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Message
Saban $20 mill in hole due to bad real estate investments w LSU and Bama alums
Posted on 12/11/13 at 7:45 am
Posted on 12/11/13 at 7:45 am
16
Posted on 12/11/13 at 7:46 am to Jesus Prejean
I didn't read the article, but I just don't see any way possible that saban owes $20M on anything, considering the money he makes.
Posted on 12/11/13 at 7:47 am to WG_Dawg
It's called bad investments. He took a gamble and lost when others fell into bankruptcy.
This post was edited on 12/11/13 at 7:48 am
Posted on 12/11/13 at 7:47 am to Jesus Prejean
If true, this makes sense.
20 million in debt is a tough spot even if you make 7 million a year.
I guess this nonsense could be true.
20 million in debt is a tough spot even if you make 7 million a year.
I guess this nonsense could be true.
Posted on 12/11/13 at 7:47 am to WG_Dawg
You'd say the same about the 75% of athletes that are bankrupt within 3 years if retirement. Or whatever the figures are. You get the point
Posted on 12/11/13 at 7:48 am to Jesus Prejean
If that's true, holy hell. Is any football coach worth that much money?
Posted on 12/11/13 at 7:49 am to WG_Dawg
quote:
I just don't see any way possible that saban owes $20M on anything
These particular stories aren't bullshite. He is definitely on the hook in a few developments for a large chunk of cash.
Posted on 12/11/13 at 7:50 am to Jesus Prejean
It's true
Posted on 12/11/13 at 7:51 am to Jesus Prejean
Perkins Rowe
Posted on 12/11/13 at 7:52 am to AscensionTiger
That's just one.
Posted on 12/11/13 at 7:54 am to Jesus Prejean
All true, just because you make millions doesn't mean you still can't be broke as shite.
Posted on 12/11/13 at 7:56 am to TheDoc
If true and also true that Texas will pay off his debt, then he's gone. That's got to be huge for Saban knowing that he can retired free and clear of any debt.
Posted on 12/11/13 at 7:58 am to makersmark1
quote:
20 million in debt is a tough spot even if you make 7 million a year.
Put it another way - if your gross income is $120k, and you're $360k in debt (and let's assume your house is paid for) -
A 10-year business loan of $360k would be $3100 to $3200 per month. I'm not saying you are bankrupt, but the single biggest discussion you have with your wife, kids, friends, co-workers would be, "I've got to get out from under this debt."
Now, a $20 million debt payment would be 50 times that - $150k per month. Even if I'm grossing 7 million (he's not quite there yet, but he will be) - I'm only clearing a little over $300k per month - $320k tops. Now, if I have to fork over HALF of that for a bad business debt - and for 10 years? Eff that, particularly if somebody thinks I'm worth $10 million AND will eat some/all of that $20 million principal (which effectively increases my income an additional 10 to 15 percent).
This post was edited on 12/11/13 at 8:02 am
Posted on 12/11/13 at 7:58 am to Jesus Prejean
So he ate Little Debbies because that was all he could afford?
Posted on 12/11/13 at 8:00 am to WG_Dawg
quote:
I didn't read the article, but I just don't see any way possible that saban owes $20M on anything, considering the money he makes.
When you make a lot of money, you can take out big loans to make investments. If those investments go south, you're in trouble.
Posted on 12/11/13 at 8:02 am to WG_Dawg
quote:
I didn't read the article, but I just don't see any way possible that saban owes $20M on anything, considering the money he makes.
Every person who was involved with the Perkins Rowe project lost their arse
Posted on 12/11/13 at 8:04 am to The Sockster
I think TD is fueling this fire. Someone posts some nonsense rumor here, then another site picks it up and person 1 has just created evidence. For all we know Jimmy Sexton is He Gone.
Posted on 12/11/13 at 8:07 am to Jesus Prejean
quote:
Anyway, Texas is wiping this debt:
IF the boosters are buying up his debt, then that would make Nick and Terry Saban debt slaves to these powerful indiscreet money people. I don't think that the couple appreciate people on message boards discussing their business.
I don't think Nick Saban wants to be anyone's slave.
The way that the powers in Texas are handling the Mack situation has been mismanaged. There's a lot of trolling, but press leaks also.
IIRC, when he came to Alabama, it took him months to sign his contract. He was in TTown working hard, but had not signed.
We will know soon what he and his family decide to do. If he goes, I worry about who he will take with him. I don't want to lose Cochran.
This post was edited on 12/11/13 at 8:08 am
Posted on 12/11/13 at 8:13 am to Stonewall Tiger
quote:
Why would that be, almost every space has been and is leased.
I think they had to fire sale the space, though - when you buy high and sell low - you still sold, but lost money, anyway.
This post was edited on 12/11/13 at 8:14 am
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