What's he mean - "If my figures are correct"?
OK, it would therefore appear that #CCFC had interest payable instead of paid of £1.8 million in 2016/17. If my figures are correct,
Club Accounts 2016/2017 (2 Viewers)
- Thread starter skybluebeduff
- Start date
What's he mean - "If my figures are correct"?
OK, it would therefore appear that #CCFC had interest payable instead of paid of £1.8 million in 2016/17. If my figures are correct,
I did not intimate Deering had any - I said I think she represents SISU mainly. If the latter is correct then that might be why there is a reference to a "third party"
skybluetony176
Well-Known Member
TBF claimed against would have been a better choice of words rather than paid out.
skybluetony176
Well-Known Member
What was the interest paid out against? I thought it wasn’t real debt.
Nick
Administrator
Or just accrued / added to debt maybe
oldskyblue58
CCFC Finance Director
All fair points if they happen or match our expectations of value.
However if the FA cup matches the checkatrade that doesn't actually improve 2018 over 2017.
The player add ons are maybe events. If Madison is sold that could be significant but is likely to be after 31 May 2018. I will be interested to see if the player sale figures materialize at the amounts guessed at here, I suspect they won't.
However to break even and to not increase the level of debt the results for 2018 need to improve by a net amount of 2.7m. That's still a big ask
italiahorse
Well-Known Member
You can be certain that the accrued debt is what keeps Sisu hear.
Every day it gets bigger and effectively locks Sisu more into the club.
I'm no accountant but wouldn't debt in the club show a a positive on the balance sheet if it's assumed it will be paid at some point, even if it never will.
Rolling that on, if they did leave or liquidate the club then that positive is lost.
oldskyblue58
CCFC Finance Director
Anderson left 19 September 2016
oldskyblue58
CCFC Finance Director
You would have to do an assessment of the debt owed and an impairment review to show the amount at fair value. That value would be the recoverable amount......
skybluetony176
Well-Known Member
It’s litigation that’s keeping them here, nothing else. Once all avenues have been exhausted they’ll be out of here like a scalded cat.
oldskyblue58
CCFC Finance Director
No, I think it's misleading and factually incorrect and as a Football Finance expert he would surely know that?
Can you phone up about my mortgage people to tell them there's no difference between paid or not?
I think it is misleading and for the purposes of a headline.
Why isn't the fans money allocated against wages for example. That's what the fans really go see.... The players and the team.
Also he ignored that it has yet to be paid but the fans money has already been used
Londonccfcfan
Well-Known Member
The checkatrade in 2017 and the FA Cup run this year have been bonuses.
Yes it doesn’t improve it, but it doesn’t make it worse either. Both unexpected windfalls that you can hope for at beginning of season but far from something you can budget for.
italiahorse
Well-Known Member
Not in SBSL unless the Creditor formally agreed to a write off?
skybluetony176
Well-Known Member
Don’t think SISU can afford to hold a grudge anymore if someone is willing to give them a few quid for the club once they’ve ran out of ideas for litigation.
Lets hope CCC do the same!
That could be some of the 3rd party?
skybluetony176
Well-Known Member
But it was "not " paid
Once all avenues have been exhausted they’ll be out of here like a scalded cat.
Lets see what comes out of the "mediation" and if that fails CCC have to disclose a number of documents, it currently has kept to its self, to the Courts.
italiahorse
Well-Known Member
CCC are already out the club. They've handed it over to Wasps.
Londonccfcfan
Well-Known Member
What If they win their litigation claim for compensation. Not beyond the realms of possibility they may and do have a case and could win this would they leave then?
oldskyblue58
CCFC Finance Director
As usual the CT fail to understand some of the things in the accounts I am afraid.
The headline is completely wrong Profits up losses down? Complete rubbish.
Have the finances improved when it actually made a bigger loss £2.7m and increased the level of debt whilst operating a cash flow deficit?
The sbs&l accounts don't show a operating profit for sbs&l but for the sbs&l group within which the only trading part is otium
The wages details given by the CT are incorrect as they are on the Ccfc website. See my post above
Auditors refer to the note about going concern made by the directors and draw attention to it and agree with it.
Etc etc ..
I do wish they would question things more even just sometimes. Bigger total losses and increased interest bearing debt (whether or not paid out) is not in my book a sign of improving finances. One off cup success should not hide the real trends. Ccfc remain in financial trouble with only limited help from its owners and then only if they really have to.
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Rusty Trombone
Well-Known Member
I didn't suggest that you had intimated that Deering had any, I would be surprised if she was paid anything, surely you're not suggesting she should be paid, what does she do?
If there are payments to third parties acting as Directors shouldn't they be listed as Directors?
You seem reluctant to say you think the Directors have performed badly, seems a bit odd, Anderson and Venus clearly failed, Deering doesn't do anything, just leaves part time Fisher, is he any good?
rupert_bear
Well-Known Member
Don’t understand all this accountancy milarky so tend to keep away from these threads, thank god for Oldskyblue58 to put some meat on the bones. But one thing he said was Otium look like showing signs of financial distress and they might struggle to continue as a going concern so what if sisu put Otium into administration could that put us ( the club) with a 10 point deduction maybe more not a very healthy position to be in if you’re in division 4.
skybluetony176
Well-Known Member
Ahhh! The old smoking gun theory again. What documents are these then? Another Rizzla paper with a cryptic clue again? Maybe a king size Rizzla this time.
I hope something can happen in mediation for the benefit of the club but ultimately it would have to benefit SISU/ARVO and I can’t see mediation delivering that as it’s not the purpose of it. I suspect that their was big sighs in the SISU/ARVO camp when mediation was asked for by the judge.
better days
Well-Known Member
SISU's current tactics appear to be to try to have a successful season in the hope that they will get a buyer to pay something like the figure they have been demanding
Simon Jordan the ex Palace director was quoted a year or so back as saying he'd spoken to the owners but he was incredulous at the figure quoted
I've heard from others in the game that other potential buyers have looked at us but came to the same conclusion. Especially as we don't own the ground and the training centre has a charge over it
It's unlikely that SISU will put us into Administration as there is a value in our club especially if we have a promotion season this year
It's just not the value SISU put on it
Perhaps their tactics are to try to get some sort of settlement from the legal case then look to sell to the highest bidder
Sometimes people outside can think there is a grand plan when more often than not it's down to incompetent management at board level blundering from crisis to crisis
There are interested buyers but only at a more realistic price
ccfcway
Well-Known Member
#debtfree
Captain Dart
Well-Known Member
So is NOPM working? :emoji_thinking:
Grendel
Well-Known Member
It’s helping to fuck the club yes.
covmark
Well-Known Member
SkyblueBazza
Well-Known Member
I said this in the first few months after they came in...that they would deconstruct then reconstruct to make the club run soundly in finance terms. Struth - I had no idea they would go as far as they have to achieve it..!
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