Following promotion the board through Conway promised

So we didnt replace moore in the summer and we didnt in the January window either... strange

 

At the supporter's meeting where Dane was the invited guest he said 95% of income from player sales had been spent on the squad (transfer fees and wages). I believed him. That's not to say I thought the money had been well spent, but I didn't think for a second he was lying.

He also spoke at great length about the reason for the silence over Stendel's departure which can basically be summed by up saying the club acted on legal advice. Dane clearly thought it could have been handled better/differently but I'm not sure I would have gone against legal advice had I been in his position. And it wasn't solely his decision anyway.

Paul Conway gave an entirely different reason for the silence in his later interview with Radio Sheffield. In what was, without question, the most disrespectful reference to a previous manager that I've ever heard from a board member at BFC, Mr Conway claimed the silence was a mark of respect. I didn't believe a word he said that day.

I now have no idea if what Dane claimed was true. He struck me as an honest and genuine man but I no longer feel the club at which is he is the CEO have the same values and I find it difficult to marry the two.

I'd like to think the truth will out when the accounts are published at company's house, but the records for this season will not be available for over a year and published, I'm led to believe, in far less detail than they have been in the past. The reasons for which can be explained far better by someone with much greater knowledge on the subject than myself.

 

It could add up if as was suggested the money has been used to cover the wages of all the new signings for the length of their contracts, mostly 4 years.

 

So we haven't covered the wages then?

 

Given that if each player was on £3k a week, that equates to just over £600k for 4 years, that swallows up the transfer monies without taking into account transfer fees, so I suspect you are right.

 

No usually but I seem to remember someone reporting that had been said after the meeting with the CEO. Maybe i got the wrong end of it.

 

Ethan Pinnock wouldn't have made that much of a difference.

 

What we’re forgetting here is the players that left wages, admittedly will probably only be 50-60% and hows is 600k matching £10m plus ? How are people believing this is beyond me

 

600k per player, so you’re at over £6 million without signing on fees, transfer fees, and that’s if the players are only on £3k.
But as the point was being made it is unlikely all the money has been put towards all their wages, because there wouldn’t be enough to cover it.

 

Plus a extra £6m for being in this league. Wake up and smell the coffee.

 

Yes - these owners spent more last summer than any other owner ever did.
They also brought in some very good players.
So we can’t berate them for that.

BUT - they are using a blueprint that in my opinion is unlikely to work.
1) Building a successful team consisting of only young players (although that strategy has been quashed already).
2) Trying to stay within a tight budget.

Hindsight is a wonderful thing.
Looking back now - the recruitment strategy adopted by Patrick was a good one - it just needed more money to secure some of the loan signings that came through the club.
If the owners had just taken over and kept things rolling as they were - but put a bit of money in when required then things would probably be better than what they are now.

To use a few analogies - they jumped in with their size 14, threw the baby out with the bath water, when all what was needed was priming the pump.

By not investing adequately in January it is an indication that they accept they got things wrong and relegation is a real possibility.
No owner will throw good money after bad.

If we are relegated im expecting a few of the better players to leave especially Woodrow.
And a new campaign of building a squad with the objective of getting it ready for the Championship.
Id be extremely surprised if they underestimated the strength of the Championship ever again.

 

3rd times a charm eh?

 

Whilst people are right to raise concerns over where the money goes, it’s interesting that according to financial football news.com the year before they arrived BFC made a profit of £12.8 million, but I don’t recall anyone asking where did this go.

 

It ain’t the first time they’ve underestimated it.

As said above I just think it’s pure arrogance and stubbornness on their part. I don’t feel they respect the fan base one bit.

If we manage to get promoted next season I’ll bet we’re in the same predicament in two years time. But I’m not sure we’re going to be as lucky next season.

 

The accounts for the whole period of Patrick’s tenure are easily accessible through Companies House for free.

Rather than making assertions that the previous owner was taking money out of the club with no foundation why don’t you have a look through the accounts and it’s all there where the money went. Until the sale of the club Patrick had written off £6m of loans, donated over £1m and had a loan of over £6m outstanding.

The sale proceeds for 80% of the club saw his outstanding loan of £6.2m repaid and £1m pa for 5 years. Given the cash on balance sheet the new owners secured 80% of the club in essence for repaying Patrick’s loan.

 

So did Parrick recoup all the money he had put in over the years?

 

Not quite, broadly £2m out of pocket but James retains a 20% holding which may broadly equate to that.