vocal support.

    The fact that our captain, Leroy Fer, will also be with us is a massive boost and gives us the best chance of success for the run-in."

    You still tried to sell them though!

    Shite.

  • I’ll raise you a shite, and add a double bollocks !!!
    NatterjackSeaJack
  • I'll see your double bollocks and raise you a pile of w*nk  B)  
    Natterjack
  • The lack of respect to us fans is staggering. They must think we are as thick as shit. Please leave! 
    bigoak
  • It's just more patronising rhetoric.

    Let the Trust see the full books, with no NDA. Let's see the full extent of these mistakes. Let's hear who made them. Let's have it all out in the open.

    Maybe then, if all of this is the truth, we can all move on and accept it, however reluctantly. 

    Until then, expect more abuse, expect more questions and expect no warm welcome wherever you go. 
    SeaJack
  • So it looks like we need 38 million next season. Bony, Routs, Narsingh & Olsson off the books would take care of 10 mill in wages. That still leaves a 28m hole. Hopefully sell both Ayew's, Carroll, Montero and maybe that will be enough. Wouldn't surprise me to see James & Connor gone for 10m a piece too. But hopefully not Rodon, with CCV leaving and possibly VDH for 10m we would have no center defence
  • So martyn, it sounds like you would be ok if Connor and James go? 
  • @MarkG No I dont want any of the young guns leaving. I am just second guessing why Pearlman says we are 30m short even afte all the transfers made. Second guessing that he is laying the groundwork to sell some of them in the summer
    MarkG
  • Martyn said:
    @MarkG No I dont want any of the young guns leaving. I am just second guessing why Pearlman says we are 30m short even afte all the transfers made. Second guessing that he is laying the groundwork to sell some of them in the summer
    Need promotion to keep them I think, unfortunately.
    SeaJack
  • Just a thought. If you had just landed from the Planet Zog, would Pearlman's comments sound like good business sense?  THO
  • Problem is we don't know what is still outstanding transfer payments we are still liable for (does anyone on here know?)

    Also how much are we still due in transfer revenues?

    So we need to recoup 30m

    How much for the Ayew (x2) Baston, Carroll and Montero? 

    Surely the above would bring in 30m

    Plus the salary savings of the above and Routledge, Fer, Olsson and Narsingh who's contracts expire.

    I would take the option on VDH.

    Surely that's the hard medicine over and we can work with our means.

    It nay even leave something for Potter in terms of a transfer fund!!

    I would also offer Routs, Fer & Olsson new deals on reasonable championship contracts if possible 
  • Get used to the shit shower of nonsense & PR heading our way so they can attempt to justify squeezing every last penny out of the club, please never lose sight of this;


  • This is was their promise to the club/ fans
  • BigG said:
    Get used to the shit shower of nonsense & PR heading our way so they can attempt to justify squeezing every last penny out of the club, please never lose sight of this;
    There is a lot of shit emanating from the Liberty but you need to look at the big picture. The owners are not going to put cash into the club to subsidise the wage bill like the owners of Stoke and WBA do, but we are desperate to reduce the wage bill and players, especially the medium to high earners. 
  • He tries to justify the window but the fact is, bar a last minute miracle we would have lost our best young player and our captain as well as montero who has supplied assists for quite a few of our points this season and we've lost a very solid squad player in Carroll. The point is, he cannot possibly justify it so why present us with this ridiculous statement. Full of shit. Please leave our club. 
    garythenotrashcougar
  • Complete load of tosh from a company man. None of his sums include income in.
  • “Much has been made about the activity surrounding the transfer deadline last week. At the end of window, we sent three first-team players out on loan who had not featured regularly for Graham in the first half of the season.

    While we think highly of Wilfried Bony, Tom Carroll and Jefferson Montero, it was our belief that these particular moves would have the least impact on our team for the second half of the season as we remain in the hunt for a potential play-off position, while allowing the club to recognise some financial relief.”

    With Carroll he was injured which would explain his absence from the squad. I believe that he was still useful to us in the midfield. What is your explanation for Fer, the team captain who has featured significantly for the first team since his return from injury? As for Montero, he has been pivotal in changing games around for us. You don’t sell a game changer without compromising the team significantly, especially when we’re chasing the game. Bony leaving was the only sensible decision in this transfer window.
  • SeaJack,
    at this stage of the season, with an extreme outside choice of getting a Play Off place and safe from relegation, the opportunity of lessening the wage bill took preference to a bit part player who could change the game. Part and parcel of 'hard medicine' I feel.
  • I didn't want to see Dan James leave but if an offer came in that's difficult to refuse, it has to be considered, £10m for someone with potential but had only played a handful of games is a lot of money, Swansea City, like all clubs, are a business.
    That said, he had a great game yesterday, he needs to be consistent from now until the end of the season and we'll just see if that £10m is worth £15m in the summer?
  • Ok Colin I hear what you’re saying. However he wasn’t just making up the numbers and coming on as just a sub. He was dynamite during his cameo appearances on the pitch.
  • We didn't even sell montero. It was just a loan. How many points will we lose cos he isn't there. Bristol City was crying out for a player just like montero. It was a ridiculous decision made by a club in tatters off the field. 
  • MarkG
    its all about lowering the wage bill not getting points, when are you going to understand why guys like him are moved on.
  • I hear the club narrative Colin, everyone does. It doesn't mean I believe it. And if it was only to do lowering the wage bill why DJ who isn't on big bucks. Why didn't they sell montero? They get him off the wage bill and get cash. It's just very stupid, short term and unnecessary. 
  • MarkG 

    Maybe they didn't sell Montero because no one was prepared to risk buying him and having to give him a 2/3 year contract
  • I don’t think anyone would buy him, with his injury history. But I was sorry to see him go, as  his 20 min cameos are usually Premiership quality. WBA have secured a top class sub. 
  • Maybe but the main point is, Pearlmans statement is a pile of crap and anyone buying it needs to have a strong word with themselves. 
  • MarkG said:
    I hear the club narrative Colin, everyone does. It doesn't mean I believe it. And if it was only to do lowering the wage bill why DJ who isn't on big bucks. Why didn't they sell montero? They get him off the wage bill and get cash. It's just very stupid, short term and unnecessary. 
    Perhaps they didn’t get an offer for Montero. Not short term but financially absolutely necessary
  • Reduces the outgoings is a higher priority than giving the manager a decent squad to work with
    We know that already - sweat the assets and hope they survive the season to get sold on
  • Yes lads the owners are being sensible offloading our captain, our best youngster, our game changing winger and a decent, experienced midfield squad player on the last day of the window. Yes, you're right lads, my mistake. Crack on usa guys, you're doing mighty fine.
    bigoak
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