Operating loss up from £12.6m to £14.3m covered by £16.2m of player sales.
Quite an achievement to increase the operating loss in L1, where wages should be much lower and given the players who left early in the year or were only there the previous season.
Salary costs were down £3m to £11m while matchday revenue was down £1.6m. This net positive was not enough to offset the loss of £3m in TV revenue.
Operating loss up from £12.6m to £14.3m covered by £16.2m of player sales.
Who'd buy a football club, eh?!
No, really, who?
It really does beg the question but if you're a visionary with a network of clubs who doesn't do failure....................Nah scrap that. How about an egotistical sycophant with more money than sense who wanted to give his 'niece' a business project to cut her teeth on.
I wonder who the freeholder (s) is and what the implications might be regarding a sale?
The freeholder is Charlton Athletic Holdings Limited, as it has been since 1992. Both companies are wholly owned subsidiaries of Baton 2010 Limited.
Am I correct in believing that Baton 2010 is itself a subsidiary of Staprix NV?
If so then important that any prospective purchaser carefully satisfies them selves that they are purchasing both the freehold and remaining leases on the properties. In other words Baton 2010 Limited too from Staprix NV and thus Duchatelet as 90% controlling shareholder of Staprix NV.
Roland lowered his interest rate from 3% to 2% from 1 July 2016.
Salaries reduced from £12,480,000 to £9,870,000. Anyone know how that compares to other League 1 clubs?
We could potentially pay £1.1m out in clauses and potentially receive £8.6m.
Ticket sales and match day activities reduced by £1.6m.
It mentions additions primarily relate to Magennis, JFC and Clarke. No mention of Pearce, Page or Fosu.
Katrien signed the documents on 20/12/2017, so as with previous seasons the accounts were completed months ago, just weren't available.
Checking Baton 2010 their accounts aren't available yet.
Aribo was considered an academy graduate. I guess u23s (and u21s before the change) are officially part of the academy rather than a reserve team.
Erik Samuelson told me that AFCW operate in this division on £4m. And that is verifiable, since it is a fan owned club and he himself is unpaid.
Richard Murray proudly told me - the season after - that SCP's champions had a budget of £4.5m which compared with Huddersfield in 4th on £6.7m, but I have not verified that, nor do I know if he referred to all club salaries as opposed to football squad.
Roland lowered his interest rate from 3% to 2% from 1 July 2016.
Salaries reduced from £12,480,000 to £9,870,000. Anyone know how that compares to other League 1 clubs?
We could potentially pay £1.1m out in clauses and potentially receive £8.6m.
Ticket sales and match day activities reduced by £1.6m.
It mentions additions primarily relate to Magennis, JFC and Clarke. No mention of Pearce, Page or Fosu.
Katrien signed the documents on 20/12/2017, so as with previous seasons the accounts were completed months ago, just weren't available.
Checking Baton 2010 their accounts aren't available yet.
Aribo was considered an academy graduate. I guess u23s (and u21s before the change) are officially part of the academy rather than a reserve team.
Erik Samuelson told me that AFCW operate in this division on £4m. And that is verifiable, since it is a fan owned club and he himself is unpaid.
Richard Murray proudly told me - the season after - that SCP's champions had a budget of £4.5m which compared with Huddersfield in 4th on £6.7m, but I have not verified that, nor do I know if he referred to all club salaries as opposed to football squad.
Charlton’s salary costs include the academy and non-football stuff, although the players are the main cost. It’s very high figure for L1.
Murray’s figure is for first team football.
Those operating numbers are pretty telling of a business whose costs were completely out of control - massive operating loss, wages off the scale but spending money on a rugby pitch and community trust facilities with no direct positive impact on the bottom line.
So essentially we made a profit due to Roland and Katrien selling the very assets we needed to help get us out of this division. Great
The scariest part of this is that if you take away player sales, we already lost the FFP limit of £39M over three years. Accounting aside, in cash flow terms, the club has been losing over a mil per month for 3 years.
Once we run out of players who can be sold, we will have no money left to actually invest in the squad. New owners have almost no room to maneuver, regardless of whatever funds might be at their disposal.
This accounts basically prove that the reason RD is not really selling because of protests. It's because he can no longer cover losses with player sales. The gig is up. Someone else will now have to clean up the mess. The sale is purely a financial decision.
I'd argue that the protests/boycotts increased the losses significantly, despite that silly cow demonstrating her commmercial idiocy by stating that ticket revenues were not important because they only amounted to 35% of turnover, and thereby accelerated the need to find a buyer.
This accounts basically prove that the reason RD is not really selling because of protests. It's because he can no longer cover losses with player sales. The gig is up. Someone else will now have to clean up the mess. The sale is purely a financial decision.
Well done the boycotters (the biggest sacrifice) and those who spend the minimum at the club . It’s not easy but every little bit not spent adds up to more losses for that piss taking twunt . Heroes one and all
This accounts basically prove that the reason RD is not really selling because of protests. It's because he can no longer cover losses with player sales. The gig is up. Someone else will now have to clean up the mess. The sale is purely a financial decision.
Way to go Napa, transatlantic remote ramblings that instantly piss off a sizable proportion of loyal Addicks who have spent time, energy and effort trying to drive change!
I'd argue that the protests/boycotts increased the losses significantly, despite that silly cow demonstrating her commmercial idiocy by stating that ticket revenues were not important because they only amounted to 35% of turnover, and thereby accelerated the need to find a buyer.
The main contributor though is shockingly bad spending - overpaying players, paying them off because they aren’t suitable and even spending on things that are nothing to do with the business.
I'd argue that the protests/boycotts increased the losses significantly, despite that silly cow demonstrating her commmercial idiocy by stating that ticket revenues were not important because they only amounted to 35% of turnover, and thereby accelerated the need to find a buyer.
The main contributor though is shockingly bad spending - overpaying players, paying them off because they aren’t suitable and even spending on things that are nothing to do with the business.
Completely agree. Early in my finance career I worked for a CFO whose mantra was 'Any fool can save money, the trick is to spend it properly.'
This accounts basically prove that the reason RD is not really selling because of protests. It's because he can no longer cover losses with player sales. The gig is up. Someone else will now have to clean up the mess. The sale is purely a financial decision.
Well done the boycotters (the biggest sacrifice) and those who spend the minimum at the club . It’s not easy but every little bit not spent adds up to more losses for that piss taking twunt . Heroes one and all
Careful with that sort of language, the natives will tear you apart
I'd argue that the protests/boycotts increased the losses significantly, despite that silly cow demonstrating her commmercial idiocy by stating that ticket revenues were not important because they only amounted to 35% of turnover, and thereby accelerated the need to find a buyer.
The main contributor though is shockingly bad spending - overpaying players, paying them off because they aren’t suitable and even spending on things that are nothing to do with the business.
True but not unique to RD/KM. I'm sure we can point to examples from previous owners too...Jimmy Ffloyd-Haslebank as a player cost that now seems high, Alan Pardew and Ian Dowie and their acquisitions etc.
Not positive by any stretch for RD only thing it does show us that he did put money in albeit unwisely.
Unwisely, with a continual churn of bs, lies and promises of change - we’ve been repeatedly strung along on the promise of better things to come and we’ve collectively brought it, hook line and sinker Roland must be pissing him self for taking us all as total and utter mugs
Changes of managers, repeated chances given, changes in fortunes on the pitch, descent dies down, continual near completions of takeovers just to ring out the last ounce of patience
At the end of this, he’ll walk away with something like 50mil profit on his original purchase price and we’ll be paying the price of repairing this shit for years come
I'd argue that the protests/boycotts increased the losses significantly, despite that silly cow demonstrating her commmercial idiocy by stating that ticket revenues were not important because they only amounted to 35% of turnover, and thereby accelerated the need to find a buyer.
The main contributor though is shockingly bad spending - overpaying players, paying them off because they aren’t suitable and even spending on things that are nothing to do with the business.
True but not unique to RD/KM. I'm sure we can point to examples from previous owners too...Jimmy Ffloyd-Haslebank as a player cost that now seems high, Alan Pardew and Ian Dowie and their acquisitions etc.
Not positive by any stretch for RD only thing it does show us that he did put money in albeit unwisely.
Good news remains he wants out.
Not unique, but there’s a question of proportionality - the club is now spending three times what it earns (or was in 2017).
Comments
Salary costs were down £3m to £11m while matchday revenue was down £1.6m. This net positive was not enough to offset the loss of £3m in TV revenue.
No, really, who?
Roland lowered his interest rate from 3% to 2% from 1 July 2016.
Salaries reduced from £12,480,000 to £9,870,000. Anyone know how that compares to other League 1 clubs?
We could potentially pay £1.1m out in clauses and potentially receive £8.6m.
Ticket sales and match day activities reduced by £1.6m.
It mentions additions primarily relate to Magennis, JFC and Clarke. No mention of Pearce, Page or Fosu.
Katrien signed the documents on 20/12/2017, so as with previous seasons the accounts were completed months ago, just weren't available.
Checking Baton 2010 their accounts aren't available yet.
Aribo was considered an academy graduate. I guess u23s (and u21s before the change) are officially part of the academy rather than a reserve team.
If so then important that any prospective purchaser carefully satisfies them selves that they are purchasing both the freehold and remaining leases on the properties. In other words Baton 2010 Limited too from Staprix NV and thus Duchatelet as 90% controlling shareholder of Staprix NV.
Richard Murray proudly told me - the season after - that SCP's champions had a budget of £4.5m which compared with Huddersfield in 4th on £6.7m, but I have not verified that, nor do I know if he referred to all club salaries as opposed to football squad.
Murray’s figure is for first team football.
Those operating numbers are pretty telling of a business whose costs were completely out of control - massive operating loss, wages off the scale but spending money on a rugby pitch and community trust facilities with no direct positive impact on the bottom line.
Once we run out of players who can be sold, we will have no money left to actually invest in the squad. New owners have almost no room to maneuver, regardless of whatever funds might be at their disposal.
It’s not easy but every little bit not spent adds up to more losses for that piss taking twunt .
Heroes one and all
The accounts "prove" nothing of the sort.
Social awareness ap not available stateside yet?
No better example than CAFC of the truth in that.
Not positive by any stretch for RD only thing it does show us that he did put money in albeit unwisely.
Good news remains he wants out.
Changes of managers, repeated chances given, changes in fortunes on the pitch, descent dies down, continual near completions of takeovers just to ring out the last ounce of patience
At the end of this, he’ll walk away with something like 50mil profit on his original purchase price and we’ll be paying the price of repairing this shit for years come