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I don't know, but it was discussed 'as a fact' during the JR days. If it never happened I would assume it would have been mentioned during the trial - and I don't remember seeing any objection. But, as I said, my memory is not what it used to be.

O, my forgetful memory is deserting me ... I knew it was part of the bail out, but I forgot it was transferred for free: http://www.matrixlaw.co.uk/uploads/other/01_07_2014_01_48_11_01.07.14.pdf (§79)

In short 2014 vs 2013: Turnover is down by £2.3m Cost of sales is up by £0.4m (despite drop in turnover!) Gross profit is down by £2.7m Administration cost is down by £1.9m Operating profit is down by £0.8m Interests paid is down by 0.1m Profit before tax is down by 0.7m Huge drop in...

... and now I have seen the accounts: There are NO exceptional items for 2014. It was interests (£708t) that brought profit from operation to an overall loss before tax.

I didn't say it has happened in this case, all I say is that it does happen. Especially in companies in trouble.

I will give you that it happens a lot when new CEO comes in. Kind of makes it easier for him to produce a reasonable result in his first year.

2012? Anyway, the club paid some £10k per game, so that must be reported as income. Plus what they were getting from the administration - isn't that in the report there as well (even if not paid at that point)?

Maybe, but I would start looking at interests figures.

Because I wasn't sure on the exact figures.

I don't know - and neither do you. But it was a much better deal than they both wanted to do in 2012, so why wouldn't they?

THis was actually a response to you earlier in the thread:

Think you are referring to the club being 'offered' to bid for Higgs shares - not the entire deal Wasps got?

They had to sell, yes. But did they have to sell to Wasps or could they have made the same deal with the club?

Why was the cash position stronger? (Read the thread.)

Exactly, and ... From the notes quoted in the CT: Did the club come back begging or did CCC/ACL need them back to finalize the deal with Wasps?

Extraordinary events doesn't impact on result of operations - which is down to a meagre quarter of a million. ACL cannot possibly have been cash-flow positive from operation, but mainly because they received extra cash when the council bailed them out. Didn't they get some $400t extra loan plus...

Interest, depreciation/amortization, one-off events (and tax).

But that is at take-over point. The status is before that.

I was impressed with their Chelsea youngster. Imagine they had Thomas and we had Swift, that game would have been so much different.

The two best chances went to Thomas - One he ballooned out of the county and one he tried to head down to China. Decision making and skills - the two most important abilities - simply not on his list of abilities.