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Post by axegas on Oct 29, 2021 16:06:12 GMT
I was reading an article on the BBC about how Plymouth Argyle have posted a £376,000 profit for the year despite the pandemic. In the article it says “The club got a grant of £1.2m from the Premier League and claimed £2.5m from business interruption insurance. Argyle faced a loss of more than £1m without their insurance pay-out.” Is this something that we have and can mitigate our losses slightly over the last few years, or should have had if not? Are we also eligible for a Premier League grant too? www.bbc.co.uk/sport/football/59038544 |
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Post by Officer Barbrady on Oct 29, 2021 16:15:05 GMT
I was reading an article on the BBC about how Plymouth Argyle have posted a £376,000 profit for the year despite the pandemic. In the article it says “The club got a grant of £1.2m from the Premier League and claimed £2.5m from business interruption insurance. Argyle faced a loss of more than £1m without their insurance pay-out.” Is this something that we have and can mitigate our losses slightly over the last few years, or should have had if not? Are we also eligible for a Premier League grant too? www.bbc.co.uk/sport/football/59038544We got sh** the bed insurance but someone sh** the bed when filling out the forms. |
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Post by gashead1981 on Oct 29, 2021 16:21:03 GMT
Business interruption insurance is usually written into most standard business I insurance policies where you have an incident in which you are forced to close for example if you have a fire or a bad water leak which means you are unable to trade. It usually covers a percentage of your gross profit of the last tax year.
There were some insurance companies who’s wording in their policy allowed for a claim because of covid 19. It could be theirs did so their insurance company paid out.
I know I tried on my policy but it was refused.
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Post by Hugo the Elder on Oct 29, 2021 16:51:43 GMT
Do Plymouth generate any non match day income?
If they make money every day as opposed to once every 2 weeks then it's not hard to see how they could claim more of a loss than us.
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Post by scottleroc on Oct 29, 2021 17:03:15 GMT
Sadly, I know a fair bit about this topic and it will very much depend upon the policy wording they had and the extent of infectious diseases and non damage denial of access cover. Most policies didn’t provide cover but some did, albeit unintentionally!
The FCA took a test case to the Supreme Court and it outlined what is and isn’t covered. So the club would likely have received a pay out if they were going to by now.
Very much an each case on its merits but I would expect only c5% of businesses had any cover. If as expected they were insured via a sports specialist broker though generally they have wider policy coverage. Presumably it would show in the accounts if they received an insurance pay out. Generally football clubs insure for full revenue over a 24 or 36 month basis. If the cover was in place it would have likely paid a few million pounds.
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Post by cj on Oct 29, 2021 17:20:01 GMT
If we do have it, is it watertight.
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Post by Hugo the Elder on Oct 29, 2021 17:25:34 GMT
Do we have Business Ineptitude Insurance?
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Post by legas on Oct 29, 2021 17:37:57 GMT
If we do have it, is it watertight. It’s fine - the policy is with Sainsbury’s. |
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Post by cj on Oct 29, 2021 17:42:37 GMT
If we do have it, is it watertight. It’s fine - the policy is with Sainsbury’s. That's settled that then. What could possibly go wrong? |
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Post by A Source (aka Angry Badger) on Oct 29, 2021 17:54:48 GMT
Do we have Business Ineptitude Insurance? Yes.... doesn't cover negligence though 😁 |
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Post by yattongas on Oct 29, 2021 18:18:59 GMT
This was mentioned in the price of football podcast. Plymouth were given an A rating for their transparency in publishing their full accounts on time . A rarity in football. They sound like a well run club now , on the up and looking good for a promotion push . Ground ain’t bad either .
Meanwhile at the Mem…..
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Post by bluestickgas1 on Oct 29, 2021 18:22:29 GMT
Didn’t Starnes join us from Plymouth?
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Post by Hugo the Elder on Oct 29, 2021 18:27:54 GMT
Didn’t Starnes join us from Plymouth? Yeah, just before they started improving. |
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Post by bluestickgas1 on Oct 29, 2021 18:31:04 GMT
Didn’t Starnes join us from Plymouth? Yeah, just before they started improving. Maybe although he would have been key in putting the processes etc in place before he left…. 😉 I’m neither a fan nor of a critic of his but I think he could have some credit due here |
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Post by thegasman on Oct 30, 2021 4:44:52 GMT
This was mentioned in the price of football podcast. Plymouth were given an A rating for their transparency in publishing their full accounts on time . A rarity in football. They sound like a well run club now , on the up and looking good for a promotion push . Ground ain’t bad either . Meanwhile at the Mem….. Amazing what you can do when you get rid of Starnes |
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Post by mftc on Oct 31, 2021 20:48:36 GMT
Didn't Wael say we lost around £4.5 million?
If we had the Premier pay out, JCH money, support organisations donations, no refunds to season tickets, an insurance payout and furloughed staff,how on earth did we lose so much?
Maybe a question for the SC reps to raise?
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Post by Topper Gas on Oct 31, 2021 20:51:56 GMT
Not sure if we had the grant or choose not to accept it due to the strings attached? But it seems unlikely we had BI insurance, season tickets were refunded or the proceeds passed to the Academy and JCH's money will be paid in installments.
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