robertobear
Well-Known Member
What internal investigation, never happened !!!!!You think the internal investigation fees would show up on the accounts.
What internal investigation, never happened !!!!!You think the internal investigation fees would show up on the accounts.
The price will also start reducing as he only has 18 months left on his contract come January.Do PSG not get a shit load of any fee the plastics get?
Hmmmmmmmmmm!I don't understand finances. Is it popcorn time or what?
Are our finances stable?
I don't think they have the money to pay him off, or bring someone else in.Yes, I highlighted the bit in red and underlined it as their latest 'acquisitions' will be on the wrong side of the balace sheet since the results were announced with little income forthcoming.
I am beginning to think that they are really desparate for this (supposed) 10 in a row to cash in big time on merchandise for it. I really don't think they foresaw any possibility of them not winning the title this year - for financial reasons they might be bricking it and that alone could see the LB dumped after a couple more reverses.
That's exactly what I was thinking. Covid effect not really kicking in till start of season I would have thought - well after end June.Covid would not have had a huge effect on those numbers, it was into March before games were cancelled. Season ticket money was already in, and roughly 75% of the season had been completed.
This seasons figures will be far worse.
That's true.I suspect that they - and ourselves - will not have received all monies from UEFA. Remember, the competitions didn’t end until late August. Indeed we were still playing in the tournament in August.
The increase in revolving credit seems big? If they felt they only needed 2M buffer previously, why the massive increase to 13M?What can FF Acoountants and Fiananciers read into these figures announced today and what it means for them if this season goes tits up for them?
26 Oct, 2020 16:37
Announcement of Results for the year ended 30 June 2020
- Group revenue decreased by 15.8% to £70.2m (2019: £83.4m)
- Operating expenses including labour decreased by 7.3% to £80.5m (2019: £86.9m)
- Gain on sale of player registrations of £24.2m (2019: £17.7m)
- Acquisition of player registrations of £20.7m (2019: £6.2m)
- Profit before taxation of £0.1m (2019: £11.3m)
- Year-end cash net of bank borrowings of £18.2m (2019: £28.6m)
Unsurprisingly, Covid-19 has had a material detrimental effect on the financial results and the year ended 30 June 2020 saw revenue fall to £70.2m (2019: £83.4m) and profit before tax fall to £0.1m (2019: £11.3m). As discussed in more detail in the Strategic Report, this was largely attributable to the value destructive impact of the pandemic across many aspects of our business. Nevertheless, these results are satisfactory in the circumstances at hand. Our year end cash net of bank borrowings was £18.2m (2019: £28.6m). Post year end we also took the opportunity to increase our existing revolving credit facility from £2m to £13m to provide a further buffer should it ever be required.
The governmental restrictions imposed to protect public health continue to have a negative financial impact on the football industry. Our hard work and measured approach to investment in recent years has provided a degree of protection, but given the inherent uncertainty of the current environment, we must proceed and invest with a degree of caution. Nevertheless, we remain confident in the fundamentals of our football model and since the Balance Sheet date we have strengthened our player squad. Following the year end, we invested in the registrations of Vasilis Barkas, Albian Ajeti, David Turnbull and brought in loan signings Shane Duffy and Diego Laxalt. We also extended the loan of Mohamed Elyounoussi. Moreover, we have retained all of our key players from last season.
It’s unlikely to be mentioned in the accounts. It’s a bit of a legal minefield.I'm guessing that analysis of threats to the business (impending court case) as part of a standard SWOT analysis is not required for accounts reporting. It will be required as part of the annual board meeting where mitigation would be discussed.
Dream onMcGregor could bring them in £10m plus.
that is an embarrassing collection of players to put it mildly
I don’t think I’ve even seen Soro play
We also signed new shirt sponsorship deals with Seko, Tomket Tyres and The Energy Check. That’s money we’ve never had previously.I agree.
We sold out season tickets - So have no missing ticket income from walk up sales.
We have sold a shitload of kit. We lost all of that in the spiv years.
We had a good europa run.
I expect our accounts to be the healthiest we’ve seen in a long long time.
we can laugh at these figures but imo No club including ourselves will show any kind of profit. this virus is gony bite
22 my baz. He's at least 47His wiki entry is hilarious
A 5 ft 8 in Ivorian who has played less than a hundred games in 4 season across Moldovan, Belarusian and the Israeli league.
Guy is only 22 as well. Sounds like the kind of jobber we used to get under warburton.
Antonio Banderas in a mask, i think.Genuine question, who the f*ck is "Soro"?
What internal investigation, never happened !!!!!
Doubt they'd even get all those values back.Realistically how much do they think they will recoup when moving these players on? I can't see any Dembeles or Teirneys in that dross.
It’s unlikely to be mentioned in the accounts. It’s a bit of a legal minefield.
By admitting you MAY have a liability in the accounts, you could end up prejudicing yourself in any future court case.
I’m not sure they do. Been a while since I prepared accounts though.They would have to mention the litigation would they not as a contingent liability? I think we've had to mention the Sports Direct/Rangers Retail litigation every year?
Especially as they are listed publicly aren't they.
Liewells bonus will still need paying.The increase in revolving credit seems big? If they felt they only needed 2M buffer previously, why the massive increase to 13M?
Is this just to deal with the uncertainty with covid and supporters not getting in? Or is it to cover lack of player sales or potential exposure to court cases?
But any pending legal litigation needs to be mentioned in the notes.I'm guessing that analysis of threats to the business (impending court case) as part of a standard SWOT analysis is not required for accounts reporting. It will be required as part of the annual board meeting where mitigation would be discussed.
Music to my ears, Lawwell says
"The year ahead is unpredictable and Celtic are not immune to the extent of the challenges that we could face at many levels," he said.
"Whilst we will continue to invest and not deviate from our strategy, we are also cognisant that we may have to endure the Covid-19 restrictions for longer than we would all hope and therefore must balance our desire to progress the club against long-term sustainability."
There wage bill is not manageable IMO
The thing is with their recent signings and their model as a whole over the years they have got lucky with Wanyamma and Dembele when they have moved on, they are scrambling to find the next batch by signing dudsJullien - £7m
Bolingoli - £3m
Taylor - £3m
El Hammad- £1.5m
Soro - £2m
Klimala - £3.5m
Doesn't include the £15 - £20m they spent this summer.
Thats very trueA Rangers League win will ensure a significant chunk of the Piggery support will not return for years. They will never forgive Liewell & Lennon.
The increase in revolving credit seems big? If they felt they only needed 2M buffer previously, why the massive increase to 13M?
Is this just to deal with the uncertainty with covid and supporters not getting in? Or is it to cover lack of player sales or potential exposure to court cases?
It’s more about any advantage off the pitch they had over us has pretty much been eroded especially if we manage to win the League and qualify for the CL this year. They’ve went from a position of absolute dominance to risky gambles that haven’t paid off over the course of two or three years that’ll shatter any misconceptions about them being a well run, rich club.we can laugh at these figures but imo No club including ourselves will show any kind of profit. this virus is gony bite
I agree.
We sold out season tickets - So have no missing ticket income from walk up sales.
We have sold a shitload of kit. We lost all of that in the spiv years.
We had a good europa run.
I expect our accounts to be the healthiest we’ve seen in a long long time.
100% and thank our investors for the offset they have made for us.The bragging of being cash rich and having a war chest is just about to be obliterated
Their overheads and wage bill be their income looks like we all assumed that they are not has financially astute as we have been spun by the mhedia
Dave Kings prediction about a stack of cards ready to crumble if we can win one title and get entry into the CL
The SPL asking for Null & Void is defo there so they can try and pull a fast one and try and get them entry to next season CL
We must keep on winning and pile the pressure on them - On and off the park
Borrowing in the hope of the 10* hopefully we %^*& that right up.Also, for a club that always claimed to be "cash rich", that's an awfully big increase in it's borrowings. Dirty Desmond lost his chequebook?
I agree, but before Covid hit we had no functioning merchandise deal. Here is hoping the deal and MyGers covers a fair bit of the lost revenue.we can laugh at these figures but imo No club including ourselves will show any kind of profit. this virus is gony bite
The auditors of my employers asked for our lawyers opinion on the likelihood of a win or loss in a legal case they were embroiled in before they could decide if a contingent liability note was required.I’m not sure they do. Been a while since I prepared accounts though.
Will see when the accounts are released.
You beat me to it."... so about resolution 12..."
I’m not sure they do. Been a while since I prepared accounts though.
Will see when the accounts are released.
Not as this stage I don’t think. They’d need to know the amount and likelihood of having to pay it to include it.They would have to mention the litigation would they not as a contingent liability? I think we've had to mention the Sports Direct/Rangers Retail litigation every year?
Especially as they are listed publicly aren't they.
Not as this stage I don’t think. They’d need to know the amount and likelihood of having to pay it to include it.
I expect they’ll have a note in the accounts explaining any legal action, but it’s unlikely to include any figures at this point.