Yea are we in the shit or not?
even more so than before it seems
I know I said explain it to me like I'm a four year old, but expand a little if you wish?!
Many clubs out there turning a profit?There’s a lot to go through isn’t there but our revenue from promotion has had to go on wages. We have a £13 million gross wage bill across the club a rise if £7 million.
Despite profits on transfers we’ve lost another £4 million
the only reason it’s not worse is a windfall pay I assume on the Callum Wilson sale to Newcastle as we’ve sold more than we paid on transfers
it’s not sustainable surely
Many clubs out there turning a profit?
If only the owners would cover the losses ehThere’s a lot to go through isn’t there but our revenue from promotion has had to go on wages. We have a £13 million gross wage bill across the club a rise if £7 million.
Despite profits on transfers we’ve lost another £4 million
the only reason it’s not worse is a windfall pay I assume on the Callum Wilson sale to Newcastle as we’ve sold more than we paid on transfers
it’s not sustainable surely
If only the owners would cover the losses eh
You doubting I’m a fan wow!!!!!’ We lost £4m what do you think?Well if they would we’d be in a lot better place - they had to take the EFL loan relies again on profit I assume from a player sold a decade ago and the loans look very interesting
What a strange response from a ccfc fan
Oh and do you know there was a pandemic that stopped us receiving any money from fansYou doubting I’m a fan wow!!!!!’ We lost £4m what do you think?
You doubting I’m a fan wow!!!!!’ We lost £4m what do you think?
Oh and do you know there was a pandemic that stopped us receiving any money from fans
No idea but I doubt the dependence on continued funding at high interest rates is as bad for many clubs
Interest paid £47k?
Me too. You’re a little contradictory grendel. The owners are supporting the club by covering the losses. But you don’t think they are supporting the club. Which is it?Im not sure what the point of that statement is as I would assume this year is even worse. There will of course also be furlough payments and the transfer benefits. I don’t see how even with supporters we’d make anything other than a loss
We also if course had a massive hike in revenue due to promotion
what has been deferred?
Me too. You’re a little contradictory grendel. The owners are supporting the club by covering the losses. But you don’t think they are supporting the club. Which is it?
Summary of the main points
- the strategic report dresses things up as would any such report. Tells you what the directors & owners want you to hear. It refers to investment but the only new monies have come from the EFL.
The auditors have not qualified their audit report. They do draw attention to the going concern, and to some extent the going concern basis is backed up again by a written undertaking to not call the owners loans in and to source additional finance. It is not a legally binding undertaking so could change.
Turnover was up in total over £6m. It would be interesting to see how much was covered by the business interruption insurance. There wont be that this season so i don't think anyone should expect because we have had good attendances that it will mean a massive increase in turnover for 2022
It seems that what we have gained in turnover was allocated to paying wages including bonuses for promotion. I don't see that changing in 2022. We have added to wage costs with the signings this year so any additional turnover has been allocated. Perhaps why limited signings in January with shipping players out to meet it. The number employed has also increased by 15 (only 1 on the admin side)
ground rental was down by £700k but the new agreement at CBS will reverse a big chunk of that. It is likely due to larger crowds etc that the direct costs in 2022 will increase.
Interest is down slightly, but in hard times it is still being charged. It could have been waived but it wasnt. The 2.2m is again added to debt
There was 1.7m spent on player purchases, and 1.6m received from player sales. Contracts are are amortised over the period of the contract and as we have spent on better players over last couple years then that charge increases. It isnt money out as such because the money was spent when player bought but it does increase losses
2.4m was received in loans from EFL which are interest free, only to be used to fund day to day expenses like HMRC PAYE, and repayable over 3 years. That 3 years is important, because it means for each season there is 800k to be found out of the funds available to the club to repay it. Which means it comes out of total budget and restricts any money for player purchases
at the year end the club had 2.5m in the bank up from 1.1m previous year. I assume it was kept back to meet the cost of players eg Sheaf & Gyokeres (although will be staged payments) and to keep club going over the summer. The last two years have been cash flow positive by over £1m per year so the club is not spending everything it has available in 2021 or 2020
The club lost 4.7m in 2021. Probably better than a lot of Championship teams, given the lack of actual financial support from the owners and lack of other assets not exactly great
other than player contracts there is little by way of fixed assets. Current assets (debtors, money bank ) were up 3.6m but current liabilities were up 8.8m. Creditors due in more than 1 year further increase the gap by 1.2m
Balance sheet deficit has increased 27.8m. People might say are but the value of certain players would clear much of that, but if sold they have to be replaced with players capable of keeping us in the Championship. So it would most likely leave us with a big deficit.
Yes the pandemic has had an effect, quite correct to point to it, but not all negative in terms of working the financials ........ otherwise how did they get more in the bank by 31/05/2021
Deeper in the hole, and perhaps certain fans will now see the myth of financial support for MR and the team from the owners for what it is .... a MYTH. The only support they have provided is a non binding agreement not to call the loans in................. (a) the club couldnt pay it and (b) they would be shooting their "investment" in the foot by bankrupting the club
Not great, and getting worse
what has been deferred?
Well considering we can make massive profit on at least 3 players, you don't think the club are capable of doing it again? It's pretty much common knowledge that we wouldn't spend £5 million on a replacement for Hamer if we sold him, or 8 million for Gyokeres. Buy low and sell high is the plan. No reason we can't sign more unpolished gems, i guess that is the plan.Summary of the main points
- the strategic report dresses things up as would any such report. Tells you what the directors & owners want you to hear. It refers to investment but the only new monies have come from the EFL.
The auditors have not qualified their audit report. They do draw attention to the going concern, and to some extent the going concern basis is backed up again by a written undertaking to not call the owners loans in and to source additional finance. It is not a legally binding undertaking so could change.
Turnover was up in total over £6m. It would be interesting to see how much was covered by the business interruption insurance. There wont be that this season so i don't think anyone should expect because we have had good attendances that it will mean a massive increase in turnover for 2022
It seems that what we have gained in turnover was allocated to paying wages including bonuses for promotion. I don't see that changing in 2022. We have added to wage costs with the signings this year so any additional turnover has been allocated. Perhaps why limited signings in January with shipping players out to meet it. The number employed has also increased by 15 (only 1 on the admin side)
ground rental was down by £700k but the new agreement at CBS will reverse a big chunk of that. It is likely due to larger crowds etc that the direct costs in 2022 will increase.
Interest is down slightly, but in hard times it is still being charged. It could have been waived but it wasnt. The 2.2m is again added to debt
There was 1.7m spent on player purchases, and 1.6m received from player sales. Contracts are are amortised over the period of the contract and as we have spent on better players over last couple years then that charge increases. It isnt money out as such because the money was spent when player bought but it does increase losses
2.4m was received in loans from EFL which are interest free, only to be used to fund day to day expenses like HMRC PAYE, and repayable over 3 years. That 3 years is important, because it means for each season there is 800k to be found out of the funds available to the club to repay it. Which means it comes out of total budget and restricts any money for player purchases
at the year end the club had 2.5m in the bank up from 1.1m previous year. I assume it was kept back to meet the cost of players eg Sheaf & Gyokeres (although will be staged payments) and to keep club going over the summer. The last two years have been cash flow positive by over £1m per year so the club is not spending everything it has available in 2021 or 2020
The club lost 4.7m in 2021. Probably better than a lot of Championship teams, given the lack of actual financial support from the owners and lack of other assets not exactly great
other than player contracts there is little by way of fixed assets. Current assets (debtors, money bank ) were up 3.6m but current liabilities were up 8.8m. Creditors due in more than 1 year further increase the gap by 1.2m
Balance sheet deficit has increased 27.8m. People might say are but the value of certain players would clear much of that, but if sold they have to be replaced with players capable of keeping us in the Championship. So it would most likely leave us with a big deficit.
Yes the pandemic has had an effect, quite correct to point to it, but not all negative in terms of working the financials ........ otherwise how did they get more in the bank by 31/05/2021
Deeper in the hole, and perhaps certain fans will now see the myth of financial support for MR and the team from the owners for what it is .... a MYTH. The only support they have provided is a non binding agreement not to call the loans in................. (a) the club couldnt pay it and (b) they would be shooting their "investment" in the foot by bankrupting the club
Not great, and getting worse
Does it matter if it can't be paid?
Well some of it can at some point I’d say the club sells its prime assets and purchases inferior ones surely
zero investment? are we still paying league 2 wages to the players?So basically, Mark Robins has performed a gods miracle over the last 4 years with zero investment and putting up with another groundshare thrown in.
we could be winning this league with some investment and financial backing. Maybe now some fans will give robins some slack. He is literally fighting with one hand tied behind his back.
You doubting I’m a fan wow!!!!!’ We lost £4m what do you think?
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