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Bolton Nuts » BWFC » Bolton Wanderers Banter » Latest BWFC Accounts - Year ended 30th June, 2020

Latest BWFC Accounts - Year ended 30th June, 2020

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luckyPeterpiper
Cajunboy
Feby
boltonbonce
Ten Bobsworth
Sluffy
BoltonTillIDie
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Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:They're looking for a new hotel general manager. Maybe I should go for it. What could possibly go wrong?
I see that Swindle Town have got a new owner. He's an Aussie that says his business is turning over $200m a year. He's just appointed one of Swindle's ST board as CEO.

Clemente Giovanni Bruno Morfuni is also a director of a company called Swinton Reds 20 Ltd. The other director is Swindle Town's previous owner, Lee Power

I do hope that Shazza doesn't follow suit with this Hotel Manager job. Sluffy will know but doesn't one of the ST board own a pie shop?

Companies House says he does!

Bit of a jinxed company it seems though...!

I won't put the links up, I don't want any solicitors letters or owt like that but a former owner in 2013 was jailed for 10 years for raping one of the staff on the premises and  the next owners (I assume they were anyway without checking) sold up in 2018, following an armed robbery where staff were tied up and held hostage!

They say it comes in three's though!


Isn't it a bit odd that Swindon are owned by a company called Swinton!

Wonder if the previous owner had their eyes once on a certain northwest rugby club perhaps?

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:


Tango is really a relic from the past and isn't an authoritarian figure as such.

He can't manage people or has leadership qualities so his default position is to ban any newcomer that rocks the boat on that site - he will ban you because he simply doesn't know what else to do if people take against you on the public forum.

I also don't think he is not in the best of health these days and that the site is irrationally important to him (it's probably all he's got outside of his family) and will protect it in the best way he can.

He's no dictator as such.

He's never been a big fan of me since my brief time as a mod and was one of those objecting to a separate standalone mod section because he didn't want to upset his perceived mates in the clique who strongly objected to my attempted  removal of their interference with the honesty and integrity in the fair and equal running of the site to all.

All water under the bridge now of course.
I didn't imagine for one moment he was a 'dictator', Sluffy. I was just employing a bit of parody. I mean, you can't possibly take folk like that seriously, can you?
Heil Tango!  Laughing

Any road they all seem to be much of a muchness with next to nowt to offer in reasoned observation or argument.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:

Companies House says he does!

Bit of a jinxed company it seems though...!

I won't put the links up, I don't want any solicitors letters or owt like that but a former owner in 2013 was jailed for 10 years for raping one of the staff on the premises and  the next owners (I assume they were anyway without checking) sold up in 2018, following an armed robbery where staff were tied up and held hostage!

They say it comes in three's though!


Isn't it a bit odd that Swindon are owned by a company called Swinton!

Wonder if the previous owner had their eyes once on a certain northwest rugby club perhaps?
The Trial of the Unibol Four
Simple Simon met a pie man
At an ST do
The gang of four
Is now no more 
Cos its gone down to two

Swinton/Swindon? Who knows? 

Lee Power says he's Irish and lives in Switzerland. Wikipedia says he was born in Lewisham.

The other guy's an Aussie with an Italian name who for some reason has fallen head over heels for Swindon Town. Well you would, wouldn't you?

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:They're looking for a new hotel general manager. Maybe I should go for it. What could possibly go wrong?

I wondered what happened to the previous one who seemed to be rated so highly - her name being mentioned as Suzanne Speak so I did a quick google search for her and found that she is indeed highly rated and has been appointed as the General Manager for the two Manchester Radisson hotels back in February (according to her public profile).

A little bit about her here if anyone is interested -

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I've never met the lady but she must have gone through a difficult time at Bolton Whites over the last few years so good luck and all the best to her in her new (not so new now though) job.

luckyPeterpiper

luckyPeterpiper
Ivan Campo
Ivan Campo
Just as a matter of interest and because I don't really understand the complexities of the published accounts did we buy back the land that got sold a few years back? I'm not talking about the training ground, I seem to remember we either sold or rented out some car park land? Maybe I'm cracking up but could someone please enlighten me on this? Thanks

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Just as a matter of interest and because I don't really understand the complexities of the published accounts did we buy back the land that got sold a few years back? I'm not talking about the training ground, I seem to remember we either sold or rented out some car park land? Maybe I'm cracking up but could someone please enlighten me on this? Thanks

As far as I understood it Eddie sold off some of the car parks but had an option to buy them back at a later date in the future.

But Anderson took ownership of the club and the club simply didn't have the money to buy the sold bits of the car park back when the date fell due.

Iirc the people who bought the car parks were the company that owns the shopping development where the Reebok stadium is situated.

luckyPeterpiper

luckyPeterpiper
Ivan Campo
Ivan Campo
Thanks sluffy. I'm asking because I can't help wondering if FV might have the long term plan of selling the stadium itself perhaps for development (eg housing) as that might explain why they bought us to begin with. I suspect the land, especially if planning permission could be obtained would be worth a great deal more than the club and even leave enough over to relocate to a smaller less expensive stadium that more accurately reflects our status as a lower league club. I know, it's a very gloomy and hopefully impossible scenario but I'm really struggling to understand what FV's gameplan is here. They won't be able to make a profit here unless we get back into the Premier League and we don't appear to have anything like the money needed to obtain the personnel required to make that happen any time soon.

Sluffy

Sluffy
Admin
Thought this may interest you Bob...



...particularly that Companies House tells us Oliver Brittan resigned as a director in May last year?

I guess the award must relate to actual audited accounts for the tax year up the the beginning of April 2020 perhaps?

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Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Thanks sluffy. I'm asking because I can't help wondering if FV might have the long term plan of selling the stadium itself perhaps for development (eg housing) as that might explain why they bought us to begin with. I suspect the land, especially if planning permission could be obtained would be worth a great deal more than the club and even leave enough over to relocate to a smaller less expensive stadium that more accurately reflects our status as a lower league club. I know, it's a very gloomy and hopefully impossible scenario but I'm really struggling to understand what FV's gameplan is here. They won't be able to make a profit here unless we get back into the Premier League and we don't appear to have anything like the money needed to obtain the personnel required to make that happen any time soon.

No Peter, whatever the master plan is - it isn't that.

The land simply wouldn't get planning permission for residential use, it is on a commercial site and wouldn't get change of use it would require.

On top of that didn't the land used to be a landfill tip - which I think would be classed as 'contaminated' which again precludes residential housing being built on it.

One view that was kindly put to me at the time of purchase was to build an annex on the car park land to increase the number of bedrooms - hence why the hotel was crucial to part of the deal to buy the club (they didn't want the club if they couldn't buy the hotel together).

At the time it was the only suggestion I heard the made any sense of what was going on.

However two years on, that clearly was not the plan at all!

I've no idea at all what plan does make any financial sense to buy the club and I can only assume (until further news comes to hand) that Sharron has a lot more money behind her than what we may think she had.

Whether that be hers or her family's (we have no idea if there is a Mr Sharon in the background somewhere (one of her son's uses a slightly different surname Iven-Brittan) or whether it is private backing from friends such as say Nick Mason of Pink Floyd fame?

Money certainly doesn't seem an issue - the Keith Hill period - players signed, was replaced with Kenyon and Phoenix period - players signed, - that was replaced in the January window with Evatt - players signed - and now the summer window - players signed!

Two of the players signed under Phoenix (Doyle and Sarce) were named in the PFL league team of the season just ended when they signed for us - and this summer we've signed Sheehan who was in the team of the season just gone - so their wages must be 'big' in terms of the league we are in.

And of course we paid £250k compensation to sign Evatt and are handing out two and three year contracts like confetti.

I've not a clue in business terms what the hell is going on - but everybody seems to be being paid, the club doesn't seem to be showing any financial distress and all seems happy at least on the surface - even the ST are happy!!!

It all seems to remind me of that saying about travelling hopefully...!!!

I can't say I'm particularly worried - just bemused as to what if anything the financial plan is - if indeed there is one and not simply a vanity project for Sharron (I don't mean that nastily but in the same way as it was for Eddie).

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:

As far as I understood it Eddie sold off some of the car parks but had an option to buy them back at a later date in the future.

But Anderson took ownership of the club and the club simply didn't have the money to buy the sold bits of the car park back when the date fell due.

Iirc the people who bought the car parks were the company that owns the shopping development where the Reebok stadium is situated.
Sorry Sluffy but the car park was sold to PBP. The fact that this is not well known demonstrates how hopeless the BN has been at elucidating any of the key facts.
PBP provided nearly £12million in 2016 to help the club’s survival. The Blumarble loan was £4million.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Sorry Sluffy but the car park was sold to PBP. The fact that this is not well known demonstrates how hopeless the BN has been at elucidating any of the key facts.
PBP provided nearly £12million in 2016 to help the club’s survival. The Blumarble loan was £4million.

Ah, thanks Bob.

I was half right in a way - apparently the plan WAS to sell the car park to the owners of the Middlebook Retail Park but they could not reach a deal and PBP stepped in at the last minute.

Club statement
30 January 2016

Club complete second commercial transaction with PBP

Bolton Wanderers Football Club can confirm that it has completed a second commercial transaction with PBP Ltd.

The further agreement provides much-needed short term funding, extends and progresses the long leasehold interests and joint venture development concept over the Macron Stadium North Car Parks that the parties had first entered into last year.

PBP and the club now intend to bring forward detailed development proposals later in the Spring, although the whole project is expected to take a number of years.

The club had previously been in advanced discussions with Middlebrook Business Park Limited, but ultimately a deal could not be concluded.

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Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
Middlebrook Business Park Ltd is a dormant company in the Emerson Group, one of the UK's largest privately owned property development companies.

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Ken Anderson was asked about the Middlebrook Master Plan at Burnden Leisure's 2018 AGM, KA responding to the effect that there were four parties with an interest but there had been no progress to report. He only mentioned the Council by name iirc. I assume that the other three would be PBP, Emerson and the club.

Mike James is the sole director of PBP but its 80% owned by Tom Morris, owner of Home Bargains. PBP only produced abbreviated accounts in 2016 but it would seem that it was almost certainly Tom that provided the £6.2m to buy the car park and lend another £5.5m on security of the hotel. PBP owed Tom Morris £23m at the date of the last PBP balance sheet in 2020.

They've still had nowt to say on WW about the Wanderers financial position, as disclosed by the recent accounts, except for a reasonable but unanswered question by Mounts Kipper. Meanwhile the puffed up gang on TW has, mercifully, also fallen silent.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:Thought this may interest you Bob...



...particularly that Companies House tells us Oliver Brittan resigned as a director in May last year?

I guess the award must relate to actual audited accounts for the tax year up the the beginning of April 2020 perhaps?

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Thanks Sluffy 
I can’t say I’m a big fan of Dulux Brilliant White teeth but good luck to ‘em.
I’ll stick with Farrow and Ball slipper satin.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
Btw, Sluffy, Sharon Brittan is a Trustee of the Michaela Community School in Wembley whose Headmistress and founder is Katherine Birbalsingh, the well-known education reformer.

The former chair of the Michaela School is Suella Braverman QC MP who was appointed Attorney General in February 2020 but is presently on maternity leave.

Sluffy

Sluffy
Admin
I'd seen previously that she was a trustee - maybe her kids went to school though at one time perhaps?

Anyway talking about the pie shop man earlier this caught my eye...

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Seems a generous offer on the face of it but I'd be concerned about a rather obvious conflict of interests to my way of thinking?

I wonder how many lucky 'winners' of the ST prize are friends (or clients or even family) of the sponsors?

I'm sure it would only be coincidence if there were.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:I'd seen previously that she was a trustee - maybe her kids went to school though at one time perhaps?

Anyway talking about the pie shop man earlier this caught my eye...

[You must be registered and logged in to see this image.]

[You must be registered and logged in to see this link.]

Seems a generous offer on the face of it but I'd be concerned about a rather obvious conflict of interests to my way of thinking?

I wonder how many lucky 'winners' of the ST prize are friends (or clients or even family) of the sponsors?

I'm sure it would only be coincidence if there were.

Sharon's two kids will have left school before the Michaela School was formed. Sharon seems to have been involved from the beginning initially under the name Sharon Iven Brittan. She dropped Iven from her name very soon afterwards.

Lets steer clear of the pie shop and kitchens, if you don't mind, Sluffy.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Sharon's two kids will have left school before the Michaela School was formed. Sharon seems to have been involved from the beginning initially under the name Sharon Iven Brittan. She dropped Iven from her name very soon afterwards.

Lets steer clear of the pie shop and kitchens, if you don't mind, Sluffy.

You were the one who raised the pie shop but I'm happy to let it drop as I believe the ST has no relevance at all to anyone or anything and am completely gobsmacked why people ever thought it did - and continue to do so???

I believe Sharron has a young daughter as well as two sons.

I've no idea or interest if she happened to attend/attended there but I'm guessing there may simply have been some personal reason why Sharron is a trustee there and having a child attending (if she did?) might have been it.

Maybe there's no personal connection at all?

None of our business either way.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:

You were the one who raised the pie shop but I'm happy to let it drop as I believe the ST has no relevance at all to anyone or anything and am completely gobsmacked why people ever thought it did - and continue to do so???

I believe Sharron has a young daughter as well as two sons.

I've no idea or interest if she happened to attend/attended there but I'm guessing there may simply have been some personal reason why Sharron is a trustee there and having a child attending (if she did?) might have been it.

Maybe there's no personal connection at all?

None of our business either way.

You are right, Sluffy. Simple Simon met a pie man was just too good to miss though. Sorry if it seemed critical. It wasn't intended to be.

The Michaela School seems to have been founded in 2014. Sharon became a Trustee in 2013 which would suggest that her expertise and possible contacts led to her recruitment as a Trustee and someone who might be helpful in getting the much-vaunted project off the ground.

Don't you think that the ability, character, background and financial resources of BWFC's largest shareholder are of interest? I do. Not just Sharon though, I thought the same about previous owners too.

P.S. According to the bios of governors at Michaela School, Sharon has four children aged 6-20. I assume this must have been written eight years ago because the eldest, Toby, is now 28.

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Sluffy

Sluffy
Admin
I see one or two on WW have started to listen to what you say and judge you on that rather than the other clowns on there who clearly wished to judge you on the reputation you have been given by others across the various social media sites!

Even 'Worthy' is winding his neck in now - after all the abuse he threw at you too!

He doesn't seem to have put much thought in the question he's asked of you though?

If EDT had waived their £10m secured creditor status then everything being equal the purchase price (which let us say for argument until we know for certain, was £30m) would be £10m less.

There would then be much more interest to buy the club by others at £20m than there was at £30m (obviously!!!) and so competition would drive the price up beyond the £20m sum.

Isn't it therefore more sensible if you knew (or EDT had given you a broad hint) that it would be better to buy the business for £30m (and knowing that a chunk of that would be waived) than have the amount waived in advance and face competition from others - who might value the business say at £25m.

£30m purchase, then say £10m waived after purchase = £20m nett purchase to FV.

....compared with say £10m waived before purchase and competitors valuing the business at £25m and bidding up to that amount! = £25m (+£1) nett purchase to FV!

Tell me again how highly you rated him!

And on top of that EDT were paid something like (from the top of my head) £3m(?) including a promotion bonus - so, no, the charges did indeed have some intent in part at least to be recouped.

Seems if he spent less time abusing us and more time thinking things through a bit more he wouldn't be making such school boy errors.

As for another who abused you - Harry Genshaw - yet another unable to think things through!

Yes we might have had extra TV revenue for being in the PL longer than Wigan but we also had that many more seasons of PL player wages to pay and a number of PL player signings made as well!

We didn't continually trade at a loss for most years for no reason at all did we!

Best of luck over there with them Bob!

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
I got a reasonable question from Bruce Rioja, which was as nice as it was unusual, so I gave a reasoned response, Sluffy.

Probably best to stick with the facts. Play the ball not the man and all that, even if sometimes you might feel tempted to give their arse a good gritting Tommy Banks-style

Sluffy

Sluffy
Admin
I (and Natasha) go a long way back with Bruce Rioja, he was one of the old originals on the BBC 606 forum, that jumped ship to set up Bolton Banter and then a few years later followed myself (and Monty) to TW.

He is quite an interesting and articulate chap but he also has a dark side to him at times too.

I thought it was somewhat of a strange question he asked of you in that it implied some knowledge in asking the question but that same knowledge should also really have led him to the answer you gave him, without the need for him to ask it in the first place?

Anyway at least he was civil about it and has continued to be since.

The reason I post today is really draw your attention to this throw away line from Iles from one of his articles today - I thought you may find it to be a bit curious like I have -

"Wanderers have developed a mobile ‘performance app’ to help players stay fully informed during the League One campaign.

In what is a first for the club, players are to be given software on mobile devices which will help to monitor personal fitness, mental wellbeing, diet, individual performance analysis and timekeeping.

The program has been developed by technical performance director Chris Markham alongside software contacts in the boardroom and will be rolled out in the coming days at weeks at Lostock".

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It's not the app that particularly interests me - they are quite common, it is more the mention of "software contacts in the boardroom" whatever that may mean - or who it may refer to?

Sluffy

Sluffy
Admin
Hahaha!

Just read Worthy's reply to you - getting his Appleton and his Aldridge confused...

...yeah right!

Why would he think the Administrator appointed by Fildraw (Paul Appleton) have been an existing creditor of the club owed over £140k to him before he took on the role!!!

He wouldn't, he's clearly just telling porkies.

I just don't get why people just can't put their hand up and be honest and simply admit to making a mistake on social media???

You'd expect better from an accountant...

:bomb:


I very much doubt Mr Aldridge in his role at the club would gladly take a chance on not being paid £140k plus, when he knew exactly to the penny what the finances were!

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People like that are ruthless not soft in the head, he knew he was going to be paid and I very much suspect when the Administrator (Mr Appleton) publishes his list of unsecured creditors settled, that Mr Aldridge name  (PJSL Ltd) won't be on it (the account being settled in full in advance of then).

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Sluffy

Sluffy
Admin
Thought the following might be of interest to you Bob - it is KA's explanation of the 'offer' he received to buy the club following our promotion back to the Championship.

It's a whole lot different than the story 'H' has swallowed!

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The link also confirms (if not in actual title) the Aldridge was the acting clubs CEO and had been since Holdsworth 'disappeared' and all but certainly from his arrival and Holdsworth having the CEO title removed from him.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:Thought the following might be of interest to you Bob - it is KA's explanation of the 'offer' he received to buy the club following our promotion back to the Championship.

It's a whole lot different than the story 'H' has swallowed!

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The link also confirms (if not in actual title) the Aldridge was the acting clubs CEO and had been since Holdsworth 'disappeared' and all but certainly from his arrival and Holdsworth having the CEO title removed from him.
Thanks Sluffy. Sorry for the delay in responding.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:Hahaha!

Just read Worthy's reply to you - getting his Appleton and his Aldridge confused...

...yeah right!

Why would he think the Administrator appointed by Fildraw (Paul Appleton) have been an existing creditor of the club owed over £140k to him before he took on the role!!!

He wouldn't, he's clearly just telling porkies.

I just don't get why people just can't put their hand up and be honest and simply admit to making a mistake on social media???

You'd expect better from an accountant...

:bomb:


I very much doubt Mr Aldridge in his role at the club would gladly take a chance on not being paid £140k plus, when he knew exactly to the penny what the finances were!

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People like that are ruthless not soft in the head, he knew he was going to be paid and I very much suspect when the Administrator (Mr Appleton) publishes his list of unsecured creditors settled, that Mr Aldridge name  (PJSL Ltd) won't be on it (the account being settled in full in advance of then).

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Worthy isn't an accountant, Sluffy, but he appears to have passed himself off on TW as some sort of finance expert. Its clear though that his knowledge is rather limited and his ability to rationalise might best be described as of the 'clutching at straws' variety. 

How come though that no-one else noticed that Pjsl (Paul Aldridge's business)was owed £169.8K, the Athos Group (Lee Anderson) £45K and Inner Circle Sports and Media (ICSM) £60K when the Administrators were appointed in 2019.

The fact that all these remained on the books or unpaid is highly significant. Its also notable that there was no mention of the outstanding £60K in the 2017 audited accounts. It must have been on the Burnden Leisure books at that time because KA disposed of his interest in ICSM in January 2018 and it never received any of the £525K consultancy fees referred to in the audited accounts or any fees whatsoever, according to its new owners. Neither did it have any money owed to it.

The task of figuring out how FV came to the sum of £28.5m for the tangible and intangible assets remains outstanding. I'm not sure it can be done with much certainty because there seem to be a few unknowns but its a big figure and FV owed more than that at the last count. There are  bound to be a lot of Administration costs and fees wrapped up in it all and one might think that was one of many reasons why Eddie Davies did all he could do to try to avoid it.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Worthy isn't an accountant, Sluffy, but he appears to have passed himself off on TW as some sort of finance expert. Its clear though that his knowledge is rather limited and his ability to rationalise might best be described as of the 'clutching at straws' variety. 

How come though that no-one else noticed that Pjsl (Paul Aldridge's business)was owed £169.8K, the Athos Group (Lee Anderson) £45K and Inner Circle Sports and Media (ICSM) £60K when the Administrators were appointed in 2019.

The fact that all these remained on the books or unpaid is highly significant. Its also notable that there was no mention of the outstanding £60K in the 2017 audited accounts. It must have been on the Burnden Leisure books at that time because KA disposed of his interest in ICSM in January 2018 and it never received any of the £525K consultancy fees referred to in the audited accounts or any fees whatsoever, according to its new owners. Neither did it have any money owed to it.

The task of figuring out how FV came to the sum of £28.5m for the tangible and intangible assets remains outstanding. I'm not sure it can be done with much certainty because there seem to be a few unknowns but its a big figure and FV owed more than that at the last count. There are  bound to be a lot of Administration costs and fees wrapped up in it all and one might think that was one of many reasons why Eddie Davies did all he could do to try to avoid it.

I've not followed TW closely for years now, so apologies if I've credited Worthy as an accountant if he is not, he certainly was (still is?) their financial 'guru' on there that everybody else seemed to accept what he said without queering it.

He does seem to have some knowledge of accountancy but he clearly put that a poor second to his personal prejudice in his dislike for Anderson and accordingly,  for me anyway, by putting his personal view before his professionalism made me question his competence in the understanding of what was actually going on.

I likened him to some extent to Wanderlust on here who claimed to be a 'business consultant' who similarly let his personal hatred of Anderson cloud whatever professional knowledge he claimed he had.

I switched off from seeking out Worthy's diatribes against Anderson, in the same way as I had to constantly correct Wanderlust's many rants about KA on here, as clearly neither of them could understand what and how he had to run an insolvent company and still keep it trading whilst at the same time keep the right side of the law whilst doing so.

To be fair Bob I'm pretty sure Iles made mention of Aldridge being an unsecured creditor and maybe even ICSM and Athos (I can't remember now without looking it up) but you are right in the sense that very few if any, pondered on why that had come about/allowed to have happened - seeing that KA and Aldridge would both know full well the financial state of the company.

Perhaps if the likes of Worthy and Wanderlust had kept their professional heads on (rather than their prejudicial ones) then maybe the could have thought 'how odd' and 'I wonder why that happened' (which was the stage I got too) and applied their 'business advisor' skills to try to work out why that was, rather ignore it completely due to their blind hatred of Anderson instead.

Unfortunately there were many to easily influenced with the views of Iles and the ST (fed no doubt from the inside by Holdsworth) rather than understand that in the simplest terms the business was bust, Anderson had no liability to keep it funded from his own pocket and not all bills and wages could be paid on time (if at all).

Anderson ran the club in a way to keep it going until a buyer could ultimately be found (within the limits of Company Law) - Eddie Davies tried hard to sell the club and failed - that's why we ended up with Holdsworth and Anderson - there clearly wasn't any credible buyers out there lining up to buy the club off KA until Sharon's consortium eventually turned up - otherwise the Administrator would have sold it to them and not go through all the trouble waiting for Sharon to get all her finances in order first.

Anyway all water under the bridge now and instead we have new queries to consider such as why the businesses debt now exceeds all its assets, and who is paying the bills and why?

At least I say 'we' have new queries to consider because apart from you and I, haven't seen anyone else with the least concern about it.

They most certainly would if Sharon (or whoever is footing the bills) pulled the plug anytime soon!

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf
KA and the auditors produced a useful five-year summary of financial results when the BL 2017 accounts were published, Sluffy. You'll find them on Page 4 of the accounts.

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Season ticket sales in 2016/17 were about the same as this season and I expect average attendances will be not much different either if we have a good run of results and are challenging for promotion.

ST prices are up a bit this season but I don't think its going to add a lot to the £8.3 million turnover figure in 2016/17 and if admin costs are going to be anywhere near the £7.3 they were in 2019/20 its not leaving much for football costs, other costs of sales and interest.

They'll be knocking £2.5m off the debt because of the settlement with EDT but I can only see that the general direction of travel will be increased debt.

Deloittes 2021 Annual Review of Football Finance has been published now. Its later than usual but I'll be interested  to see how EFL clubs fared in 2019/20, the season the report's based on.

luckyPeterpiper

luckyPeterpiper
Ivan Campo
Ivan Campo
Since the 2019/20 season was cut short for L1 and 2 I would expect to see lower income and lower expenditure figures than the preceeding or the following season. What will be interesting imo is the percentage difference between income and expenditure for that season and how much if any existing debt either gre or reduced. I realise it may all be simply academic but I suspect that our debt will actually have grown perhaps even as a 'hard' number, certainly as a percentage of revenue. Another thing I'd be interested to know is how much revenue "i-follow" brought into BWFC specifically and the EFL in general although I understand we won't know that for sure until next year when the 2020/21 accounts are due to be filed.

Sluffy

Sluffy
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[You must be registered and logged in to see this link.] wrote:Since the 2019/20 season was cut short for L1 and 2 I would expect to see lower income and lower expenditure figures than the preceeding or the following season. What will be interesting imo is the percentage difference between income and expenditure for that season and how much if any existing debt either gre or reduced. I realise it may all be simply academic but I suspect that our debt will actually have grown perhaps even as a 'hard' number, certainly as a percentage of revenue. Another thing I'd be interested to know is how much revenue "i-follow" brought into BWFC specifically and the EFL in general although I understand we won't know that for sure until next year when the 2020/21 accounts are due to be filed.

It's a bit more involved than that Peter.

You have to take into account in respect of your costs, those that are fixed, such as say wages and business rates, which you have to pay whether or not your income decreases.

Also there is the government grants and loans during Covid, such as furloughs and Covid business help, which normally wouldn't be part of the accounts.

So to oversimply somewhat what I think you are meaning is lower income and expenditure in respect of match day trading?

I doubt we are nowhere near trading at breakeven due to the costs from Administration which need to be services and settled before we even get close to achieving and maintaining expenditure at a level similar to, or lower than income - and thus FVWL's trading account will be showing a further loss for the season just gone.


luckyPeterpiper

luckyPeterpiper
Ivan Campo
Ivan Campo
Indeed I did sluffy. For example there would be no need for matchday stewards or to buy in food drink etc either for hospitality or selling purposes. Also I understand policing on a matchday can cost a significant sum so I would obviously expect those costs along with things like match programme production costs to be lower.

Of course the savings involved would be useless given the loss of revenue at the turnstiles and from season ticket holders while the players and staff who were not furloughed (I don't know how many backroom staff such as secretaries, receptionists, maintenance etc were furloughed but I know it wasn't all of them) would have to continue to be paid. That's why I said I suspect the existing debt will actually have gone up as a percentage of income if not an actual hard number.

One question I do have is has a decision been made whether or not to continue providing 'i-follow' as an alternative for fans who can't physically get to the games? I don't know how much it brought in but at a tenner a match per viewer I wouldn't be surprised if it helped revenue significantly. Don't get me wrong, I doubt the hard number was more than a few grand at best for any one match but as a certain supermarket says 'every little helps' and I personally feel the EFL would be wise to keep the i-follow option available. It may not generate massive amounts of income for them or the clubs but any income at all that's above related expenditure is desperately needed and not just by us.

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