Being uploaded and will be available on Monday. They will be an interesting read to see what the losses are.
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Very interested in these -
Me too.
In the last account to May 2018 the operating losses were £22m after player trading. We did have a clear out of player in the summer of 2018 and Jan 2019, but that continued throughout the summer/winter of 2019 summer which wont show up in the accounts releases on Monday.
If operating losses after player trading is below £10m it will be progress I guess.
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Accounts are now out.
Group operating losses after player trading £9.4m which has reduced from £22m the previous year.
Total debts £33.8m down from £45.4mComment
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Excellent progress. Next set will see biggest improvements to date.Comment
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Although P7 states losses were £10.4m compared to £37.5m the previous year. I'm no accountant but guess it's all in the numbering!!
Still a sizable amount of debt which I assume is after they issued more shares to cancel previous debt as part of the FFP settlement? Even if there are player sales this summer I cant see much of it being used in player recruitment with £33.8m debt in the company.
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Yes, but we already have debts of £33.4m which I assume is after the share issue and debt cancellation. Surely, any debt in the next accounts will push us over the £34m losses over three years currently allowed? Any player sales in the summer wont go in the next accounts to 31 May 2020.
We are sailing close to the wind on FFP again? Unless I'm missing something?Comment
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If we are still sailing close to the wind even now, others must be in path of a hurricane.Comment
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Below taken from LFW:
Wage bill down significantly, from £30m to £22m, and likely to be lower again for this year, so the rush of loans at the end of the window didn't stuff us tooooooo much. Avberage wage is £11k a week.
Spent nothing on players, got £3.9m in (Smithies, Sylla). Likely to increase next time thanks to Freeman, Furlong, Luongo sales.
Wages as proportion of income 69%, third lowest in the league.
Owners loaned in £11.4m interest free. We're insolvent without these ongoing handouts.
A £22m parachute payment plus broadcast fees from Sky made up 64% of our income, that drops to £7m in next set of accounts and then disappears altogether so wage as percentage of income likely to rise next time.
Wow - a drop of £15m due in next accounts due to reduced sky money!!Comment
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As far as I'm aware, the indebtedness doesn't count towards FFP which is based on profitability (income v. costs). Loans don't increase costs unless they bear interest. Our loans are apparently interest free.
Also we're allowed to lose, i think £39m, over a three year rolling period. So the latest loss for FFP seems to be £9.4m.? which counts towards the £39m 3 year loss, the loss of 3 years ago now drops out of the reckoning, so how much was that. I think it was significantly higher than £9.4m so we are in a much better position now when compared to the £39m 3 year ceiling.
I understand we have lost the parachute payment now, but there must still be Sky revenue - we're on there often enough, and I recall the overall Sky pay out was renegotiated when the franchise was renewed.
So things might not be as bad as a cursory read of the accounts might suggest.
Any views?Comment
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I read in another article that our parachute payments meant we were in the top ten in the division for "income received".Comment
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Realistic we need to increase selling fees to generate player investment. It’s going to be another sticky season
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