Just published. My limited dealings with company accounts are now 33 years in the past. Red Rain has usually given his take on the information but hasn't been posting lately. The headline piece of information seems to me to be the comparative Net Assets/(Liabilities) figures for the last two financial years. As at 31.05 2016 this figure was -£9.5 million. By 31.05 2017 this had been turned into a positive figure of +£3.26 million. That is a turnaround of getting on for £13 million, the bulk of which is presumably accounted for by the transfer receipts from John Stones and Alfie Mawson (and other less valuable incomings minus outgoings). If that's a correct interpretation, then we could perhaps have held on re Conor and co. Alternatively, the balance sheet presumably was made far more attractive for our new investors. Hopefully Red Rain will relent and give us the benefit of his wisdom.
Sheffield Wed.also publish there company accounts.21 million in debt,Does that mean they'll be in trouble?
It’s bfc Dave’s birthday and he’s had a wisdom tooth taken out today. He’s a grumpy get at the moment. . I’ll have a look over the next few days.
I think that's been written off now and the debt was only ever to themselves. All assets were transferred to Chelsea limited and any transfer money went straight to Chelsea limited which was owned by abramovic. Chelsea limited then loaned the money back to them interest fee. Basically it was a huge fiddle but they weren't really £1b in debt in real terms.
Agreed, but it's still a billion quid that the football club has spent beyond their means during the time he's been there.
But still they’re definitely NOT a million quid in debt . Creative accounting seems to be easy for the bigger clubs !
Maybe not, but as the owner has ploughed in over a billion in interest free loans, I think you can see where I'm coming from. I'm not going to argue over it.
how much does the tooth fairy give an accountant for his tooth and does it count as a gift or unearned income ? just asking Dave. hth
It’s taken over 3 years so depends on previous 2. Overall losses £39m. http://www.financialfairplay.co.uk/financial-fair-play-explained.php
The problem comes when the ultimate owner who has subsidised all these "loans"... which of course you cant quite do like you could, though many clubs still find dodgy... i mean creative, ways of injecting personal wealth into a club, moves on, loses interest or passes away. I think Bolton are a prime example. Once Phil Gartside passed away, all the debt he'd personally funded but hadn't then written off crystallised. A billion quid is still a billion quid. Unless you keep finding ever richer people to carry the debt and write it off bit by bit or try and claw it back, its going to end up biting people. We're getting to a stage where there aren't that many people richer than the people who currently own the top clubs. Who knows what will happen then. I always think when an industry or business thinks its too important to fail despite the obvious indicators, it's at risk. Property crashes, recessions, stock market values, all built on confidence. I saw something last week that both BT and Sky hadn't invested more (though it may have changed as more lots were still available) for Premier league rights, than the previous cycle. If TV rights have finally reached a cap (though international rights may still have a lot further to go) and there are less richer people willing to throw away billions, maybe sanity may be upon is in the near future. But i've thought that for at least a decade, and its not happened yet, quite the opposite.