- Banned
- #1
What better way to spend a Friday evening than providing you with some of my favourite quotes and comments from the recently published accounts:
'Banks simply do not have the resources to assist and service solid and longstanding customers. Add to this, the major downturn of property values both in the commercial and residential sectors and you have a lethal cocktail'
Fair comment but I thought McCabe's intention was to reduce debt, would things have been any different on the pitch if the banking crisis had not happened? I don't think so Football clubs suffer from relegation from the Premier League - property values should have no impact but unfortunately for us I think they do.
'Make no bones, the budget SUFC has is well in excess of the majority of our competitors.'
Unfortunately Kev, you have given it to Blackwell
'We have maintained a salary budget of £12m, which will probably be more than all but the three relegated clubs'
Tell Blackwell to stop moaning then about finances - although he hasn't done it for a while, possibly because he know how daft he sounds when the Club says things like this
'Blades Realty - Market conditions have led to the need to provide £2.5m against the realisable value of the properties held, leading to a negative contribution of £1.6m for the year.'
I think this means that £1.6m that could have been used for football has been sucked out of SUFC plc - but no idea. Given the undoubted scale of the recession this seems a decent loss to me so fair play - the portfolio is stronger than I suspected
Page 22 'Blades Realty - the loss attributable to SUFC in the year after impairment was £2.7m'
This is why the accounst are so hard to read - they clearly won't just make figures up but what is the difference between this and a negative contribution of £1.6 as above?
'The exciting breakthrough during the year of KN and KW also shows the value our increasingly admired Academy brings to the club.'
Fair comment - there are a couple of the lads playing for England and we had that run in Northern Ireland - but then we just lost to Hartlepool
'We are fortunate that our management team are prepared to play young players to increase their experience and to give them the opportunity to prove their capability.'
This is rubbish in my opinion
'The portfolio continues to generate significant rental interest arbitrage surplus'
Excellent. I'll remember this the next time we get battered by BlackpoolCan we think of a chant to taunt rivals with about this
'Net debt increased during the year to £47m from £39m'.
No way can this be good news or help the team
Other general comments I have are that the hotel had its best month in October 2009 and that has to be good news. The profit of £6m would have been a £12m loss if we had lost Tevez. The Kyle monies is funding the wage bill this term. Impossible to see how we can improve the playing squad and manage on say a £6m wage budget but it should be possible to produce a decent CCC side if we had a decent manager on that budget. Rockett took £183k (before share options) - nice work if you can get it but probably in line with other £30m turnover businesses - fair enough, just. Scarboro loaned us £7m in June 2009 and the first £7m of Tevez money is paying this off.
McCabe loaned the club £1.7m (personally by looks of it) during the year at an interest rate of 10%. B of E base rate is 0.5% at present. Page 63 says that the full amount of interest was outstanding (other than £72k paid during the year) and is secured against certain deferred player sale receipts.
'Banks simply do not have the resources to assist and service solid and longstanding customers. Add to this, the major downturn of property values both in the commercial and residential sectors and you have a lethal cocktail'
Fair comment but I thought McCabe's intention was to reduce debt, would things have been any different on the pitch if the banking crisis had not happened? I don't think so Football clubs suffer from relegation from the Premier League - property values should have no impact but unfortunately for us I think they do.
'Make no bones, the budget SUFC has is well in excess of the majority of our competitors.'
Unfortunately Kev, you have given it to Blackwell
'We have maintained a salary budget of £12m, which will probably be more than all but the three relegated clubs'
Tell Blackwell to stop moaning then about finances - although he hasn't done it for a while, possibly because he know how daft he sounds when the Club says things like this
'Blades Realty - Market conditions have led to the need to provide £2.5m against the realisable value of the properties held, leading to a negative contribution of £1.6m for the year.'
I think this means that £1.6m that could have been used for football has been sucked out of SUFC plc - but no idea. Given the undoubted scale of the recession this seems a decent loss to me so fair play - the portfolio is stronger than I suspected
Page 22 'Blades Realty - the loss attributable to SUFC in the year after impairment was £2.7m'
This is why the accounst are so hard to read - they clearly won't just make figures up but what is the difference between this and a negative contribution of £1.6 as above?
'The exciting breakthrough during the year of KN and KW also shows the value our increasingly admired Academy brings to the club.'
Fair comment - there are a couple of the lads playing for England and we had that run in Northern Ireland - but then we just lost to Hartlepool
'We are fortunate that our management team are prepared to play young players to increase their experience and to give them the opportunity to prove their capability.'
This is rubbish in my opinion
'The portfolio continues to generate significant rental interest arbitrage surplus'
Excellent. I'll remember this the next time we get battered by BlackpoolCan we think of a chant to taunt rivals with about this
'Net debt increased during the year to £47m from £39m'.
No way can this be good news or help the team
Other general comments I have are that the hotel had its best month in October 2009 and that has to be good news. The profit of £6m would have been a £12m loss if we had lost Tevez. The Kyle monies is funding the wage bill this term. Impossible to see how we can improve the playing squad and manage on say a £6m wage budget but it should be possible to produce a decent CCC side if we had a decent manager on that budget. Rockett took £183k (before share options) - nice work if you can get it but probably in line with other £30m turnover businesses - fair enough, just. Scarboro loaned us £7m in June 2009 and the first £7m of Tevez money is paying this off.
McCabe loaned the club £1.7m (personally by looks of it) during the year at an interest rate of 10%. B of E base rate is 0.5% at present. Page 63 says that the full amount of interest was outstanding (other than £72k paid during the year) and is secured against certain deferred player sale receipts.
