oldskyblue58
CCFC Finance Director
Thought I would take a stab at summarising where we might be this current financial year to 31st May 2012 and what it will mean for that financial year
It is a guess so I am happy for folk to put their own slant on the figures
Income
Look at the games played so far and total attendance is down 15274 compared to last time we played each of the teams. At £20 per ticket average (excl VAT) that equates to income down £300k so far or around £1m for the season. It may change if results pick up and there are some big crowd games to factor in as yet (eg West Ham). But say for £1m down for the year.
Wages
Looking at who has left then I reckon the club has knocked at least £2m off the wages bill (all staff & players). It may be more doubt it is any less. However you then have to factor in the new signings and uprating some of the youngsters say £600k. Overall saving I would guess at £1.4m. Have taken no account of payments to former managers no longer being made or the fact that AT is probably on a lower salary than previous managers (plus no scouting salary). Would expect there to have been a saving on wages in 2010/11 compared to 2010 accounts too say £1m so wages in 2011/12 would be 2.4m lower than in 2009/10 the last year I have figures for
Interest
Ranson has been paid off and in the last accounts £300k was paid to him in interest. This no longer due so saving £300K. Have included a £300k saving in wages for his salary but overall I reckon the total saving in wages for all employees isnt far off
Player contract write downs
I reckon due to how the present squad has been pulled together the only big write downs are Juke and Freddy so I estimate a saving of around £1m here in the accounts
Player Sales etc
We are due compensation for Gunnar say £300k, the sale of Turner £750k and the contract add on for Dann say £250 (assumes fee £7.5m not dependent on add ons so is payable now). Say total £1.3m
In summary (using 2010 figs as a starting point and adjusting for above savings) CCFC limited could look like this
Estimated Results
Income +8.3m
Direct operating costs -1.0m
Wages -8.0m
other overheads -3.0m
Contract writedowns -1.0m
Player sales +1.3m
Interest paid -0.2m
Net loss -3.6m.
This of course could change depending on whether crowds improve, sell someone or we get loans in etc. (2010 loss was 3.07m but included 4.7m player sales profit)
Cashflow requirement (different to losses) is on this basis (-3.6m loss add back player write off +1.0)/12 = 217K pm. Write down of contracts doesnt mean a movement in cash
These figures are CCFC Limited alone - it is not the Sky Blue Sports & Leisure Group estimate which would include the profit on disposal of Prozone. That Prozone profit could wipe out the overall loss for the group if it is more than 3.6m and the rest of the group breaks even
Still not good but better - well financially anyway:facepalm:
It is a guess so I am happy for folk to put their own slant on the figures
Income
Look at the games played so far and total attendance is down 15274 compared to last time we played each of the teams. At £20 per ticket average (excl VAT) that equates to income down £300k so far or around £1m for the season. It may change if results pick up and there are some big crowd games to factor in as yet (eg West Ham). But say for £1m down for the year.
Wages
Looking at who has left then I reckon the club has knocked at least £2m off the wages bill (all staff & players). It may be more doubt it is any less. However you then have to factor in the new signings and uprating some of the youngsters say £600k. Overall saving I would guess at £1.4m. Have taken no account of payments to former managers no longer being made or the fact that AT is probably on a lower salary than previous managers (plus no scouting salary). Would expect there to have been a saving on wages in 2010/11 compared to 2010 accounts too say £1m so wages in 2011/12 would be 2.4m lower than in 2009/10 the last year I have figures for
Interest
Ranson has been paid off and in the last accounts £300k was paid to him in interest. This no longer due so saving £300K. Have included a £300k saving in wages for his salary but overall I reckon the total saving in wages for all employees isnt far off
Player contract write downs
I reckon due to how the present squad has been pulled together the only big write downs are Juke and Freddy so I estimate a saving of around £1m here in the accounts
Player Sales etc
We are due compensation for Gunnar say £300k, the sale of Turner £750k and the contract add on for Dann say £250 (assumes fee £7.5m not dependent on add ons so is payable now). Say total £1.3m
In summary (using 2010 figs as a starting point and adjusting for above savings) CCFC limited could look like this
Estimated Results
Income +8.3m
Direct operating costs -1.0m
Wages -8.0m
other overheads -3.0m
Contract writedowns -1.0m
Player sales +1.3m
Interest paid -0.2m
Net loss -3.6m.
This of course could change depending on whether crowds improve, sell someone or we get loans in etc. (2010 loss was 3.07m but included 4.7m player sales profit)
Cashflow requirement (different to losses) is on this basis (-3.6m loss add back player write off +1.0)/12 = 217K pm. Write down of contracts doesnt mean a movement in cash
These figures are CCFC Limited alone - it is not the Sky Blue Sports & Leisure Group estimate which would include the profit on disposal of Prozone. That Prozone profit could wipe out the overall loss for the group if it is more than 3.6m and the rest of the group breaks even
Still not good but better - well financially anyway:facepalm:
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