CCFC Accounts, £1.9M Loss (1 Viewer)

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skybluebeduff

skybluebeduff

Well-Known Member
"However, the club still owes almost £10.5m to the owners in loans. Interest continues to accrue on those loans, although none has been paid out and the amount added has decreased from £2.7m last year to £1.3m this year. That reduction has been put down to debt restructuring at the club in the last accounts which saw almost £61m of debt converted into shares.
With the club still operating at a loss and playing in the third tier, it seems unlikely the owners would be able to call in the loans or the interest imminently. The owners are also unlikely to find a buyer at present that would be willing to pay anywhere near the £61m converted from debt into shares."


Jesus wept.
 
italiahorse

italiahorse

Well-Known Member
skybluebeduff said:
With the club still operating at a loss and playing in the third tier, it seems unlikely the owners would be able to call in the loans or the interest imminently.
The owners are also unlikely to find a buyer at present that would be willing to pay anywhere near the £61m converted from debt into shares."
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I've said all along that they are tying themselves into the club in such a way that nobody could ever buy us.
 
covmark

covmark

Well-Known Member
italiahorse said:
I've said all along that they are tying themselves into the club in such a way that nobody could ever buy us.
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No, you haven't said that all along. Not so long ago you were making up banners in support of our wank owners. You really are full of shit.

Sent from my HTC One_M8 using Tapatalk
 
fernandopartridge

fernandopartridge

Well-Known Member
italiahorse said:
I've said all along that they are tying themselves into the club in such a way that nobody could ever buy us.
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Perhaps, but then again, other clubs who are a more attractive proposition than us (better fanbase, own their stadium, higher division) like Wolves and Villa are struggling to find a buyer. The game is up I think. We're probably seen as having no more potential than numerous others.
 
bezzer

bezzer

Well-Known Member
....The accounts do highlight problems around limited income as a result of the Ricoh Arena tenancy agreement. The accounts read: “Partial but limited access to non-ticketing matchday revenues and no non-matchday turnover both remain key concerns for the business, putting the club firmly at a competitive disadvantage in relation to its peers.”
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J

jas365

Well-Known Member
skybluebeduff said:
"However, the club still owes almost £10.5m to the owners in loans. Interest continues to accrue on those loans, although none has been paid out and the amount added has decreased from £2.7m last year to £1.3m this year. That reduction has been put down to debt restructuring at the club in the last accounts which saw almost £61m of debt converted into shares.
With the club still operating at a loss and playing in the third tier, it seems unlikely the owners would be able to call in the loans or the interest imminently. The owners are also unlikely to find a buyer at present that would be willing to pay anywhere near the £61m converted from debt into shares."

Jesus wept.
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What a bloody depressing statement :(
 
O

oldfiver

Well-Known Member
italiahorse said:
I've now had time to sit down and analyse the results.

Taking all the relevant information into account I can confirm that we are fukced.
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Are you now OSB? Please show us the results of your analyses

The fact the Auditors have removed the "uncertainty" clause from their report would indicate they think different to you
 
italiahorse

italiahorse

Well-Known Member
covmark said:
No, you haven't said that all along. Not so long ago you were making up banners in support of our wank owners. You really are full of shit.

Sent from my HTC One_M8 using Tapatalk
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I gave them a chance and the messed up big time. As did most.
You can't have it both ways. When I said they were tying their debt into the club financially you all said I was talking crap.

There is no way out of this mess. We are a basket case.

Anyway off to Barnsley I'll wait for OSB58 to give us the run down.
 
italiahorse

italiahorse

Well-Known Member
oldfiver said:
Are you now OSB? Please show us the results of your analyses

The fact the Auditors have removed the "uncertainty" clause from their report would indicate they think different to you
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Sorry, your right. Everything is hunky Dory. Well done Sisu :facepalm:
 
D

dongonzalos

Well-Known Member
fernandopartridge said:
Perhaps, but then again, other clubs who are a more attractive proposition than us (better fanbase, own their stadium, higher division) like Wolves and Villa are struggling to find a buyer. The game is up I think. We're probably seen as having no more potential than numerous others.
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Don't know what the situation is with Wolves. With Villa the owner wants to recoup a good chunk of the 300 million he claims to have invested.
So yes when something is overvalued you are right it is unlikely you will find a buyer.
 
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R

Rodders1

Well-Known Member
Broken Hearted Sky Blue said:
The 61 million is there for a reason it's to discourage people who might be interested in the club from bidding just a thought
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Why would they want to put buyers off? They're a hedge fund who are probably desperate to sell. But the problem is they can't get back what they've lost.

They desperately need us in the championship one promotion away from the lottery win. Then we'll be worth something.
 
D

dongonzalos

Well-Known Member
Not the worst set of accounts in the world.
Just need a 10 year favourable sign up to the Ricoh now to remove any uncertainty.

(Then after promotion to the championship throw £20 million on top of the £60 million debt get into the play off positions and sell the club for £70 million, walk away £10 million down. .......
I can only dream )
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Bit curious about some of the comparatives in 2014 that are quoted as they seem different to the actual accounts but no doubt that will become clear later

It will be interesting to see what the cash flow statement says.

other than that will wait until I can see a copy to comment further

just to answer a earlier query - Wasps Group accounts were published in December but haven't been filed at Companies House as yet, (due 31/03/16) along with all its group companies
 
B

Broken Hearted Sky Blue

Well-Known Member
Rodders1 said:
Why would they want to put buyers off? They're a hedge fund who are probably desperate to sell. But the problem is they can't get back what they've lost.

They desperately need us in the championship one promotion away from the lottery win. Then we'll be worth something.
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It's the money they've lost that's the problem. I think you will find none of it was theirs. Obviously hedge fund investors sometimes invest in high risk deals this one was super high risk and did the investors know where the money was going and look where these investors come from. While the money is kept where it is it's alright. If the club is sold at a massive loss that's when the problems for certain individuals could be catastrophic again just a thought. Could be completely wrong but only time will tell.
 
O

oldfiver

Well-Known Member
oldskyblue58 said:
Bit curious about some of the comparatives in 2014 that are quoted as they seem different to the actual accounts but no doubt that will become clear later

It will be interesting to see what the cash flow statement says.

other than that will wait until I can see a copy to comment further

just to answer a earlier query - Wasps Group accounts were published in December but haven't been filed at Companies House as yet, (due 31/03/16) along with all its group companies
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Are these them?

http://www.wasps.co.uk/docs/default...y/wasps-holding-limited-30062015.pdf?sfvrsn=2

Not sure why not filed if public?

BTW : Higgs Charity Trust accounts are overdue again
 
chiefdave

chiefdave

Well-Known Member
skybluebeduff said:
"However, the club still owes almost £10.5m to the owners in loans. Interest continues to accrue on those loans, although none has been paid out and the amount added has decreased from £2.7m last year to £1.3m this year. That reduction has been put down to debt restructuring at the club in the last accounts which saw almost £61m of debt converted into shares.
With the club still operating at a loss and playing in the third tier, it seems unlikely the owners would be able to call in the loans or the interest imminently. The owners are also unlikely to find a buyer at present that would be willing to pay anywhere near the £61m converted from debt into shares."
Click to expand...

The £61m is a bit of a red herring. The clubs debt is £10.5m. The £61m isn't a debt, it doesn't exist at all anymore. It is now shares and they are worth whatever anyone will pay for them.

Sure SISU could say they want £61m, equally they could say they want £6.1m or £610m.

Pretty sure SISU have a figure at which they will walk and if anyone is close to matching that they will be gone.
 
The_Coventry

The_Coventry

Member
skybluebeduff said:
"However, the club still owes almost £10.5m to the owners in loans. Interest continues to accrue on those loans, although none has been paid out and the amount added has decreased from £2.7m last year to £1.3m this year. That reduction has been put down to debt restructuring at the club in the last accounts which saw almost £61m of debt converted into shares.
With the club still operating at a loss and playing in the third tier, it seems unlikely the owners would be able to call in the loans or the interest imminently. The owners are also unlikely to find a buyer at present that would be willing to pay anywhere near the £61m converted from debt into shares."


Jesus wept.
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The massive assumption made here is that SISU would want that much for their shares.
 
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