Club makes 12m in profit. Commercial arm growing. And that’s in the year we needed to take a big loss on Osvaldo.
Agreed. All in year when wages hit £70m including one-off losses. Interesting that it mentions that Group debt has grown, and is higher than they would like, a couple of times but does not actually say how much that debt is.
Definitely a job for experts this one, I await a forensic accountancy investigator to identify any good or bad points.
Looks okay to a layman, the payoffs haven’t helped but they had to be done.
I’d be curious to know how the wagebill compares to other clubs.
Not great results, but should increase massively next year after losing Osvaldo’s wages and gaining the new TV deal.
Goes to show that we really are spending all the money we were talking in, and also what a mess financially we were in when Cortese left.
Just listended to the summary by Gareth Rogers, sounds okay.
Key point - the owner has no great wish for repayment, but club wishes to reduce that debt so the business is not exposed in future.
The owner debt should be at a peak, suggesting that she isn’t having to chip in every year.
The payoffs were a one-off to clean up the accounts going forward.
There is a definite plan to balance sustainability with on-field success_, the club is keeping a keen eye on both aspects._
Which would be a great new idea for clubs everywhere!
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Exactly. Saw a lot of people having a little strop in the Summer, claiming we were banking transfer fees and not spending in kind. Never mind the need to pay wages, consider operating costs and so on. Thank goodness we aren’t run by those same people.
I posted a transcript of the Gareth Rodgers interview on my blog:
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