Blades Leisure Accounts

All advertisments are hidden for logged in members, why not log in/register?




The accounts reveal turnover went down from £115m to £67m, a whopping drop of £48m. The loss of revenue was primarily due to reduced broadcast revenues of £50.7m for 2022 (2021 was : £101m) as the club received its first year of parachute payments after dropping out of the Premier League…….

all clubs losing 50m income would wince and the 40m or so of income loss that all prem clubs suffered as revenues were downgraded when the grounds were empty
 
Last edited:
2022 insight from debilde
COVID-19 sent a shockwave into society and sport, threatening football clubs’ sustainability and future due to several financial issues. The 92 professional clubs in England in 2018/19 made a combined £677 million a season from matchday revenue alone which was nearly all lost last season apart from a few home games played with minimal supporters.

Whilst there were many concerns over the smaller clubs during the pandemic, football clubs at the top had severe financial issues because of the loss of matchday revenue: which is ultimately why the Super League occurred back in April 2021. Barcelona’s accounts showcased a loss of €97 million after estimating a €2 million profit pre-COVID-19: the first time they made an after-tax loss in nine years.

we went up and budgeted for 2 cash cow seasons in the prem and got 3/4 of a season
 
So Sean or anyone , do the accounts look ok or worrying ?
 
Chingo said:
So Sean or anyone , do the accounts look ok or worrying ?
Click to expand...
It was always going to be a loss of between £10m-£20m so it's as expected really.

As can be seen from the amortisation of player contracts figures being fairly similar between 2021 and 2022 (albeit the previous year was 11 months only) we didn't sell the key assets on the playing side in the Jokanovic season and therefore we've gambled for 2 seasons now on getting back to the PL, again this isn't new information, it's stuff we've known. It's paid off and we're there.

These are historic and we don't know what's happened in the intervening months (and won't find out for another 12 months either) so although they tell us something , they aren't relevant with all that's gone on recently in terms of the embargo, Dozy, conversion of debt to equity etc.

We'll be on decent financial footing in terms of profit and loss in the Premier League because we won't spend much on wages and will get a lot more revenue, this will likely result in us getting relegated. The following season the amortisation will be reduced again as Berge's contract ends, unfortunately we'll still be lumbered with Brewster for another year.

In 2-3 years time we'll be in a position where unless we cut our cloth accordingly we'll be looking at another £10m+ loss, if we cut our cloth we'll end up as a mid table Championship team. The depressing reality of football!

In terms of Abdullah rinsing the club of money, the Directors had nothing in the way of salary in the 2022 financial year:

1688461333465.png

He also seems to have put in some money via United World as a loan:

1688461536411.png
To answer Carlton Blade question on UW and what it costs us, see the below:

1688461601753.png
 
I realise it would be 12 months out of date but could someone post what we owed on the ground ("McCabe assets") mortgage at June 2022 and also the total of any other bank debt ?
 
Keen Blade said:
I realise it would be 12 months out of date but could someone post what we owed on the ground ("McCabe assets") mortgage at June 2022 and also the total of any other bank debt ?
Click to expand...
1688462857921.png

Trade creditors are what we owed to other clubs for transfer fees and the bank loans will be the rest.
 
derekacorah said:
View attachment 163832

Trade creditors are what we owed to other clubs for transfer fees and the bank loans will be the rest.
Click to expand...

This as much as anything are why we’ve not been able to spend in recent season.

The money spend in that seconds season has really hamstrung us financially as we are still making payments. Shame we didn’t really get anything for it other than half a decent season from ramsdale
 
Keen Blade said:
I realise it would be 12 months out of date but could someone post what we owed on the ground ("McCabe assets") mortgage at June 2022 and also the total of any other bank debt ?
Click to expand...
Group bank borrowing total £63m at 30/06/2022.
 
Quick summary below, just went to the more operating cash flow items rather than the amortisation of players bought etc:

1688463815559.png

Don't think anything particularly exciting in there, noting these are always backwards looking anyway in terms of the lag until publication. This season revenue would have fallen by around £8m from the parachute effect and then an additional £19m next year if we didn't get promoted which is where serious adjustments would be needed. Promotion should put us on a reasonable financial footing.

West Brom's accounts for the same season are actually very similar in terms of slightly lower turnover £65m and identical wages. https://find-and-update.company-information.service.gov.uk/company/08528749/filing-history

Everton are so jammy they keep staying up: turnover of 181m and wage bill of 162m - I think that 90% ratio is pretty much the highest in the league: https://find-and-update.company-information.service.gov.uk/company/00036624/filing-history
 
Could be a 50 million loss then last season, with further reductions in sky money and still owing payments for players and promotion bonus for the players
 
Sean Thornton said:
Group bank borrowing total £63m at 30/06/2022.
Click to expand...
Keen Blade important to note that the accounts don't differentiate between the loans taken out to purchase the ground and other assets and the loans taken out against future TV income.

Deeper in the accounts is the breakdown of the tangible fixed assets:
1688464874424.png

Follow that back and you get to the purchase in the 19/20 accounts for £48.9m but there's nothing which directly or indirectly alludes to how much of that was funded by the mortgage.

1688464851707.png

PaulHalfway said:
Could be a 50 million loss then last season, with further reductions in sky money and still owing payments for players and promotion bonus for the players
Click to expand...
You're conflating cashflow/balance sheet items (payments owing for prior purchases) with P&L items (loss, reductions in income, increase in expenses). For what it's worth I would estimate a loss of £25-30m for 22/23: income down £5m or so (£8m reduction in parachute payment offset by FA cup run), £10m increase in wages (contract reductions, no settlements but promotion bonuses); reduction in amortisation; small profit on disposal (Lankshear & Midwood).

1688465245176.png

FWIW my esimates for 21/22 were good on income, bad on wages (didn't factor Jokanovic's payoff), unbelievable on amortisation (ie I estimated the transfer fees paid really well) and under on the profit on disposal of Ramsdale.
 
Last edited:
derekacorah said:
It was always going to be a loss of between £10m-£20m so it's as expected really.

As can be seen from the amortisation of player contracts figures being fairly similar between 2021 and 2022 (albeit the previous year was 11 months only) we didn't sell the key assets on the playing side in the Jokanovic season and therefore we've gambled for 2 seasons now on getting back to the PL, again this isn't new information, it's stuff we've known. It's paid off and we're there.

These are historic and we don't know what's happened in the intervening months (and won't find out for another 12 months either) so although they tell us something , they aren't relevant with all that's gone on recently in terms of the embargo, Dozy, conversion of debt to equity etc.

We'll be on decent financial footing in terms of profit and loss in the Premier League because we won't spend much on wages and will get a lot more revenue, this will likely result in us getting relegated. The following season the amortisation will be reduced again as Berge's contract ends, unfortunately we'll still be lumbered with Brewster for another year.

In 2-3 years time we'll be in a position where unless we cut our cloth accordingly we'll be looking at another £10m+ loss, if we cut our cloth we'll end up as a mid table Championship team. The depressing reality of football!

In terms of Abdullah rinsing the club of money, the Directors had nothing in the way of salary in the 2022 financial year:

View attachment 163827

He also seems to have put in some money via United World as a loan:

View attachment 163828
To answer Carlton Blade question on UW and what it costs us, see the below:

View attachment 163829
Click to expand...
Thank you
 
Balham Blade said:
Keen Blade important to note that the accounts don't differentiate between the loans taken out to purchase the ground and other assets and the loans taken out against future TV income.

Deeper in the accounts is the breakdown of the tangible fixed assets:
View attachment 163844

Follow that back and you get to the purchase in the 19/20 accounts for £48.9m but there's nothing which directly or indirectly alludes to how much of that was funded by the mortgage.

View attachment 163843


You're conflating cashflow/balance sheet items (payments owing for prior purchases) with P&L items (loss, reductions in income, increase in expenses). For what it's worth I would estimate a loss of £25-30m for 22/23: income down £5m or so (£8m reduction in parachute payment offset by FA cup run), £10m increase in wages (contract reductions, no settlements but promotion bonuses); reduction in amortisation; small profit on disposal (Lankshear & Midwood).

View attachment 163845

FWIW my esimates for 21/22 were good on income, bad on wages (didn't factor Jokanovic's payoff), unbelievable on amortisation (ie I estimated the transfer fees paid really well) and under on the profit on disposal of Ramsdale.
Click to expand...
Does your estimate factor in the 28m cash injection /loans to stock
 



Sean Thornton said:
Group bank borrowing total £63m at 30/06/2022.
Click to expand...
Thanks 👍
Let's assume we've not made any inroads into that debt in 22/23 and so it's still around £60m.
How does that affect people's views on the Prince's asking price for a club in that amount of debt ?
In my inexpert opinion , he's asking too much , which is why he can't sell.
Especially in view of our tenuous grip on PL status.
 
This can all be solved by not signing anymore players and selling illiman and Berge.

Debt management at its peak.
 
A resolution of allotment of securities has just been posted to Sheffield United Ltd companies house filings. Not a clue what it means but sure someone on here might.
 
Westran said:
A resolution of allotment of securities has just been posted to Sheffield United Ltd companies house filings. Not a clue what it means but sure someone on here might.
Click to expand...

Weerz moneh gone?!!
 
Westran said:
A resolution of allotment of securities has just been posted to Sheffield United Ltd companies house filings. Not a clue what it means but sure someone on here might.
Click to expand...

THE SHEFFIELD UNITED FOOTBALL CLUB LIMITED filing history - Find and update company information - GOV.UK

THE SHEFFIELD UNITED FOOTBALL CLUB LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
find-and-update.company-information.service.gov.uk find-and-update.company-information.service.gov.uk
 
Keen Blade said:
Thanks 👍
Let's assume we've not made any inroads into that debt in 22/23 and so it's still around £60m.
How does that affect people's views on the Prince's asking price for a club in that amount of debt ?
In my inexpert opinion , he's asking too much , which is why he can't sell.
Especially in view of our tenuous grip on PL status.
Click to expand...
There are various ways to value a company (asset based, profit based, finger in the air, pie in the sky etc.) it's both an art and a science, consultants and supposed experts make a lot of money out of company valuations. At the end of the day it comes down to what the owner wants for the business and if the market is willing to pay this price.
Many football clubs seem to defy most business valuation methods as they generally have lots of debt, lose money and are volatile in nature with a bad season being an absolute disaster for most, however people still buy them for a lot of money!
 
For those of us that need things spelling out as if we're 12, this is just over half an hour and explains things pretty well.

 
Does it say how many wheelbarrows full of cash the Prince has siphoned off this year? I'm guessing twelvety.
 
£1,198,000 of new shares created by yesterday's allotment of shares, maybe the first transfer fee?
 



You must log in or register to reply here.

Similar threads

MobileBlade
Accounts for last season (2024/25)
2 3
Replies
77
Views
5K
Yoonitedite
Yoonitedite
Iffy Onuora's Shiny Head
Statistics 6 Years of SUFC Transfers
Replies
22
Views
1K
steve26272
steve26272
Coolblade
The accounts, our strategy and options for the future?
2 3 4
Replies
101
Views
5K
Barmyblade
B
YorkBlade
Benjamin Bloom on United's Start "No chance the Blades go down"
2 3
Replies
66
Views
5K
Sharrow Snuff Mill
S
ShorehamRevolution
V Pigs Worthington cup 3rd round 2000
Replies
29
Views
2K
CrookesBlade
CrookesBlade

All advertisments are hidden for logged in members, why not log in/register?

All advertisments are hidden for logged in members, why not log in/register?

Back
Top Bottom