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Post by legas on Mar 28, 2020 9:35:10 GMT
If we had a turnover of £6.4m and made a loss for the financial year of £4.1m then unless I'm mistaken we must have had outgoings of £10.5m. Seeing as players' wages are limited to 60% of turnover (£3.8m), do any of the forum accounting experts know where the other £6.7m was spent? Kyle Bennett's wages? And that’s just his hourly rate.
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Post by gasincider on Mar 28, 2020 9:54:19 GMT
So did KM sign them last year? If he had/has concerns why isn't he making them known to the supporters of the club, instead of just keeping his close circle of friends in the loop? Your posts on this thread are typical of your usual posts, all hot air without actually saying anything nor offering any solutions. What good do you think you and are your mates are actually doing for the club you apparently support? You really talk crap at times Topper. Last year we had a full board so he wouldn't have been asked. Now, Turner and Hamer gave gone and Ken ostracised prior presumably to his removal from the board. But at the moment the accounts needed to be signed only Starnes and Ken were here. This is where I await the obvious question. As for hot air, well I bow to the world champion in that regard. You seem to move whichever way the wind blows at the time. If I'm not saying anything, how come you say I am expelling hot air? As for solutions, I bow to your list that you are about to hit us with. Unfortunately I don't gave the funding to bail us out, but if you have please feel free to do so. If not, let me know what you have/are doing to help the club. Or is this yet another pathetic insult which reAlly really upsets me as you can tell. So I have to confirm your worst fears, namely, that I can't do anything more than you can. I've just responded to the accounts. Kindly tell me what I've misinterpreted. Here's one little extra for you. Wael stated that the accounts showed the true level of investment into the club. A free gob stopper if you can spot the error in that statement.
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Post by Kingswood Polak on Mar 28, 2020 11:58:12 GMT
As I have stated before, and some of you have mentioned on this thread, the only way of reducing the debt in any significant way, is players sales, and a team of kids next season being paid peanuts. Selling of players means other clubs need the money to buy them. No one is getting income at the moment because of this bloody disease. As for a far younger cheaper team, still no go as no football at the moment. Where does all this leave us? Either a new buyer 🤞🤞🤞or a cash injection from Wael if he has the funds. Ok. Tin hat firmly in place & I should know better than to post this but I have been told, by someone who has got close to el Presidente that he got his mother onside and this had the result of Hani stepping back. I corroborated this with a club employee and he says it’s as much as he knows too. Hani has now stepped aside, leaving Wael in sole control, unshackled by his elder sibling. We shall see I guess. I am not anti Wael and hope he does well but I question his ambition is all
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Post by darkbluegas on Mar 28, 2020 12:10:45 GMT
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Post by Kingswood Polak on Mar 28, 2020 12:11:21 GMT
I didn't say anyone was squeaky clean. I pointed out the fact that Ken and SH were not involved in the financial aspects of the club since the board meeting of March 2019. As a regular talker out of your rear, try reading before commenting. As for the spending on players, that was ALWAYS Wael and DC. Nobody else had a say in it. Wael stated as much at an AGM. So Topper are you ignoring the money DC brought into the club through his transfer dealings? I’m amazed when people blame him for all our financial woes. When do the people at the top who set the budgets actually shoulder some responsibility? . Well said. Too many seem happy to lay blame at a manager who had us United and got a double promotion. Really poor firm now so many seem to blame him yet he provided a team that really did play for the shirt and we saw crowds go up, exponentially. He will go down as one of the best we have had & history will be kind to him with regards to his achievements,with us
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Post by gregsy on Mar 28, 2020 12:57:52 GMT
"I understand that many supporters may be concerned about the increasing level of debt.
“However, I want to reassure them that this position in the current football climate is not unusual".
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Post by mariobalotelli on Mar 28, 2020 13:11:05 GMT
Any idea how we owe the AQ family so much? They've only been with us three years, I struggle to see with income how we've racked up £16M debt to them. Where has that money gone? We don't spend loads as clear in the accounts, wages may be high but a proportion of that is covered by income, the rest?
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Post by Topper Gas on Mar 28, 2020 14:27:34 GMT
So Topper are you ignoring the money DC brought into the club through his transfer dealings? I’m amazed when people blame him for all our financial woes. When do the people at the top who set the budgets actually shoulder some responsibility? . Well said. Too many seem happy to lay blame at a manager who had us United and got a double promotion. Really poor firm now so many seem to blame him yet he provided a team that really did play for the shirt and we saw crowds go up, exponentially. He will go down as one of the best we have had & history will be kind to him with regards to his achievements,with us Just look at the last 2 years account we lost £7m+ whilst DC was our manager, as I said the buck stops with Wael, but where the hell did DC spend all that money when we were heading back to L2 when he was sacked just 3 months before the end of the accounting period the accounts relate to, which was also the period Hamer was still our Chairman. MS as now been tasked with a job I doubt any of us would want, cut our losses by at least 50& whilst retaining L1 status and also managing our £16M+ overall debts, perhaps he deserves our respect/support?
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Post by mariobalotelli on Mar 28, 2020 14:30:16 GMT
Well said. Too many seem happy to lay blame at a manager who had us United and got a double promotion. Really poor firm now so many seem to blame him yet he provided a team that really did play for the shirt and we saw crowds go up, exponentially. He will go down as one of the best we have had & history will be kind to him with regards to his achievements,with us Just look at the last 2 years account we lost £7m+ whilst DC was our manager, as I said the buck stops with Wael, but where the hell did DC spend all that money when we were heading back to L2 when he was sacked just 3 months before the end of the accounting period the accounts relate to, which was also the period Hamer was still our Chairman. MS as now been tasked with a job I doubt any of us would want, cut our losses by at least 50& whilst retaining L1 status and also managing our £16M+ overall debts, perhaps he deserves our respect/support? Would that not include money wasted chasing a stadium and training ground?
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Post by Topper Gas on Mar 28, 2020 14:59:20 GMT
Any idea how we owe the AQ family so much? They've only been with us three years, I struggle to see with income how we've racked up £16M debt to them. Where has that money gone? We don't spend loads as clear in the accounts, wages may be high but a proportion of that is covered by income, the rest? Overall wages last year were 90%+ of turnover, we must be one of the few clubs where players wages aren't the bulk of our wage bill, given MS suggested we only had a dozen(?) non football employees and they are all on zero hours contracts so it's anybody's guess who we're paying such high salaries to, managing and coaching staff etc? The ALQ's are charging interest of nearly £1m each year but apparently not collecting it so that's really "paper" debt than an actual one.
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Post by Topper Gas on Mar 28, 2020 15:07:56 GMT
Just look at the last 2 years account we lost £7m+ whilst DC was our manager, as I said the buck stops with Wael, but where the hell did DC spend all that money when we were heading back to L2 when he was sacked just 3 months before the end of the accounting period the accounts relate to, which was also the period Hamer was still our Chairman. MS as now been tasked with a job I doubt any of us would want, cut our losses by at least 50& whilst retaining L1 status and also managing our £16M+ overall debts, perhaps he deserves our respect/support? Would that not include money wasted chasing a stadium and training ground? Not in the latest accounts?? Plus year 90%+ of our turnover went on wages, somebody has let matters get things get out of control on the wages front.
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Post by trevorgas on Mar 28, 2020 15:41:59 GMT
I am making an assumption that BRFC will be able to access the support given to businesses because of CV including suspension of Business rates,if so this will offset a fair bit of the income loss. Is that correct?
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Deleted
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Post by Deleted on Mar 28, 2020 16:03:06 GMT
I am making an assumption that BRFC will be able to access the support given to businesses because of CV including suspension of Business rates,if so this will offset a fair bit of the income loss. Is that correct? That's my understanding
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Post by trevorgas on Mar 28, 2020 16:08:06 GMT
I am making an assumption that BRFC will be able to access the support given to businesses because of CV including suspension of Business rates,if so this will offset a fair bit of the income loss. Is that correct? That's my understanding Emm would therefore be interesting to know the projected net income loss .
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Post by gaelgas on Mar 28, 2020 17:11:12 GMT
Does anyone know if our level of debt is unusual? I mean actually know rather than speculating/make needless barbed comments/telling us all we're doomed etc etc.
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Post by Topper Gas on Mar 28, 2020 18:29:15 GMT
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Post by madridgas on Mar 28, 2020 19:42:46 GMT
When Dwane Sports/The Al-Qadi Family took over, the first thing they did was transfer the Stadium site into Dwane Sports & give the club a 10 mil debt against it. 3 yrs on the clubs debt to Dwane Sports is 16 mil, or put another way, over 5k a day charge/profit against the club AND they still own the site !! IMO, all they ever wanted was the site/land, with the club as a plaything for Wael....
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Post by Topper Gas on Mar 28, 2020 20:38:39 GMT
When Dwane Sports/The Al-Qadi Family took over, the first thing they did was transfer the Stadium site into Dwane Sports & give the club a 10 mil debt against it. 3 yrs on the clubs debt to Dwane Sports is 16 mil, or put another way, over 5k a day charge/profit against the club AND they still own the site !! IMO, all they ever wanted was the site/land, with the club as a plaything for Wael.... BRFC1883 was bought by the ALQ's via Dwane Sports there was no transferring of the stadium as that was owned by BRFC1883 and is still owned by them, apart from the small % still owned by the SC. The ALQ's have a charge against the Mem but that's totally different from directly owning it. Not sure what they are going to benefit from owning the site as until they find an alternative home for the club there's not a lot they can do with it.
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Post by farmygas on Mar 29, 2020 8:47:52 GMT
Does anyone know if our level of debt is unusual? I mean actually know rather than speculating/make needless barbed comments/telling us all we're doomed etc etc. Not in the slightest. Some on here just seem to love getting in a flap over it.
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Post by endicotton on Mar 29, 2020 11:36:06 GMT
Doesn't make for good reading at all tbh, saying that we appear to be making progress (all be it slowly) in turnover despite falling attendences.
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