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Problem is that there are few clubs that are that well run if winning leagues is the success measure. Most clubs run at a loss and whichever way you look at it unless you have a very wealthy benefactor(or are one of the largest global brand clubs) it is hard to sustain the success without...

Unbelievable that Accountancy Age confused 'administration costs' of the company with the cost of the administration(which is clearly set out in the returns Appleton has to file at Companies House). I guess the goodwill write off will include whatever Otium paid to the administrator to buy the...

Otiums accounts show exceptional charges of £2.2m in relation to goodwill write offs for the acquisition of the Football club and £800k inter company write off. There is therefore £3m of exceptionals included in admin costs and the balance of £2.6m of overheads doesn't seem out of the way for...

SBSL own the shares-there is no debt between Otium and SBSL. SBSL can't enfotce anything-they have to wait on a return on their shares. With a massive deficit on P&L reserve in Otium and the A Prefs ranking in preference, they will be waiting a long time to get a return.

Ok thanks-the article in the first page looks ok based on my interpretation so not sure why you got Otium/SBSL mixed up unless you are referring to another post?

The basic premise of your article looks ok based on my interpretation of the accounts-what is it you think you got wrong?

Not sure they had much choice. They couldn't leave the liabilities in Holdings as it would otherwise have had to be liquidated as an insolvent company which would probably have meant another points deduction. I'm guessing that to secure the golden share they would have had to ensure holdings...

My interpretation is slightly different. If we accept Otium is the Club then 'the club' has £9.6m of debt and otherwise it is mainly funded by £64m of Equity(increasing by 15% each year). With £76m of negative reserves it will take a huge amount of profit to be earned before the Preference...

You can only show as debt greater than 12 months if that was the contractual position at the balance sheet date. You are assuming the loan interest was paid but it could have been part of the debt to equity conversion.