Losing £500k pcm??? (1 Viewer)

CJparker · Jun 8, 2012

Recently we've seen statements from Fisher/SISU stating that the club is losing "£500K per month" - does anyone else think this is at all likely?

The figure £400k was being banded around at the end of last season, and given all the cost cutting measures since then (which Ken Deluded kept praising as "getting closer to break even"), it sounds hard to believe that we are still losing this sum each month.

It could be that with reduced crowds due to our thin squad, we have managed to negate the cost-saving benefits of the austerity measures through a cycle of diminishing returns. Either that, or someone is thinking "well, that figure worked last season so we'll use it again" when planning the PR for their latest excuses for player sales etc.

How a club like us can haemmorage that kind of money is beyond me - and if true, proof of the poor management of the club up the highest levels over a period of years, not an excuse for under-performance!

Grendel · Jun 8, 2012

Or it could be that he is stating losses in the months there are no games which is the major source of revenue. It is very hard to see how we lose £6 million a year but probably are losing that much in the summer months.

SkyBlue_Bear83 · Jun 8, 2012

No there is no way we are losing that every month, when Ranson was here he said we were losing 4 million a year. If that number is to be believed I don't see how that value could have increased, either that or Ranson was lying which I wouldn't put past him.

Even when there are no games we have sold 4000+ season tickets so I don't see how we would be losing 500k even when there are no games played.

cheever · Jun 8, 2012

These figures are those also stated by RR in 2008 & 2009.

Bottom line is;

Few revenue streams + healthy first team salaries for under-performing/sub standard players (Baker, Bell, McSheffrey) + falling gates + poor football/lack of success on the pitch = UP SHIT CREEK.

In my book, £6m a year is a definition of 'up shit creek'.

cheever · Jun 8, 2012

Ranson stated £500 pm as losses in Summer 2008.

Grendel · Jun 8, 2012

CCFC said:
No there is no way we are losing that every month, when Ranson was here he said we were losing 4 million a year. If that number is to be believed I don't see how that value could have increased, either that or Ranson was lying which I wouldn't put past him.

Even when there are no games we have sold 4000+ season tickets so I don't see how we would be losing 500k even when there are no games played.

Season ticket revenue probably has already been borrowed against in some form of loan arrangement to fund the season.

cheever · Jun 8, 2012

The only thing keeping us afloat is the above 11k attendances...probably down to the best football we are seeing down at the Ricoh in years...thanks to AT and the coaching staff.

Grendel · Jun 8, 2012

cheever said:
The only thing keeping us afloat is the above 11k attendances...probably down to the best football we are seeing down at the Ricoh in years...thanks to AT and the coaching staff.

That's true. I know someone who lives in the Shetland Isles. He has heard the football is fantastic and is planning a special trip next season to witness it.

cheever · Jun 8, 2012

I know a few fans from Norway, so, yes, the word has spread.

To boost revenues, maybe the price of the programme could be raised to £3.50. Just an idea.

shy_tall_knight · Jun 8, 2012

These losses must be the financial costs of the interest on the cash invested in the business. Judging by our squad we can't be losing that amount on operational costs such as players wages.

crowsnest · Jun 8, 2012

He said we had made a loss of £500k last month. He didn't say every month.

stupot07 · Jun 8, 2012

I don't believe we are losing £500k be month, they are still quoting figures from the last accounts that were published which I believe was April 2009- March 2010. We've halved our wage bill since then and have made a lot on transfers, and have had an increase in premier league funding, although attendances have decreased.

oldskyblue58 · Jun 8, 2012

I think crowsnest is making a valid point...... we need to be very careful when reading what is actually said.

ccfcway · Jun 8, 2012

yer, lets now start listening to Fisher

http://www.ccfc.co.uk/page/NewsDetail/0,,10269~2630428,00.html

Oh, in March, he was confident the embargo would be removed "fairly soon" and they hope to secure funding in the next few weeks !!!!!!. That was MARCH !

:wave:

skyblue1523 · Jun 8, 2012

they can't be losing that unless the board members have had a pay rise for doing so well last season.utter tripe from the pr guys again :jerkit::jerkit::jerkit::jerkit::jerkit::jerkit:

sky blue john · Jun 8, 2012

But who is the owner ??????????????

musicmanskyblue · Jun 8, 2012

500K?... For half a squad of div 3 players?...

oldskyblue58 · Jun 8, 2012

ccfcway said:
yer, lets now start listening to Fisher

http://www.ccfc.co.uk/page/NewsDetail/0,,10269~2630428,00.html

Oh, in March, he was confident the embargo would be removed "fairly soon" and they hope to secure funding in the next few weeks !!!!!!. That was MARCH !

:wave:

It isnt about believing everything he says ............ it is about listening to what he does and doesn't say ......... in much the same way as it was important to listen to or read exactly what RR said or didn't say ...... then calmly process it and come to an opinion. Both are/were very careful with their words and how or where they said it

Are SISU/ARVO funding the club to the tune of £500k pm presently ..... it is certainly possible...... is the club making £500k losses every month of the year .... it shouldn't be. Does the timing of when things need to be paid affect how much they fund now - yes. Does the timing of income streams affect how much they fund now - yes. Is cash flow requirement the same as losses - no. Have all the wages savings been made now - no most will kick in 1st July when certain players contracts have ended. Have SISU added to the costs in some areas whilst saving in others (Fisher, Robinson, Waggott for example) - then yes most likely.

we are still in a dark financial pit that if anything is getting deeper

ccfcway · Jun 8, 2012

I agree with that, but

In March - "hoping to seure funding in the coming weeks"
In June - "Working hard on securing a budget"

doesnt take a genius to work ut whilst its careful wording, its also a lod of tosh

oldskyblue58 · Jun 8, 2012

but it probably wasnt a lie though ........ he did hope to secure funding ........ and i am sure he was working hard on the budget. The fact is that in neither case has he been successful to date...... take it as tosh if you like, I have no problem with that ccfcway. These guys are very good at what they do, are very good at buying time with careful words, but it is becoming harder to do that as we find out more and suffer disappointment after disappointment.

skyblueinBaku · Jun 8, 2012

I may be mistaken, but I seem to recall that the figure of 500K per month loss has been bandied about for some time now. If this is the case (given that the squad wage bill has been cut) what costs are increasing? And is it a coincidence that the cost increases have been at the same rate as the wage bill cuts?

Personally, I find it difficult to believe these figures. Perhaps (in the interests of transparency) TF could give us a breakdown of the figures.................:thinking about:

Grendel · Jun 8, 2012

skyblueindorset said:
I may be mistaken, but I seem to recall that the figure of 500K per month loss has been bandied about for some time now. If this is the case (given that the squad wage bill has been cut) what costs are increasing? And is it a coincidence that the cost increases have been at the same rate as the wage bill cuts?

Personally, I find it difficult to believe these figures. Perhaps (in the interests of transparency) TF could give us a breakdown of the figures.................:thinking about:

It's not per month - it's one month and a month that we were probably still paying Cranie and Clingan etc.

_brian_ · Jun 8, 2012

I wish someone would just clear things up and explain how we're losing £500k a month still! It's crazy!

Mary_Mungo_Midge · Jun 8, 2012

I wish someone would just have the balls to tell Fisher to shut up when he's spouting this irrelevance.

When they bought the club, all the conditions were to their satisfaction. People like Robinson and McGinnity wrote off huge sums of cash, the banks played fair, as did the authorities. People gave over shares held in families for generations, as the veiled threat was administration if they didn't. No-one forced SISU to stop the club going into administration - and they certainly didn't do so out of sentiment; they did it because they played hard-ball and got exactly what they wanted.

Thereafter, any and all losses are entirely and wholly their responsibility as a function of bad management and gross and crass stupidity.

It's not like we owe them a debt of gratitude as they're retaining assets to improve the stock of the club is it? Every player where there's been a sniff of a sale has been shipped out with the cash-register ringing before the departing player's even on the A444. They've sold ProZone, remortgaged Ryton and even sold-out next year's season ticket income.

If they're still losing after all this, they deserve every bit of the pain they're feeling. It's like an alcoholic complaining about his hangover. It's your gig Fisher - deal with it!

skybluejelly · Jun 8, 2012

To be fair I reckon the losses have probably been cut to around £200000 a month but with relegation we have lost another £4million income thus returning us to square one

dongonzalos · Jun 8, 2012

kduffy said:
Or it could be that he is stating losses in the months there are no games which is the major source of revenue. It is very hard to see how we lose £6 million a year but probably are losing that much in the summer months.

So really that is spin and manipulation of stats as oppose to a season average.

ccfcway · Jun 8, 2012

oldskyblue58 said:
but it probably wasnt a lie though ........ he did hope to secure funding ........ and i am sure he was working hard on the budget. The fact is that in neither case has he been successful to date...... take it as tosh if you like, I have no problem with that ccfcway. These guys are very good at what they do, are very good at buying time with careful words, but it is becoming harder to do that as we find out more and suffer disappointment after disappointment.

Not that good, I ain't got a season ticket

dongonzalos · Jun 8, 2012

skybluejelly said:
To be fair I reckon the losses have probably been cut to around £200000 a month but with relegation we have lost another £4million income thus returning us to square one

wonder why we got relegated. Oh yes claw in 750k lose 4 million

skybluejelly · Jun 8, 2012

dongonzalos said:
wonder why we got relegated. Oh yes claw in 750k lose 4 million

I am not sticking up for them there gamble was to sell everyone and hope thorn pulled off a miracle and kept us up and we would therefore basically be running at a sustainable rate. But it backfired and now we are buggered

CCFC123 · Jun 8, 2012

The loses were approx £350k per month this time last year. After player sales,cost cutting the net loss would be at a guess £200k max per month.

If Fisher is making statements of £500k that's a lie.

Grendel · Jun 8, 2012

CCFC123 said:
The loses were approx £350k per month this time last year. After player sales,cost cutting the net loss would be at a guess £200k max per month.

If Fisher is making statements of £500k that's a lie.

He Isn't though is he? Read what he said. LAST month lost £500K - very likely they did and they probably are close to break even in the months they play 2 - 3 games and generate revenue.

Grendel · Jun 8, 2012

dongonzalos said:
So really that is spin and manipulation of stats as oppose to a season average.

I would say so yes.

dongonzalos · Jun 8, 2012

kduffy said:
I would say so yes.

Floppy haired Hugh Grant wannabe, is not as stupid as he looks. Tim not so Dim

cheever · Jun 8, 2012

How do we know the actual figures when the last accounts we have had sight of were from April 2009-April 2010?

dongonzalos · Jun 8, 2012

cheever said:
How do we know the actual figures when the last accounts we have had sight of were from April 2009-April 2010?

We dont that has always been my point, when people come on here saying you can only make comments about SISU that are fact.

Well I would love to however little details like this and the FACT the investors details are hidden mean that I can't.

Who chooses to keep this info hidden = SISU

So until they start letting the truth out. I will happily speculate about what is hidden

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