Annual report - £18.7 million loss

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Good spot ghandi.

Assuming no investment (which seems reasonable), it's clear our reprofiling isn't complete. Our wage bill remains unsustainable, a fact which is very disappointing given the contracts awarded in summer and underperformance of our star striker...

I guess we can expect net player sales to be inescapable until books balance.
 

Blade58 said:
Cheers MB

Doesn't the mortgage, even tho converted out of the FC accounts, end up on the PLC side tho, in which case whilst the FC debt falls the total debt remains the same?

As you can quite clearly see here, Balance sheets, accounting etc is certainly no strong point of mine!
Click to expand...

The hotel I think was in SUFC Hotels limited a subsidiary of the PLC so this will probably have been moved out of the PLC altogether to Scarborough
 
SteelCity Blade said:
At a £3M transfer he aint going to be on peanuts.
Click to expand...

At the risk of Worm-->Can-->Opening, Ched didn't cost us 3 million. He didn't cost us half that. I have no doubt that his wages are high, but he would have only cost us 3 million if we'd gone up in his first season, he'd been top scorer, cured cancer and single-handedly solved the middle east conflict.
 
Blade58 said:
Cheers MB

Doesn't the mortgage, even tho converted out of the FC accounts, end up on the PLC side tho, in which case whilst the FC debt falls the total debt remains the same?

As you can quite clearly see here, Balance sheets, accounting etc is certainly no strong point of mine!
Click to expand...

The PLC and Football Club Accounts are one and the same.
 
Oreyt said:
At the risk of Worm-->Can-->Opening, Ched didn't cost us 3 million. He didn't cost us half that. I have no doubt that his wages are high, but he would have only cost us 3 million if we'd gone up in his first season, he'd been top scorer, cured cancer and single-handedly solved the middle east conflict.
Click to expand...

I've already been over that subject earlier in the thread, but at the risk of being repetitive........according to KM and TB he IS going to cost us well over half of that figure regardless of appearances/incentives or anything else. If you look back at the quotes from the fans' forum at the end of last season its made very clear.
 
Robbie said:
Has this figure, or will this figure actually ever be reached? Can you show me?



£1 million per year in wages is just an assumption that he is on this....

But either way, you said.....



As in, we had already paid £5 million.

It's also by no means guaranteed that he won't be sent on loan/sold sometime soon.
Click to expand...

Fuck me Robbie, I'll send you some more straw through the post. I take it you've clutched yours to death.

The £3M figure comes from McCabe /Birch. Isn't that good enough?

McCabe stated we made him one of the highest paid players outside the premiership. I'd say £20K per week is conservative. We haven't had such a huge wage bill for nothing.

I can't show you anything. I don't hold his contract. Given your burden of proof, we might as well close discussion boards down.

Ched Evans has cost us lots of millions. He's rubbish. You can throw a few shades of grey at this, but the conclusions remain the same.

UTB

---------- Post added at 02:03 PM ---------- Previous post was at 02:01 PM ----------
SteelCity Blade said:
I've already been over that subject earlier in the thread, but at the risk of being repetitive........according to KM and TB he IS going to cost us well over half of that figure regardless of appearances/incentives or anything else. If you look back at the quotes from the fans' forum at the end of last season its made very clear.
Click to expand...

Exactly. If he was knocked over by a car tomorrow, we're committed to the vest majority of the £3M. Given that we're still been forced to suffer his performances week in, week out, it's a safe bet appearance targets are going to be hit.

UTB
 
alcoblade said:
Fuck me Robbie, I'll send you some more straw through the post. I take it you've clutched yours to death.

The £3M figure comes from McCabe /Birch. Isn't that good enough?

McCabe stated we made him one of the highest paid players outside the premiership. I'd say £20K per week is conservative. We haven't had such a huge wage bill for nothing.

I can't show you anything. I don't hold his contract. Given your burden of proof, we might as well close discussion boards down.

Ched Evans has cost us lots of millions. He's rubbish. You can throw a few shades of grey at this, but the conclusions remain the same.

UTB

---------- Post added at 02:03 PM ---------- Previous post was at 02:01 PM ----------



Exactly. If he was knocked over by a car tomorrow, we're committed to the vest majority of the £3M. Given that we're still been forced to suffer his performances week in, week out, it's a safe bet appearance targets are going to be hit.

UTB
Click to expand...

Ched'll come good for us.
 
i will leave the final word to the real swissblade

Indeed it isn't - especially if you're a SUFC shareholder.

My postman (a Rochdale fan) has just delivered my SUFC 'Annual Report and Accounts'

Plenty of pictures with platinum blondes modelling Blades kit, banqueting suites, and kids kicking a ball around.

Not much else - save for a pic of Monty in action.

But as Mr McCabe says in his Chairman's report: "We continue to seek new investment for the Group....."

Group?

I thought it were a football club like.

Shhhhh. Don't tell those inside/outside the Moorfoot Tavern.
Click to expand...
 
Couple of things. £18.6M Loss, correct! But that loss is in conjunction with the sale of the Hotel and the handing over of Chengdu to a Chinese Investor. All Directors have been paid off and since the Club has moved from HBoS to Santander, the Bank loan has been set against the rest of the Tevez Payments. Basically, we don't pay it, they do, as long as they don't default on their payments (which is why they say "Hopefully").

Since this has been released, there are a couple of other area's you need to take into consideration. The accounts were signed last JUNE! Since then, we've dropped the Wage bill by a fair few million, dropped liablities of Chengdu and the Hotel, Paid off most loans owed to Directors and restructured the clubs finances so that NO property is now owing anything.

Therefore, What it effectively says is:
No debt is owed from Property.
There is an outstanding loan note holder, in the Owner, owed a some sum as he has taken the Hotel and Chinese Investor as payment for most of the loan. (he is owed something like £8Mish, which he isn't asking for).
The Tevez Money outstanding pays the Bank Loan.
The Wage bill has been dropped even more and probably will again next season as we wheel and deal away.

Basically, we are running on a level playing field with virtually no debt!

We aren't going down and we ain't going up....

UTB FTDTFP

Can someone do me a favour and put this in the thread on BM please?
http://boards.footymad.net/forum.php?tno=463&fid=221&sty=2&act=1&mid=2119372899
 
Well said Kopped. Now that someone has been articulate enough to explain it in a language we can all understand, can we please stop making suggestions that the club is in financial difficulty.....IT IS NOT!

Serviceable debt is a lot different to the sort of situation Wednesday are in. Despite the losses, we're going to be just fine. We're one of the first clubs to finally get real!

UTB
 
Kopped said:
Couple of things. £18.6M Loss, correct! But that loss is in conjunction with the sale of the Hotel and the handing over of Chengdu to a Chinese Investor. All Directors have been paid off and since the Club has moved from HBoS to Santander, the Bank loan has been set against the rest of the Tevez Payments. Basically, we don't pay it, they do, as long as they don't default on their payments (which is why they say "Hopefully").

Since this has been released, there are a couple of other area's you need to take into consideration. The accounts were signed last JUNE! Since then, we've dropped the Wage bill by a fair few million, dropped liablities of Chengdu and the Hotel, Paid off most loans owed to Directors and restructured the clubs finances so that NO property is now owing anything.

Therefore, What it effectively says is:
No debt is owed from Property.
There is an outstanding loan note holder, in the Owner, owed a some sum as he has taken the Hotel and Chinese Investor as payment for most of the loan. (he is owed something like £8Mish, which he isn't asking for).
The Tevez Money outstanding pays the Bank Loan.
The Wage bill has been dropped even more and probably will again next season as we wheel and deal away.

Basically, we are running on a level playing field with virtually no debt!

We aren't going down and we ain't going up....

UTB FTDTFP

Can someone do me a favour and put this in the thread on BM please?
http://boards.footymad.net/forum.php?tno=463&fid=221&sty=2&act=1&mid=2119372899
Click to expand...

Good stuff Kopped. Great read.

I'm not 100% sure about the not going down bit but pretty certain your are right - in which case I look forward to Speed and the club signing alot more of these young kids and developing em into decent second tier footballers.

Up The Blades.
 

Kopped said:
Couple of things. £18.6M Loss, correct! But that loss is in conjunction with the sale of the Hotel and the handing over of Chengdu to a Chinese Investor. All Directors have been paid off and since the Club has moved from HBoS to Santander, the Bank loan has been set against the rest of the Tevez Payments. Basically, we don't pay it, they do, as long as they don't default on their payments (which is why they say "Hopefully").

Since this has been released, there are a couple of other area's you need to take into consideration. The accounts were signed last JUNE! Since then, we've dropped the Wage bill by a fair few million, dropped liablities of Chengdu and the Hotel, Paid off most loans owed to Directors and restructured the clubs finances so that NO property is now owing anything.

Therefore, What it effectively says is:
No debt is owed from Property.
There is an outstanding loan note holder, in the Owner, owed a some sum as he has taken the Hotel and Chinese Investor as payment for most of the loan. (he is owed something like £8Mish, which he isn't asking for).
The Tevez Money outstanding pays the Bank Loan.
The Wage bill has been dropped even more and probably will again next season as we wheel and deal away.

Basically, we are running on a level playing field with virtually no debt!

We aren't going down and we ain't going up....

UTB FTDTFP

Can someone do me a favour and put this in the thread on BM please?
http://boards.footymad.net/forum.php?tno=463&fid=221&sty=2&act=1&mid=2119372899
Click to expand...

Not read 'em yet but basically you are saying we've pissed away tens of millions and lost the 'assets' that were meant to make us so special and attractive to investors to find ourselves still losing loads of money (did we stop paying unaffordable wages in June?), in the same position we were when McCabe came in and considerably worse off than our main commercial rivals in the city if Mandaric moves in?
Time for a street party.
 
We've sold all our best players in recent seasons, have a smaller squad than most of our rivals with little or no cover in most positions and don't have any top quality players anymore - yet our wage bill is still too high? It doesn't make sense.
 
Kopped said:
dropped liablities of Chengdu and the Hotel
Click to expand...

Whoooooaaaa there

First time I have seen those refferred to like that, surely they are extra sources of income to keep us rolling in it, should times become hard, according St Kev.

I think you need to be re-educated in Kev speak, thats not good enough, no not enough flannel there .....
 
Worksop II said:
Whoooooaaaa there

First time I have seen those refferred to like that, surely they are extra sources of income to keep us rolling in it, should times become hard, according St Kev.

I think you need to be re-educated in Kev speak, thats not good enough, no not enough flannel there .....
Click to expand...

I don't recall Chengdu being referred to as a money spinner. Wasn't it supposed to bring football benefits?

As for the hotel, is there any evidence to say it's not going to be a profitable enterprise? All they've done is shift it from under the football club.
 
Deano said:
We've sold all our best players in recent seasons, have a smaller squad than most of our rivals with little or no cover in most positions and don't have any top quality players anymore - yet our wage bill is still too high? It doesn't make sense.
Click to expand...

Yes it does. Our 'revenue streams' were actually draining the club of millions we didn't have and we still have players on wages we can't anywhere near afford.
The club is on shit street with plenty more cuts to come.
And the guy who created all this has apparently handed over the chairmanship to a rather large carpet salesman.
Thanks Kev.
 
lenners said:
Yes it does. Our 'revenue streams' were actually draining the club of millions we didn't have and we still have players on wages we can't anywhere near afford.
The club is on shit street with plenty more cuts to come.
And the guy who created all this has apparently handed over the chairmanship to a rather large carpet salesman.
Thanks Kev.
Click to expand...

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
 
alcoblade said:
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
Click to expand...

The damage McCabe has done will not be undone overnight.
The breaking of the bond with thousands of fans will not be repaired by a quick apology.
And the last thing we've done is come out of this unscathed. We've pissed our immediate future up against a wall.
 
You wont be saying that in 3 years time when we're debt free Len.
 
The whole ethos at BDTBL is wrong and has been for as long as I can remember.....................ambition ? ..........yer havin a laff !
A city as large as Sheffield deserves better................or does it ? ................... Nick fookin Clegg !

I rest my case.
 
lenners said:
The damage McCabe has done will not be undone overnight.
The breaking of the bond with thousands of fans will not be repaired by a quick apology.
And the last thing we've done is come out of this unscathed. We've pissed our immediate future up against a wall.
Click to expand...

So, from the point McCabe took over, exactly what have we pissed up the wall? He might have built Rome and then demolished it, but you can only judge McCabe before and after, not as you seem to want to do - from peak to trough.

I'm far from impressed, but at least have some perspective.

UTB
 
Personal highlights from the accounts:

'A short term loan of £15,000 was made from SUFC Ltd to M Farnan in the prior year, this remains outstanding'

'A loan previously made SU plc to Blades Realty was written off. The balance written off was £4,873,089.'

Believe me this is a total and utter outrage. McCabe has I am convinced now been using football wedge to prop up his property ventures. Why didn't he tell us all this at the April forums. Has it just come as a shock to him all this?

---------- Post added at 06:59 PM ---------- Previous post was at 06:53 PM ----------

Feel sick reading this:

'In this era of turmoil and to ensure our club remains in sound financial health, the sensible actions taken should stand us in good stead as the recession hitting our nation will not disappear overnight!'

Get stuffed McCabe.

'The targets of all our business divisions off the pitch is to generate revenue and profits to fund the First Team and youth development football.'

Get stuffed McCabe. More like the football club has been used to generate revenue for my disastrous property ventures.

---------- Post added at 07:08 PM ---------- Previous post was at 06:59 PM ----------

'Ched Evans at a cost of £3m, was the highest in the Championship in 09/10.' Page 8.

'To counter balance the investment in new players, the club reluctantly accepted offers from Spurs for the two star "home grown" players Walker and Naughton. Disappointingly he was recalled by Spurs on the last day of the window.'

---------- Post added at 07:30 PM ---------- Previous post was at 07:08 PM ----------

'£4m of the cash from Santander has been used to repay part of the hotel debt, reducing the net liabilities in that company. Following this repayment Hotel Ltd was sold to Scarborough for £1.'

Further evidence that football cash has gone to cover property disasters.
 

beightonblade said:
The whole ethos at BDTBL is wrong and has been for as long as I can remember.....................ambition ? ..........yer havin a laff !
A city as large as Sheffield deserves better................or does it ? ................... Nick fookin Clegg !

I rest my case.
Click to expand...


As he is currently helping to keep the party you currently support in power, I would have thought you'd like him!
 
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