Look at the state of them. The pressure is on them to get promoted to see an improvement in the figures......
Am I reading that right - their accumulated losses sat on their balance sheet is £248 MILLION?? Fecking hell
Then they go and blow 4 million on will grigg , a player with no resale value . Are they still on prem parachute money ? Wait till that drys up.......
Probably spent the same on Grigg as they got for maja buthes not been the striker they hoped for And their ex CEO who was blaming players for not leaving when he wanted to cut outgoings walks off with over 1 million compensation when he was removed after their relegation.
Do these accounts not cover the period before the takeover, when the debts were expunged by Ellis Short before the sale of the club?
If you're interested, there's a thread on their board that sums it all up. Of course the figures seem huge to us, but Grumpy Old Man doesn't appear to be overly concerned and their fans seem to think he knows his onions. TBH it's a refreshing change to read a reasoned intelligent thread on there https://www.readytogo.net/smb/threads/the-2018-19-accounts-the-grumpy-take.1471590/
Wonder what wages Oviedo Cattermole Leadbitter and Mcgeady are on. Plus aren't they still paying wages towards N'dong and Kone?
He did. These accounts are effectively for the 17/18 season, this season's will look a lot different but would still imagine they've made a significant loss as their wage bill will still be high.
Exactly this. The reason they’ve been even remotely competitive this year is because Short walked away and took every penny of their debt with him. They might have made a loss this season but total debt won’t be much, if any, more than £10million, which for a club with regular 30k gates isn’t so bad
Accumulated losses increased by ~£19m in their championship season. However it is interesting that there has been an increase in equity of approx £150m which appears to have been used to partly repay the company's creditors to the position that they actually have net assets of £10m at the balance sheet date.
In there I see that "staff costs were 73.4% of turnover". That's still a lot better than quite a few other clubs in the Football League. It's still too high (In League 1 clubs can spend a maximum of 60% of their turnover on wages - see http://www.financialfairplay.co.uk/scmp.php ) Some other values from only couple of years ago around the EFL are: Birmingham City spend 104% of their turnover on wages Blackburn 115% Bolton 115% And more at https://www.insidermedia.com/insider/national/football-finance-championship-club-by-club-2015-16
Tbh until recently I took very little notice of football finances, apart from when we were in dire straits. But some of the amounts are now so mind-blowing that I can't help but get drawn in by it all. Every year I think somebody big must be close to going to the wall and yet it just never happens. It's just bonkers - and the FFP rules don't seem to be worth the paper they're written on.
I completely agree that they're not worth the paper they're written on. They completely ignore the rules and it always ends with a slap on the wrist. Like Birmingham and their points deduction that is completely free of any actual consequence.
