£5.6M on overheads, etc - this sounds like there is some creative allocation of costs within here.
Probably not that far off what with wages, running costs, etc. Also, included the £471K to ACL.
the 5.6mill doesn't include wages, that was a seperate 4.6mill
Oh OK, Noggin. Thanks. I just presumed they were "overheads".
Oh OK, Noggin. Thanks. I just presumed they were "overheads".
Coventry City FC chairman Tim fisher says club did not bankroll Ricoh Arena legal battle:
http://www.coventrytelegraph.net/news/coventry-news/coventry-city-fc-chairman-tim-8801109
This is utter nonsense, the club is Sky Blue Sports and Leisure of which Otium is just a subsidiary. You can't claim the club is only Otium.
I thought Otium held the GS?
It does, but SBS&L/Lenoard Brody own 90.1% of Otium and ARVO own 9.9%. As far as the UK is concerned the debt is all in SBS&L ultimately.
You can't tell me SBS&L will happily let Otium off the hook for all debts & potentially give any new owners a stadium in the deal.
the 5.6mill doesn't include wages, that was a seperate 4.6mill
What are player insurance costs in this day and age? Can't imagine that's cheap....
Well there's £2.99 accounted for
Well dodgy explanation of that cost - including hotel stopovers (23-30 away games, quite a few of of which will be Walsall, Chesterfield, MK Dons etc, so they will have travelled on the day, and when they do book, I'd expect a hefty discount). It is the admin overheads etc bit that needs a bit more of a dig into imho. But they won't want to tell us.
What are player insurance costs in this day and age? Can't imagine that's cheap....
I assume Simon Gilbert and Les Reed will pursue Tim about this. A breakdown of these costs is required as the explanation doesn't look believable. I wont hold my breath though.
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 this type of business.
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 this type of business.
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