Annual report - £18.7 million loss

[super_pig]

me..me..me..can i say it beighton... go on. let me ask..

 

[beightonblade]

me..me..me..can i say it beighton... go on. let me ask..

go on then big gob !

 

[shorehamview]

me..me..me..can i say it beighton... go on. let me ask..

No, beat you to it!

go on then big gob !

Pre-emptive strike! Who owns the freehold?"

 

[KyoPityus]

They were not worth something. The trouble that McCabe spends the money on more foreign country teams. From that direction a word was from the network more players may be found Sheffield. Asked for, and got from somewhere player? Was at us and there are more talented players. Sheffield leaders do not need them. Why? Balázs Megyeri was not needed. Olympiacos Pireus took it away. Andre Schembri is here. Leeds United would carry it by the winter. Bence Tóth is there. Why is he not good for Sheffield leaders?

 

[ghandi]

But we've both argued that the "assets" were anything but. Now that they've gone, you've got to be pleased?

I think the "assets" became a diversion and diluted too many people's thinking - fans included. They've added to the drain on focus on what matters - the football club. And they've cost a fortune.

Yes we are where we were. Yes it was all a waste of time and money. But at least we've come out relatively unscathed (we've yet to see how much we'll still owe McCabe) and it's time to draw a line and move on.

I'm happier than I was before the accounts were released.

UTB

Not so sure about the unscathed. Below is what is stated in the accounts. The question is we are "debt free" but if we can't find another 5m worth of savings or sales or new investment to keep going we will have to use bank facilities (a euphimism for debt if ever I heard one). Where will we find this 5M come from or will we go down the Weds route? Bearing in mind the 5m deficit is forecast 1 year from now which means we are incurring debt at the rate of half a million per month. Without investment there won't be any money spent on team building.

The directors have reveiwed the cash flow forecast prepared for the period of 12 months from the date of this report. these forecasts show that the Club can continue as a going concern, but is reliant on the Club raising £5.2 million of further finance.
The Directors are actively seeking this finance from additional equity investment, the sale of certain assets, or the raising of new banking facilities. In addition to these initiatives, a cost reduction programme is underway.

 

[Flatulent_Bob]

The wage bill will have to be cut by aprox £3 Million with other savings coming from elsewhere in the club.
It is worth keeping in mind that our loan players are taking £3 Million a season in wages.

Either that or we need to get more fans through the gates to boost attendances now we have sold everything else we only have the football club to generate revenues.
If not I would suspect that we will have no loan players next year, and we will be looking to the academy to fill these gaps.
I would also think we are looking to try and get fringe players like France and Kozzy off the books.

 

[raul]

Wasn't that supposed to be the plan for THIS season though Bob? If you're looking for reasons as to why an increasing number of people believe absolutely nothing we're fed, here's one right now.

 

[JohnDenver]

Wasn't that supposed to be the plan for THIS season though Bob? If you're looking for reasons as to why an increasing number of people believe absolutely nothing we're fed, here's one right now.

I'm peeved we still can't grab the nettle. All this endless fanny dangle is just making the sting worse.

But that said, I don't see an evil conspiracy of lies and deceit. Just an accumulation of errors and crap circumstances.

 

[Flatulent_Bob]

Wasn't that supposed to be the plan for THIS season though Bob? If you're looking for reasons as to why an increasing number of people believe absolutely nothing we're fed, here's one right now.

I think Birch said he wanted to cut the wage bill to the press, internally he said we wanted it down to £6-8 Million.
Due to the loan deals we are running over currently, but by the end of the year I would suggest it might be more inline with what he would like.

 

[ghandi]

I think Birch said he wanted to cut the wage bill to the press, internally he said we wanted it down to £6-8 Million.
Due to the loan deals we are running over currently, but by the end of the year I would suggest it might be more inline with what he would like.

That maybe thecase but I don't think that will equate to anything like the £5.2M funding we have to find. We've sold all the revenue genarating capital assets, we no real saleable players so without investment we will have to borrow to survive which is the top of the slippery slope.

 

[Flatulent_Bob]

That maybe thecase but I don't think that will equate to anything like the £5.2M funding we have to find. We've sold all the revenue genarating capital assets, we no real saleable players so without investment we will have to borrow to survive which is the top of the slippery slope.

I'm sure there are other cuts the club could find Ghandi. As I said we will be looking towards the academy and moving out some of the high earners those that we can of course.

 

[super_pig]

>The wage bill will have to be cut by aprox £3 Million with other savings coming from elsewhere in the club.
monty and quinn.. you're having a laugh.. monty and quinn.. are having a laugh
with a bit of luck one of monty's many 'admirers' (so his agent says) will come and nick him in the transfer window. perhaps we could do a BOGOF and give away quinn as well ..

 

[Highbury_Blade]

Problem is Bob,

What high earners can we get rid of. I don't think any club in their right mind would take Ched off us on loan and pay 100% of his wages.

Hendo will probably leave, so that's ~£500k a year + NI saved, beyond that, i can't see anyone else being wanted, apart from Britton, and we need to keep him.

 

[alcoblade]

You have to wonder how much we're paying the loanees. Is it that hard to believe that there aren't players out there earning £2K per week that couldn't do the same job as Nosworthy. In fact, the same for just about any of our players.

A squad as capable as ours should easily be assembled for £6M per year. The problem is offloading the vastly overpaid averageness that we've acquired.

We should start by listing Evans, or offering to pay up half his contract.

UTB

 

[lenners]

Total staff costs last year were £19.4m - down £5m on the previous year.
Total gate receipts £4.9m.
We do get tv income, commercial income and so on but I struggle to see how our overall staff costs alone will be met by income in the short term.

Just to add that those gate receipts cover what we've outlayed on Chedwyn so far...

 

[JohnDenver]

Just to add that those gate receipts cover what we've outlayed on Chedwyn so far...

Which just goes to show that United have gone for it and been ambitious in the financial risk taking sense.

It's just that bad decisions have been made...

 

[raul]

Total staff costs last year were £19.4m - down £5m on the previous year.
Total gate receipts £4.9m.
We do get tv income, commercial income and so on but I struggle to see how our overall staff costs alone will be met by income in the short term.

Just to add that those gate receipts cover what we've outlayed on Chedwyn so far...

25000 (av gate) x 23 (home games) x £15 (average price) = £8.625.000

 

[Worksop II]

25000 (av gate) x 23 (home games) x £15 (average price) = £8.625.000

That figure of £8,625,000 for gate receipts includes Vat, if you pay wages with that then the Vat will be handed over to HMG vat Man = £1.3 Million, which is a big chunk off.

Which is why some clubs dont pay their Vat

 

[lenners]

Gate receipts £4.9m, down from £7.9m - p35 accounts.

 

[alcoblade]

Total staff costs last year were £19.4m - down £5m on the previous year.
Total gate receipts £4.9m.
We do get tv income, commercial income and so on but I struggle to see how our overall staff costs alone will be met by income in the short term.

Just to add that those gate receipts cover what we've outlayed on Chedwyn so far...

The staff costs are for the organisation though. I'm sure it employs something like 400 people. Clearly this will be greatly reduced. On the plus side we also have income from conferencing, merchandising, enterprise center (?), catering - and tv income. Still way short, but £4.9M doesn't really tell the story.

UTB

 

[lenners]

The staff costs are for the organisation though. I'm sure it employs something like 400 people. Clearly this will be greatly reduced. On the plus side we also have income from conferencing, merchandising, enterprise center (?), catering - and tv income. Still way short, but £4.9M doesn't really tell the story.

UTB

I didn't say gate receipts told the whole story but it's also another worrying fact that the receipts figure, along with commercial etc will be down again this year.
We were employing 50 people at the hotel, so we'll no longer have that cost, but the notion of being debt-free by 2013 looks like complete and utter fantasy unless we're going to put out the academy side as the first team.

 

[chipsncake]

Gate receipts £4.9m, down from £7.9m - p35 accounts.

Dread to think what next seasons gate receipts will be if Mccabe is still in charge. Most supporters have now seen through him and come next August season ticket sales will be disastrous unless Speed performs a miracle which looks highly unlikely.

 

[SotonBlade]

Dread to think what next seasons gate receipts will be if Mccabe is still in charge. Most supporters have now seen through him and come next August season ticket sales will be disastrous unless Speed performs a miracle which looks highly unlikely.

And you're moaning on about the club not moving forward and being stitched up. So staying away and lowering gate receipts really helps that cause!