oldskyblue58
CCFC Finance Director
There is a major charm campaign going on at CCFC...... not before time to be honest.... but I think a healthy scepticism remains important when looking at things Sky Blue. It is great that the Chairman wants to meet some of the fans, that Brody wants to be available to talk on radio etc, and that the chief exec and others want to be out there promoting CCFC. It’s about time they left their ivory towers and at least made an effort. They have a lot to make up I only hope that fans do not have short memories!
On the pitch things seem to be improving. It is at least better to watch but I would point out although AT has adjusted things the team was changing the approach before AB left. The biggest difference is in attitude not necessarily the tactics. Players seem happier and with a bit of buzz about them. Why? Well I think you have to give AT a lot of credit for that he has taken the shackles off and told the players he trusts and believes in them- they responded. Also the off field stuff has settled down a little, and all employees including the players know they will at least get paid until the end of the season – dont have to worry about paying the mortgage and what ever people say that has to affect performance. One game doesnt make a good team but at least the fans got some reward for a poor season on Saturday against Watford. It is how the team follows that up that is now important, but I think we as fans are more hopeful than we have been for some time.
Hopefully no CCFC supporters will be taken by all this when they look at the financial plight of club. Dont get me wrong all the above is positive stuff but it does not change the financial situation we are in. Can provide my calculations but.....
I reckon losses are running between £6m and £7m for the year to 31/05/11 after writing down the value of the squad
Crowds are running at less than 16k on average current set up probably needs crowds at least of 23k to breakeven
The finances at the club are not transparent and I reckon there is all sorts of wheeling and dealing going on certainly SISU intentions are not clear and often contradictory. This just adds to confusion and distrust. The board really have not done anything yet and SISU had to put the money in to avoid administration and a big loss, it wasnt because they wanted to fund it
The accounts for 2010 should show smaller losses (include sale of Dann & fox for starters, better crowds, £250k re Doyle’s wages etc) but my guess is they are held up because auditors need to be sure CCFC are a going concern for next 12 months from now at least before signing off (legal requirement). What does that say about SISU’s plans?
There are around 10 players out of contract in June, rumours of sales of those that are not. No money in the pot to replace them. I think SISU’s emphasis is on driving costs down and that means the wages. That means a team of players made up from lower leagues and youngsters next year, we cant afford others. 2009 accounts showed wages exceeded total turnover by over £1m - thats just not sustainable - so some drastic action is required but think what that will do to the squad and fan base
The big plan is buy the stadium apparently. Well it sounds good to the fans, and if KD was fair he would acknowledge that RR wanted that (aswell as good young players like Carroll, Henderson etc) right from the start. What neither RR nor KD control is the money – clearly SISU couldnt or wouldnt finance the stadium finance then nor now. BUT is it going to make the difference? In 2010 ACL made £500k profit, that isnt going to make a big difference to the losses at CCFC is it! Nor provide funds to invest in players! ACL is the company that has made the Ricoh the success it is – who here has confidence in the management of CCFC even continuing that let alone improving it?
My own feel is that SISU see the stadium purchase as a way to recoup their money. I think they want to buy it cheap and to get it revalued and mortgaged for more. The funds raised will repay at least a big chunk to SISU and wont be reinvested in the team (actually not in favour of financing the team in this manner anyway it is a one off that only delays not cures the problems) The option with the trust is £10m i think and that gets 50% of the shares in ACL it wont get anything they can mortgage they need to buy the other 50% from the council. Quite rightly the council need to see that the stadium (with a growing reputation nationally that reflects well on Coventry) is in good hands. Do you feel it would be? The impression i get is the council dont. There has been too much mis-management and arrogance on the part of CCFC in the past for the Council to be easily taken in. So bang goes that plan
We could be left with few players, no ground, multi million pound loss making company with no assets, dwindling income and owners not keen to support us further – think everyone knows where that leaves us come the summer. Look behind the new gloss and ask what has really changed?
On the pitch is greatly improved off it we are still very much on the brink!
On the pitch things seem to be improving. It is at least better to watch but I would point out although AT has adjusted things the team was changing the approach before AB left. The biggest difference is in attitude not necessarily the tactics. Players seem happier and with a bit of buzz about them. Why? Well I think you have to give AT a lot of credit for that he has taken the shackles off and told the players he trusts and believes in them- they responded. Also the off field stuff has settled down a little, and all employees including the players know they will at least get paid until the end of the season – dont have to worry about paying the mortgage and what ever people say that has to affect performance. One game doesnt make a good team but at least the fans got some reward for a poor season on Saturday against Watford. It is how the team follows that up that is now important, but I think we as fans are more hopeful than we have been for some time.
Hopefully no CCFC supporters will be taken by all this when they look at the financial plight of club. Dont get me wrong all the above is positive stuff but it does not change the financial situation we are in. Can provide my calculations but.....
I reckon losses are running between £6m and £7m for the year to 31/05/11 after writing down the value of the squad
Crowds are running at less than 16k on average current set up probably needs crowds at least of 23k to breakeven
The finances at the club are not transparent and I reckon there is all sorts of wheeling and dealing going on certainly SISU intentions are not clear and often contradictory. This just adds to confusion and distrust. The board really have not done anything yet and SISU had to put the money in to avoid administration and a big loss, it wasnt because they wanted to fund it
The accounts for 2010 should show smaller losses (include sale of Dann & fox for starters, better crowds, £250k re Doyle’s wages etc) but my guess is they are held up because auditors need to be sure CCFC are a going concern for next 12 months from now at least before signing off (legal requirement). What does that say about SISU’s plans?
There are around 10 players out of contract in June, rumours of sales of those that are not. No money in the pot to replace them. I think SISU’s emphasis is on driving costs down and that means the wages. That means a team of players made up from lower leagues and youngsters next year, we cant afford others. 2009 accounts showed wages exceeded total turnover by over £1m - thats just not sustainable - so some drastic action is required but think what that will do to the squad and fan base
The big plan is buy the stadium apparently. Well it sounds good to the fans, and if KD was fair he would acknowledge that RR wanted that (aswell as good young players like Carroll, Henderson etc) right from the start. What neither RR nor KD control is the money – clearly SISU couldnt or wouldnt finance the stadium finance then nor now. BUT is it going to make the difference? In 2010 ACL made £500k profit, that isnt going to make a big difference to the losses at CCFC is it! Nor provide funds to invest in players! ACL is the company that has made the Ricoh the success it is – who here has confidence in the management of CCFC even continuing that let alone improving it?
My own feel is that SISU see the stadium purchase as a way to recoup their money. I think they want to buy it cheap and to get it revalued and mortgaged for more. The funds raised will repay at least a big chunk to SISU and wont be reinvested in the team (actually not in favour of financing the team in this manner anyway it is a one off that only delays not cures the problems) The option with the trust is £10m i think and that gets 50% of the shares in ACL it wont get anything they can mortgage they need to buy the other 50% from the council. Quite rightly the council need to see that the stadium (with a growing reputation nationally that reflects well on Coventry) is in good hands. Do you feel it would be? The impression i get is the council dont. There has been too much mis-management and arrogance on the part of CCFC in the past for the Council to be easily taken in. So bang goes that plan
We could be left with few players, no ground, multi million pound loss making company with no assets, dwindling income and owners not keen to support us further – think everyone knows where that leaves us come the summer. Look behind the new gloss and ask what has really changed?
On the pitch is greatly improved off it we are still very much on the brink!
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