Annual Accounts to June 2013

[Sothall_Blade]

http://www.sufc.co.uk/news/article/20131122-big-reduction-in-losses-1188243.aspx

http://www.sufc.co.uk/documents/su-plc-june-2013-report-and-accounts135-1188137.pdf

 

[Hartley Hare]

I see that loans from McCabe to the company have increased by £8m up from £15.4m to £23.4m approx. Injections required to cover losses. Interest charges on these debts amount to nearly £1.7m.

Notice also gate receipts down by over £800,000. (approx 18%)

Consolidated balance sheet shows net liabilities £3.275m.

Very poor set of accounts. Going concern note relies on continued support of all related parties.

HH

 

[Kenilworth]

'Cos we shit

 

[sheffielder]

I see that loans from McCabe to the company have increased by £8m up from £15.4m to £23.4m approx. Injections required to cover losses. Interest charges on these debts amount to nearly £1.7m.

Notice also gate receipts down by over £800,000. (approx 18%)

Consolidated balance sheet shows net liabilities £3.275m.

Very poor set of accounts. Going concern note relies on continued support of all related parties.

HH

Since June the 1st, hasn't Uncle Kev written off these loans when making the agreement with the Prince?

 

[Oreyt]

*Cough* Off-The-Pitch*Cough*

 

[Hartley Hare]

Since June the 1st, hasn't Uncle Kev written off these loans when making the agreement with the Prince?

Yes, I think that was part of the deal, no debt. Next years accounts will show the full picture. I wonder if the loans have been converted into shares (equity)?

All the same a very parlous state of affairs.

HH

 

[Sothall_Blade]

Yes, I think that was part of the deal, no debt. Next years accounts will show the full picture. I wonder if the loans have been converted into shares (equity)?

All the same a very parlous state of affairs.

HH

"As part of the investment agreement, loans owed to Sheffield United plc by Sheffield United Football Club have been written off. With the final tranche of Tevez related funding being settled in August 2013 the net result is that the Football Club is left in a highly enviable debt free position."

The Football Club doesn't appear to be in a parlous position now.
Maybe the PLC is but do we need to care about that? Isn't that McCabe's problem not ours?

 

[Sothall_Blade]

Yes, I think that was part of the deal, no debt. Next years accounts will show the full picture. I wonder if the loans have been converted into shares (equity)?

All the same a very parlous state of affairs.

HH

"As part of the investment agreement, loans owed to Sheffield United plc by Sheffield United Football Club have been written off. With the final tranche of Tevez related funding being settled in August 2013 the net result is that the Football Club is left in a highly enviable debt free position."

The Football Club doesn't appear to be in a parlous position now.
Maybe the PLC is but do we need to care about that? Isn't that McCabe's problem not ours?

 

[UnitedBlade]

"As part of the investment agreement, loans owed to Sheffield United plc by Sheffield United Football Club have been written off. With the final tranche of Tevez related funding being settled in August 2013 the net result is that the Football Club is left in a highly enviable debt free position."

The Football Club doesn't appear to be in a parlous position now.
Maybe the PLC is but do we need to care about that? Isn't that McCabe's problem not ours?

The football club still has the same useless, overpaid, non-performing players so yes it still is in a parlous state.

We do still need to worry about the plc as they own our ground and Shirecliffe. McCabe sets the rent for that.

I suspect until we have a complete clearout next summer, we are still in a precarious position.

The unknown is how much money the Prince will put in and then we need to get the right players. Clearly we are experts at spending money on useless players (highest wage bill in the division for 2 years running). We have to break that mould.

 

[Trafford]

Interesting comment about the intention to return the ground to the football cub if we get back in the premier league - can't remember seeing this mentioned before?

"The fine facilities at the Club’s disposal, namely the Stadium at Bramall Lane and Academy at Shirecliffe, are retained by the Group following the sale of 50% of our interest in SUFC. Naturally the Club will continue to have the use of these Group assets through long term lease agreements with the aim to see reunification of the assets once the Club re-achieve Premier League status. "

 

[UnitedBlade]

Interesting comment about the intention to return the ground to the football cub if we get back in the premier league - can't remember seeing this mentioned before?

"The fine facilities at the Club’s disposal, namely the Stadium at Bramall Lane and Academy at Shirecliffe, are retained by the Group following the sale of 50% of our interest in SUFC. Naturally the Club will continue to have the use of these Group assets through long term lease agreements with the aim to see reunification of the assets once the Club re-achieve Premier League status. "

It was mentioned when the Prince arrived. Basically, this would allow the McCabes to back out completely with most of their money back.

It's the achievement of "Premier League" which is completely fanciful at the moment.

 

[Blade58]

Extract from the chairman’s statement


"The fine facilities at the Club’s disposal,
namely the Stadium at Bramall Lane and
Academy at Shirecliffe, are retained by the
Group following the sale of 50% of our
interest in SUFC. Naturally the Club will
continue to have the use of these Group
assets through long term lease agreements
with the aim to see reunification of the assets
once the Club re-achieve Premier League
status."


Anyone know exactly what these lease agreements entail?

How much rent comes out of the already dilapidated coffers?

 

[Pittsburg Blade]

We've cut and hacked our cloth down to size just like planned. End result is the club is doing just brilliantly. Fantastic job all round by Mr. McCabe and his cohorts.