Accounts are out - where is Micalijo?

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Is the statement about loan players cut and pasted from last year?
 
Great news. We're building a Premier League team around the 2011 FA Cup Youth Squad (by selling them to Blackburn).
Throwing money at loan players doesn't work (but we're selling our own young players and borrowing them from Rangers/Blackpool instead).
When did McCabe write this exactly? Before or after August 31st?
 
Sothall_Blade said:
Great news. We're building a Premier League team around the 2011 FA Cup Youth Squad (by selling them to Blackburn).
Throwing money at loan players doesn't work (but we're selling our own young players and borrowing them from Rangers/Blackpool instead).
When did McCabe write this exactly? Before or after August 31st?
Click to expand...

Top stuff Soth lad - keep em coming.
 
£18.2m players wage bill ? wtf???
how ................HOW ???
 
Anybody found the bit clearly displaying Mr McCabe taking millions upon millions out as so widely suggested?
 
judge said:
£18.2m players wage bill ? wtf???
how ................HOW ???
Click to expand...

£18.2m operating costs which includes the wage bill (and all the other costs related to operating a football club)

Wage bill was around £12m wasn't it?

I suspect that has fallen somewhat, but will remain inflated whilever Ched, Quinny and Simmo remain on our books
 
Blade58 said:
£18.2m operating costs which includes the wage bill (and all the other costs related to operating a football club)

Wage bill was around £12m wasn't it?

I suspect that has fallen somewhat, but will remain inflated whilever Ched, Quinny and Simmo remain on our books
Click to expand...
no ,it says players wage bill £18.2m and administration costs are further down at £12m

---------- Post added at 06:12 PM ---------- Previous post was at 06:10 PM ----------
Foxy said:
Anybody found the bit clearly displaying Mr McCabe taking millions upon millions out as so widely suggested?
Click to expand...
its right underneath the bit where he writes off £17m of the clubs debt to himself
obviously up to summat
 
Foxy said:
Anybody found the bit clearly displaying Mr McCabe taking millions upon millions out as so widely suggested?
Click to expand...

Ah bless. There is slightly more to it than that Foxy lad. He clearly hasn't taken dividends out or such like but has he used funds which could have been used on football on property/China? I think he has, not a problem of course as perfectly normal group transactions and it's his company, his wedge, but no good to me as a loyal SUFC fan.
 
Micalijo said:
Ah bless. There is slightly more to it than that Foxy lad. He clearly hasn't taken dividends out or such like but has he used funds which could have been used on football on property/China? I think he has, not a problem of course as perfectly normal group transactions and it's his company, his wedge, but no good to me as a loyal SUFC fan.
Click to expand...
thanks for clearing that up now prove it
 
Micalijo said:
Ah bless. There is slightly more to it than that Foxy lad. He clearly hasn't taken dividends out or such like but has he used funds which could have been used on football on property/China? I think he has, not a problem of course as perfectly normal group transactions and it's his company, his wedge, but no good to me as a loyal SUFC fan.
Click to expand...

I take it that's a no then? or has he transferred it all to his Valad mates via BACS? ;)

Is it in a similar location to the "asset stripping" ?
 
judge said:
thanks for clearing that up now prove it
Click to expand...

Why? How on earth can I do that? Just my opinion. He'd argue that the China money would not have been spent on SUFC Ltd perhaps - perfectly fair enough, his wedge.
 



Foxy said:
I take it that's a no then? or has he transferred it all to his Valad mates via BACS? ;)

Is it in a similar location to the "asset stripping" ?
Click to expand...

It's a 'no', obviously, we all knew that - no dividends, no salary, only interest on his loans only charged for accounting pruposes but taken in cash so I believe.

First mention of Valad for a while, love it. Can anyone find that picture of him shaking hands with Valad top brass with Sydney opera house in background - bet that is on Macca's mantlepiece in Brussels
 
Merry Christmas Mic !
 
Micalijo said:
Ah bless. There is slightly more to it than that Foxy lad. He clearly hasn't taken dividends out or such like but has he used funds which could have been used on football on property/China? I think he has, not a problem of course as perfectly normal group transactions and it's his company, his wedge, but no good to me as a loyal SUFC fan.
Click to expand...

It would be impossible and illegal to take dividends out of a company that has no distributable reserves
 
Nothing to learn here, is there? He's tried hard, thrown money at it, and through poor decision making, failed miserably. Honourable, yes. Incompetent and / or very unlucky, yes .

The concern is the penny still hasn't really dropped. In effect, he gave Bryan Robson tens of millions who effectively flushd it down the toilet. He's somehow concluded that its the giving of money that failed, rather than the insane decisions that preceeded it (employing Robson). I've had this impression before. He re asserts it here, with the loan situation. We squander ridiculous money on (for example) Nyron Nosowrthy, then conclude that it's the loan system itself that's not's right for us, rather that the decision to give ten bob head / body / foot a second go.

UTB
 
Ah so because the accounts say it is so, then it is the truth. FFS some people need to wake up. With a good accountant (which SUFC will have) you can pretty much make things say what you want them to.

The damage is already done, its reflected in the wage bill, the Chinese debacle, the selling of the hotel, the business centre etc etc etc.

McCabe thought that by buying into global (unestablished) markets he could do it via the back door. Wrong. We are not Manchester United or Liverpool. We spent one season in the Premiership and have paid the price of the absolute lunacy of a delusional chairman who thought SUFC were going to be big all over the world. You need a sucessful brand on the pitch before you start doing that. At best its crashing naivity, at worst its gross negligance.
 
Bladesway said:
Ah so because the accounts say it is so, then it is the truth. FFS some people need to wake up. With a good accountant (which SUFC will have) you can pretty much make things say what you want them to.

The damage is already done, its reflected in the wage bill, the Chinese debacle, the selling of the hotel, the business centre etc etc etc.

McCabe thought that by buying into global (unestablished) markets he could do it via the back door. Wrong. We are not Manchester United or Liverpool. We spent one season in the Premiership and have paid the price of the absolute lunacy of a delusional chairman who thought SUFC were going to be big all over the world. You need a sucessful brand on the pitch before you start doing that. At best its crashing naivity, at worst its gross negligance.
Click to expand...

Absolutely spot on with that IMO, amazing how things can be hidden or inflated with a bit of window dressing. Anyone know if the accountants are employed internally?
 
norfolkblade said:
Absolutely spot on with that IMO, amazing how things can be hidden or inflated with a bit of window dressing. Anyone know if the accountants are employed internally?
Click to expand...

So are you ignoring the external independent auditors ?
 



Blade58 said:
£18.2m operating costs which includes the wage bill (and all the other costs related to operating a football club)
Wage bill was around £12m wasn't it?
I suspect that has fallen somewhat, but will remain inflated whilever Ched, Quinny and Simmo remain on our books
Click to expand...

As I understand it, the accounts are up to the end of June 2011.
We've taken around 16 highly paid players off the wage bill since then and added 6 lesser paid players.
Even if the player's wage bill was £12M between July 2010 and June 2011, it's considerably less than that now.
There's an article in The Star that says we have to reduce our wage bill to 55% of turnover by the 2012/2013 season to meet the new "fair play" rules.

That sounds daunting until you work out that 55% of last years turnover (£16.2M) is actually £8.91M.
I suspect that our current players wage bill is less than £9M already.
Even if our turnover drops by another £4M this season, we would be allowed a wage bill of £6.7M
With the expensive contracts of Evans, Simonsen, Taylor, Williamson and Ertl contracts all due to expire this Summer,
I don't see a massive problem in United meeting the fair play criteria or indeed of breaking even financially by 2013.

Does anybody know if the full accounts are available to look at on the internet anywhere?
 
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