Great to see Jean, JAQ, Neerav , Khaled, Michael Duff and quite a number of other staff to come out tonight to the Q&A. We'll post a bit of a summary on the Trust website over the next day ot two. I guess some of the most eye opening points made were about Finances. Not only was the 1m equity injection made to get us through the summer but a further 3.2m equity injection was agreed by the board today to get us through to January (All shareholders subscribed to the first 1m injection so no share dilution occurred as already mentioned by @exiled) Ive really liked hearing Michael Duff speak in interviews etc since he joined. He seems to have a very balanced, rounded and honest outlook and continued like that tonight. Had a nightmare getting home. Seems like every motorway and road round Leeds was shut.
Crikey, so we're losing not far short of £1m/month... how?! Main top earners gone bar the Belgians, replaced with loans and frees. What a mess it sounds.
Wow the next couple of accounts are going to make for bad reading to put in millions on top of player sales to make up for the loses Conman was allowed to make.
-EFL loan -Paying Schopp off -Player wages -Loss of revenue -transfers in -players on loan we pay for Im sure there are plenty more things to add to that list
Cheers Gally. Not surprised at all by what you've said about the finances. I've been shouting about it for years. https://barnsleyfc.org.uk/threads/bfcst-summary-of-yesterday’s-press-conference.314460/#post-2959044
-Paying Schopp off - so he's getting paid a monthly/weekly amount? -Player wages - every club has them, we got rid of most our top earners (bar the 2 we won't mention), surely our wage bill now isn't THAT high? -Loss of revenue - loss compared to last season, but this isn't a 'cost' that adds up to the £3.2m loss -transfers in - barely paid anything for anyone have we? Received a lot more than we've spent -players on loan we pay for - fair enough I'd like to think I'm relatively good with numbers and these figures are alarming. I thought relegation was supposed to 'cost £6m' - year 1 obviously. According to this new info we're losing £1/m a month basically given we're nearly at the end of September. Which is £12m a year. And we've sold Helik, Woodrow, Morris, loaned Styles, got all their wages off the books. So we're losing more than £12m a year without those sales then. I thought we may have recouped £3-4m in sales plus overall saved in wages towards a £6m shortfall. In other words we're more than doubly worse off than I imagined. Some serious answers needed!
Brittain as well. Five of our biggest players have been let go and we are still in a mess even with bringing in replacements for free or on loan.
Forgot about him yep. I get that paying off people will be costly, but I still don't get how we can be losing £1m a month and how all these fees have barely offset the supposed losses at all. Doesn't add up to me.
This is way too simplistic. It assumes we started this season at zero with no liabilities and with future income/expenditure calculated from that zero point. That is not the case.We're having to pay out liabilities that were arranged months and years ago. Loans from the FL, regular payments for transfers. The £6 million reduction in income from relegation is a red herring. It assumes that if we cut wages and sell players to match that £6 million we'll be OK. That's not even close to being the case. That will cover the loss of income for this season, but we started the season with a massive overspend from previous seasons that are now catching up with us.
I don't understand the numbers so I'm not going to claim this or that or t'other, but there has been a common perception that all of our transfers in - and there have been many this summer - have been free transfers. I'd like to see a rough breakdown of who we have brought in and how much they have cost the club, which could go some way towards explaining some of the deficit, because I highly doubt they were all freebies, it just doesn't seem plausible. Does anyone know, and where has this belief come from that they were all free?
Obviously can’t go on like this so does it look like it’s only a matter of time before administration again .
What are these Football League loans? How much and pretty sure I've not heard these mentioned before when BFC accounts have been discussed? Absolutely no way without something dodgy gone off should we be losing £1m per month. If that's true then if we are not promoted, the most likely outcome for the club is extinction as the board will not put in £12m every season..
As mentioned they were loans from the FL to cover Covid loss in income and had strict repayment terms. Wasn’t it mentioned in the last set of accounts? 4million figure springs to mind.
Not to the point that they end up losing £1m per month. If this is the driving factor then we would have seen at least 10 clubs go bust surely. Those costs quoted as well.. we were hardly paying schopp and asbaghi to such an extent.. plus the previous managers where we gained a fee! We have sold our big earners so off the wage bill and received fees. Someone is telling porkies.
All teams did though - so are they all losing huge sums? Gonna end up with a dozen teams in administration if so.
Yes I take those points absolutely, I wasn’t trying to do a complex calculation as I don’t have enough figures to work with. But still, losing £1m a month is serious and way worse than I imagined. Wonder how other clubs are faring.
Sounds like this meeting was arranged so it could prepare the fans for the worse because at this rate we will become the next Bury that is for certain.
Transfers in - isn’t just about recent transfers. Generally transfer payments are staged Schopp - he had a contract for x months so we are still liable for that contract assuming there are no get out clauses etc. As Jay mentioned, you are assuming we start from 0 liabilities which isn’t the case. @Archerfield has been banging on about this for several years. Also the logic doesn’t say we are losing 12m a year either (we might be I don’t know) It was mentioned that it was also about cash flow and when some of the liabilities were due to be paid.
