2011 Accounts over view (1 Viewer)

[oldskyblue58]

I know going through figures isnt for everyone so thought I would do an overview of points to come out of the 2011 accounts

- SISU are owed 29.7m at 31/05/11, SISU put in £5.5m in 2011 accounts year ..... how they apparently got to £40m as some state by 31/05/12 beggars belief. The problems are the same they had when they started yet still they have failed to deal with them and built huge debts because of that. What have they been doing for 6 years

- ARVO not only have a charge on the CCFC and CCFC H assets but also now own shares in CCFC H. Their loan was £2m

- Future Season ticket income was borrowed against and £2.2m was owed on it 31/05/11

- It might be the intention for SISU and major backers not to call loans in but it isnt a guarantee.

- It might be the intention for SISU to find some more finance themselves or from others but it isnt a guarantee

- CCFC and the group will rely on working within existing facilities, on player sales, reducing the rent, reducing wage costs, reducing overheads to survive. None of that has kicked in much yet

- the target appears to be survival not promotion based on the disclosures in accounts

- the important figures are the SBS&L Group accounts

- no interest charged by SISU on the loans,

- other loans now cost us £1m pa in interest

- Directors remuneration was £206250 mainly paid to RR's company (assumption it was him because accounts dont confirm only give figure)

- wages paid by CCFC exceeded income in 2011

- accounts carry even less assets because things like Goodwill, players contract values even the property have been revalued and reduced

- there is at least £6.5m one off costs (write down of goodwill etc)in the group loss of £16.1m

- At 31/05/11 we owe £43.7m of which £29.7m was to SISU, £2m to ARVO, £2.2m re ST loan, and £3.5m advance re Prozone sale, plus the other normal creditors £6.3m

- against what we owe £43.7m we have £9.76m total assets

We are still deep deep in a financial mess

It isnt going to get better soon or quickly......... best we can do is survive and pray for some success

 

---

[Ashdown]

Thats excellent work OSB !! I have to beg the question..............If the casual supporter of CCFC reads this sort of information and understands it is he/she...............as this will be in the Telegraph as breaking news next week !!!
A, Likely to throw all the money they can afford at the club
or
B, Probably think that the ship is almost sunk anyway and we won't even be able to compete at League 1 level now and abandon it all as a bad waste of disposable income??

 

[dongonzalos]

Thanks, informed decision made

 

[oldskyblue58]

Well ordinarily Ashdown it would be B but this is football and it seems folk lose all sense and proportion because it is their team

 

[Ashdown]

or C ...............Get down the BPA and support Cov Rugby where it is going to be better value all round, watching players that care and try and enjoy a beer or two in your seats while helping support the club.

 

[Sky Blues]

Or D ............. Back the Sky Blue Trust so something can attempt to pick up the pieces when this house of cards collapses.

 

[Godiva]

And again - the accounts are the status at the end of May last year.

They are reflecting the situation at the point where Ranson, Elliott and Hoffman was kicked off the board (sorry, of course they left by their own choice when they were not able to get sisu to inject more funds to spend on all the wonderful players we could - and should - have bought).
The accounts does not include any results (positive or negative) of what has been done over the last year.

The situation today is probably worse as it would take magic of another world to turn the companies around in just a year, but at least we now all know exactly why a change of management was necessary in March 2011.

 

[oldskyblue58]

was at Trent Bridge on Sunday England vs West Indies Ashdown...... announced cost of tickets for next Notts T20 £16 per head with concessions cheaper....... sat there thinking about how you can watch 3 hours of cricket with a pint (or two) in the sun with good banter, being entertained and some excitement compared to the Ricoh experience............ watching CCFC didnt seem so enticing somehow

 

[Sky Blues]

Quick question OSB re SBS&L owing £6.3m to normal creditors. It had been thought Sisu was owed the debt so wouldn't call in the loan. This suggest there is a fair chunk owed to those outside the Sisu stable of companies who might want it back, particularly if they read these accounts. They won't get anywhere, given the ARVO debenture, I presume. But, nevertheless, isn't there a possibility theoretically that someone outside Sisu could force us into administration?

 

[oldskyblue58]

if a creditor is owed more than £750 then they can petition to wind up any company SB but like you say would it be worth it ?

 

[SkyBlueJohnso]

surely since then the wage bill has drastically reduced, income couldn't of changed a great deal in the last 12 months, and we haven't made a few million from selling any players.
so we are still losing money month on month, are worse that when the accounts ended 31/05/2011, the rate we are losing money at is probably better than last year due to wage reductions but a loss is still a loss.

so where is there any incentive for those not already done so to go out and buy a season ticket???

 

[oldskyblue58]

The wages savings will only just kick in for some of those players like clingan eastwood etc so wont reflect in 2012 accounts. The CCFC accounts state the management think the 2012 results will be very similar to 2011. Position would have been better in 2013 except we got relegated so income will drop significantly

Anyone buying a season ticket is doing it simply for the team they love ........ the accounts etc dont come into it for many

 

[BurbageSkyBlues]

Oh dear....

 

[SkyBlueJohnso]

surely the likes of Westwood & Gunnarrson wages have to come of this?

and i know where you're coming from regarding supporting the team and accounts, but theres also those that think why should they spend/invest there hard earned money, especially in todays economic climate, into their club when the owners don't give a shit, appear to be running the club into a position of no return i.e. administration, and may at some point no even have a team to go and support!!!

if the club are in a better state now than last year it would be in their best interests to come out and prove it to give us some positive news that all the cost cutting, player losses etc are neccessarry and worthwhile, and the club is heading in the right direction to start to rebuild its finances.

 

[Brighton Sky Blue]

was at Trent Bridge on Sunday England vs West Indies Ashdown...... announced cost of tickets for next Notts T20 £16 per head with concessions cheaper....... sat there thinking about how you can watch 3 hours of cricket with a pint (or two) in the sun with good banter, being entertained and some excitement compared to the Ricoh experience............ watching CCFC didnt seem so enticing somehow

Bundesliga football will be half as much to watch as CCFC next season. Throw in the fact that away travel is free over there and it does beg the question of how English football can keep propping itself up the way it is.

 

[Stevec189]

The £10 Million the Trust are hoping to raise won't even touch the sides will it? Assuming you could buy a share in the club it would be just making you liable for the debt should it ever be called in.

If we assume SISU manage to buy a 50% share of ACL I can't see how the £3M or it makes a year will help either only that the rent will reduce and ACL won't make as much money? It all looks very bleak. Glad I bought my Season Ticket via Mastercard! PUSB

 

[SkyBlueJohnso]

does anyone have any info from the acconts regarding the stadium? what was the revenue/profit last year from catering outlets, pop concerts, other events and exhibitions etc etc?

just curious as to what difference stadium ownership would make to our situation.

 

[Stevec189]

Bundesliga football will be half as much to watch as CCFC next season. Throw in the fact that away travel is free over there and it does beg the question of how English football can keep propping itself up the way it is.

The simple answer is it can't. It needs someone bigger than CCFC of Portsmouth to go to the wall and the idiots at Sky have just prevented that from happenning for another 3 years! I want Murdoch to throw the toys out of the pram and say in light of all the dross you have put me through with Levinson etc I am pulling out of football - stuff you and then see what happens! PUSB

 

[oldskyblue58]

ACL 2011 accounts

Income £6.7m
costs £5.15m
interest £1.05m
profit £470k

Net assets £1.5m

thats the bare bones KJ

 

[Brighton Sky Blue]

The simple answer is it can't. It needs someone bigger than CCFC of Portsmouth to go to the wall and the idiots at Sky have just prevented that from happenning for another 3 years! I want Murdoch to throw the toys out of the pram and say in light of all the dross you have put me through with Levinson etc I am pulling out of football - stuff you and then see what happens! PUSB

Expect what's happening up in Scotland to be a good predictor of that. Sky have vowed to cut their TV money to the SPL by over half if Rangers aren't admitted back in to the league. Nobody's voting to keep Rangers in, so it seems that Sky will make good on their threat and introduce their cuts-and most SPL chairmen have acknowledge their clubs will be hundreds of thousands worse off in such an event. Bear in mind most SPL clubs' finances can be made or broken by such amounts and how the Scottish game goes forward I'm not sure. People are quite happy to laud Man City for spending an obscenity to land the title, but don't bat an eyelid when other clubs go to the wall feeding off scraps. It's a shambolic way to run the domestic game.

 

[SkyBlueJohnso]

ACL 2011 accounts

Income £6.7m
costs £5.15m
interest £1.05m
profit £470k

Net assets £1.5m

thats the bare bones KJ

so a whole lot of effort for £470k profit. i honeslty thought it would of been more than that. although you never know what the true figures mean and what's been hidden etc.

i know catering revenue would increase if CCFC owned stadium and gained revenue from it as i won't spend a penny in there as no benefit to the football club - as well as 100's of other fans i've spoken to, and if better managed and more non-football events the turnover could be drastically increased.

would be interesting to see what the accounts are with the olympic events and how much CCFC have missed out on there!!!