Given that, since June, we have off loaded a lot of our big wage earners (and continue to do so) one would like to think that the net loss might be substantially less next year - assuming we stay in the Championship of course.
Given that since we have been relegated we have brought in circa £40m in player sales and fresh investment, does the fact we have still lost £21m+ in that time suggests that the well-run, model club, was not as well run as we presumed always thought it was ?
Happy to be shot down, but without going into detail with the figures, too many risks have been taken in the past few years
The thing is that we haven't brought in £40m in player sales though. Most of those players were signed in the previous 3-4 years and we were probably still paying their previous clubs the transfer fee. So I would guess we only saw half to two thirds of that amount.
The interest figure increase had a big impact and if I've understood him correctly the issue of the £14 million directors' bonds to those who took them up means that is no longer payable in the current financial year to 30 June 2009.
....."Net interest payable in this financial year includes £1.6m of discounting costs associated with the acceleration of transfer fees that were due on a deferred basis following the sale of players during the summer. In addition, the company during this period had drawn down further short-term loan funding to support its working capital requirements, and these loans had risen from £6m in June 2007 to £11m by March 2008. This loan facility was eventually repaid from funds raised from the corporate bond issue."......
In total, there are four young players from ASEC Mimosas playing in Europe on loan with other clubs where Charlton Athletic has obtained their registrations and there are a further three players who will complete their registrations in the near future.
Just a few years away from our dream team made up of our own academy players and former ASEC players as we win the League Two title.
[cite]Posted By: LenGlover[/cite]The interest figure increase had a big impact and if I've understood him correctly the issue of the £14 million directors' bonds to those who took them up means that is no longer payable in the current financial year to 30 June 2009.
Is there a date it will be paid buy or will the directors wait until the club can afford to pay it back?
[cite]Posted By: LenGlover[/cite]The interest figure increase had a big impact and if I've understood him correctly the issue of the £14 million directors' bonds to those who took them up means that is no longer payable in the current financial year to 30 June 2009.
Is there a date it will be paid buy or will the directors wait until the club can afford to pay it back?
A question for a shareholder to ask at the AGM I suggest...
And now, the end is near;
And so I face the final curtain.
My friend, Ill say it clear,
Ill state my case, of which Im certain.
Ive lived a life thats full.
Ive traveled each and evry highway;
And more, much more than this,
I did it my way.
Regrets, Ive had a few;
But then again, too few to mention.
I did what I had to do
And saw it through without exemption.
I planned each charted course;
Each careful step along the byway,
But more, much more than this,
I did it my way.
Yes, there were times, Im sure you knew
When I bit off more than I could chew.
But through it all, when there was doubt,
I ate it up and spit it out.
I faced it all and I stood tall;
And did it my way.
Ive loved, Ive laughed and cried.
Ive had my fill; my share of losing.
And now, as tears subside,
I find it all so amusing.
To think I did all that;
And may I say - not in a shy way,
No, oh no not me,
I did it my way.
For what is a man, what has he got?
If not himself, then he has naught.
To say the things he truly feels;
And not the words of one who kneels.
The record shows I took the blows -
And did it my way!
My first post! In this financial apocalypse will the club be able to keep up the partnership with ASEC? Or afford to pay the Ivorian players we've got out on loan in Europe if and when they qualify for work permits? Btw: How come Arsenal and Man U seem to have no trouble getting work permits for African and South American kids?
[cite]Posted By: Graham R.[/cite]My first post! In this financial apocalypse will the club be able to keep up the partnership with ASEC? Or afford to pay the Ivorian players we've got out on loan in Europe if and when they qualify for work permits? Btw: How come Arsenal and Man U seem to have no trouble getting work permits for African and South American kids?
I guess it depends how much we are paying them each year. The club always knew it was very long term thing, so hopefully they stick with it and it pays off in a few years.
I'd imagine the French clubs are paying some if not all of the wages while they are on loan? I can't imagine they'll be on big money yet.
We're also paying money to some of the other clubs we are linked with. In the Christensen thread it said we are paying his former club £50k a year. So far we've only got him and Mikkel Jensen out of it, and at the moment it doesn't look like either are going to break into our first team.
Well, I'm no financial whizz, but that is desperate. Despite all the cuts and all the sales we are still clearly TRADING at a substantial loss. That is an untenable situation. There are three options, I guess:
A The directors continue to pump money in, but I don't think their pockets are deep enough, even if they were willing
B The club receives substantial new investment from ????
C The word we aren't allowed to mention for fear of being accused of scaremongering - and what then?
I'm supposed to be off the booze at the moment, but think I'll have trouble avoiding it tonight...
Comments
Turnover has dropped by £10m and we cut operating overheads by £14m which is the most sensible approach all things considered.
It was £9.9m for 2007 so not loads of difference.
The only change is that we can't continue to sustain that kind of loss in the Championship.
The only change is that we can't continue to sustain that kind of loss in the Championship.
Happy to be shot down, but without going into detail with the figures, too many risks have been taken in the past few years
At least he has a sense of humour......
....."Net interest payable in this financial year includes £1.6m of discounting costs associated with the acceleration of transfer fees that were due on a deferred basis following the sale of players during the summer. In addition, the company during this period had drawn down further short-term loan funding to support its working capital requirements, and these loans had risen from £6m in June 2007 to £11m by March 2008. This loan facility was eventually repaid from funds raised from the corporate bond issue."......
Just a few years away from our dream team made up of our own academy players and former ASEC players as we win the League Two title.
Is there a date it will be paid buy or will the directors wait until the club can afford to pay it back?
A question for a shareholder to ask at the AGM I suggest...
So many cuts and job losses so many playing staff gone to raise money
One of the highest paid teams in the league WHY?
And so I face the final curtain.
My friend, Ill say it clear,
Ill state my case, of which Im certain.
Ive lived a life thats full.
Ive traveled each and evry highway;
And more, much more than this,
I did it my way.
Regrets, Ive had a few;
But then again, too few to mention.
I did what I had to do
And saw it through without exemption.
I planned each charted course;
Each careful step along the byway,
But more, much more than this,
I did it my way.
Yes, there were times, Im sure you knew
When I bit off more than I could chew.
But through it all, when there was doubt,
I ate it up and spit it out.
I faced it all and I stood tall;
And did it my way.
Ive loved, Ive laughed and cried.
Ive had my fill; my share of losing.
And now, as tears subside,
I find it all so amusing.
To think I did all that;
And may I say - not in a shy way,
No, oh no not me,
I did it my way.
For what is a man, what has he got?
If not himself, then he has naught.
To say the things he truly feels;
And not the words of one who kneels.
The record shows I took the blows -
And did it my way!
I guess it depends how much we are paying them each year. The club always knew it was very long term thing, so hopefully they stick with it and it pays off in a few years.
I'd imagine the French clubs are paying some if not all of the wages while they are on loan? I can't imagine they'll be on big money yet.
We're also paying money to some of the other clubs we are linked with. In the Christensen thread it said we are paying his former club £50k a year. So far we've only got him and Mikkel Jensen out of it, and at the moment it doesn't look like either are going to break into our first team.
A The directors continue to pump money in, but I don't think their pockets are deep enough, even if they were willing
B The club receives substantial new investment from ????
C The word we aren't allowed to mention for fear of being accused of scaremongering - and what then?
I'm supposed to be off the booze at the moment, but think I'll have trouble avoiding it tonight...
That's ok then, we'll be in league one next year.
Maybe we should have a tie-in with Inter Milan???
We have no money in the bank, but the directors will put money in stop us going into administration.
Sold just under 15,000 season tickets, but it's likely there will be a big drop next season.
In June we had a wage bill of £20m a year. Must be a few million lower now, but still far too much for a Championship, possibly League One club.
Whatever happened to Greg Bone?
One wonders why he resigned or maybe not!