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League 2 Accounts 2016-2017

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League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Tue Feb 13, 2018 12:50 am

Chesterfield

Chesterfield FC have announced losses of £500k for the past financial year. The Spireites followed the previous year’s £40k profit with an overall loss of £506,735 for the 2016/17 financial period. A club statement blamed relegation, a fall in the amount of cash brought in by transfers and reduced gate receipts. The statement, posted on the club’s website, said: “Relegation during the trading year saw the income fall by nearly £900,000 compared to the previous year. This was mainly due to the reduced amount of transfer fees during the year. Gate receipts and season ticket money fell by £290,000, although TV and football awards increased by £280,000. The club’s costs were reduced by over £200,000, despite the costs incurred of replacing the manager and coaching staff during the year.“

Company secretary Ashley Carson admitted the financial performance was a disappointment. “Whilst the results are disappointing, the year had been extremely challenging, with five directors resigning and relegation to League Two. The club managed to negotiate a reduction in the interest costs of the loans to £100,000, from £244,000 the previous year.”

The annual general meeting will take place on Monday 5th March at 7pm. Shareholders have been asked to submit questions using a form enclosed with the meeting papers 48 hours before the AGM.
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Tue Feb 13, 2018 12:54 am

Cheltenham Town

Cheltenham Town have declared a consolidated profit of £50,000 over the last two financial years. When the club was relegated in 2015 the board of directors made the decision to prioritise the 2015/16 campaign as the season to bounce back. Investment was made accordingly with the aim to make an immediate return to the Football League.

In the accounts ending May 2016 the club announced a loss of £128,000. From a timing perspective a two year cash flow picture was taken and the club is now delighted to announce that the following 12 months has seen the club able to announce a trading profit of £178,000 for the year ending May 2017. Therefore, a consolidated profit of £50,000 has been recorded over this two-year period for Cheltenham Town.

Chairman Paul Baker said: "As a football club, any profit is a very positive achievement and to record a £50k profit over two years is something that we should all be very proud of. It is very important to run our business, our football club sustainably. We have over the last two years strengthened our commercial activities to generate new revenue streams, strengthened our board to future proof stability and to identify and develop new opportunities, and strengthened our business by investing in new staff and investing too in our infrastructure. We are not straddled with debt and we are not indebted to banks. We have managed our financial affairs with prudence meaning cash flow, so often a worry in the past, is no longer a worry and this means we can look forward with confidence."

There will be a fans forum with members of the board and football staff in the Premier Suite at Whaddon Road on Thursday, March 8 at 7.30pm. The forum will be open to all supporters although, as usual, shareholders will be given the first opportunity to ask questions with regard to the accounts. Shareholders will receive a copy of the 2017 annual report and accounts by email this week.
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Re: League 2 Accounts 2016-2017

Postby Woodclanger 1 » Tue Feb 13, 2018 9:11 am

If you look around Tippy I saw Forest Greens the other day but can't remember where. Huge losses for the last two years
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Re: League 2 Accounts 2016-2017

Postby STAGS FOR LIFE » Tue Feb 13, 2018 9:25 am

Woodclanger 1 wrote:If you look around Tippy I saw Forest Greens the other day but can't remember where. Huge losses for the last two years


;)

https://www.gloucestershirelive.co.uk/s ... es-1196303
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Tue Feb 13, 2018 5:06 pm

Forest Green Rovers

Forest Green Rovers have reported a loss of more than £2.1 million for the year ending April 2017. Following on from their loss of nearly £2.5 million the previous year, they have now lost more than £4.6 million over two years.

2016 loss: £2,483,624

2017 loss: £2,155,063

Total loss: £4,638,687

Their total wage bill, including players, football and non-football staff, was £2.4 million.
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Re: League 2 Accounts 2016-2017

Postby Rob » Tue Feb 13, 2018 6:02 pm

Tippy Tappy Football wrote:Forest Green Rovers

Forest Green Rovers have reported a loss of more than £2.1 million for the year ending April 2017. Following on from their loss of nearly £2.5 million the previous year, they have now lost more than £4.6 million over two years.

2016 loss: £2,483,624

2017 loss: £2,155,063

Total loss: £4,638,687

Their total wage bill, including players, football and non-football staff, was £2.4 million.


The thing is, their owner can afford to lose that much money, the problems start when he's not there anymore. Hopefully he'll do the decent thing and leave the club self-sustainable, which for them is probably going to be back in the non-league as I doubt they will be able to sustain league football long term. In a way their situation is similar to ours (though we can probably self-sustain in League 1/2), a wealthy businessman putting money in to try and achieve success (rather than for personal profit) - good whilst it lasts but it won't go on forever. I'm sure JR has a long term plan for us, things like the training ground and hotel are just a couple of examples of how he is looking long term. We are indeed very fortunate, as are FGR.
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Tue Feb 13, 2018 7:17 pm

Andy Pilley at Fleetwood had put around £16 million into Fleetwood the last time I looked.
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Re: League 2 Accounts 2016-2017

Postby Rob » Tue Feb 13, 2018 7:22 pm

Tippy Tappy Football wrote:Andy Pilley at Fleetwood had put around £16 million into Fleetwood the last time I looked.


They too would struggle to self sustain as a FL club.
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Tue Feb 13, 2018 7:25 pm

Lincoln City

Lincoln City Football Club release financial results for the year ended 31 May 2017.

The figures have been released and headline Figures include

Pre Tax Profit of £1.3m
FA Cup Commercial Revenue after Costs £2m
Historic debts Cleared
96% rise in expenditure
Turnover increased by over £3m

Turnover: £4,681,977 (£1,341,222)
Staff Costs: £2,562,406 (£1,160,855)
Profit: £1,279,598 (£418,849 Loss)

Figures in brackets are from 2015-2016

The full details of the financial report can be accessed by clicking

https://www.redimps.co.uk/siteassets/cl ... -house.pdf
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Re: League 2 Accounts 2016-2017

Postby Spiritater » Tue Feb 13, 2018 7:43 pm

Tippy Tappy Football wrote:Lincoln City

Lincoln City Football Club release financial results for the year ended 31 May 2017.

The figures have been released and headline Figures include

Pre Tax Profit of £1.3m
FA Cup Commercial Revenue after Costs £2m
Historic debts Cleared
96% rise in expenditure
Turnover increased by over £3m

Turnover: £4,681,977 (£1,341,222)
Staff Costs: £2,562,406 (£1,160,855)
Profit: £1,279,598 (£418,849 Loss)

Figures in brackets are from 2015-2016

The full details of the financial report can be accessed by clicking

https://www.redimps.co.uk/siteassets/cl ... -house.pdf



Shows what can happen when supporters back a club who's having a bit of success instead of coming out with the 'it's a poor area' excuse.
Theirs not to reason why
Theirs but to do and die
Into the valley of Death
Rode the Six Hundred
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Re: League 2 Accounts 2016-2017

Postby MTFCMAD » Tue Feb 13, 2018 7:55 pm

Whens our financials due out ?
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Re: League 2 Accounts 2016-2017

Postby Woodclanger 1 » Tue Feb 13, 2018 7:57 pm

Spiritater wrote:
Tippy Tappy Football wrote:Lincoln City

Lincoln City Football Club release financial results for the year ended 31 May 2017.

The figures have been released and headline Figures include

Pre Tax Profit of £1.3m
FA Cup Commercial Revenue after Costs £2m
Historic debts Cleared
96% rise in expenditure
Turnover increased by over £3m

Turnover: £4,681,977 (£1,341,222)
Staff Costs: £2,562,406 (£1,160,855)
Profit: £1,279,598 (£418,849 Loss)

Figures in brackets are from 2015-2016

The full details of the financial report can be accessed by clicking

https://www.redimps.co.uk/siteassets/cl ... -house.pdf



Shows what can happen when supporters back a club who's having a bit of success instead of coming out with the 'it's a poor area' excuse.


Yawwwwwn
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Sun Feb 18, 2018 1:56 pm

Here is a good article on football clubs and insolvency with quotes from Andy Holt, the Accrington Chairman and Big Al.

http://www.bbc.co.uk/sport/football/41083617

"Accrington owner [Andy] Holt, who took over the club in October 2015 and wiped out their debt, has been a critic of spending in the Premier League and financial strains faced by clubs outside the top flight. He said he was not surprised that so many EFL clubs have faced issues. "All clubs are close," he said. "They all systematically lose money. Without people who keep putting money in, they will go bust. I go into other League Two clubs and there aren't many that tell me they are going ok. They tell me that they are putting £500,000 a year in, otherwise they go bust."

The last winding-up petition Accrington faced, over a debt owed to HMRC, came 13 months before Holt took over. Holt now has a debt-free club and says "his only ambition" is for it to be sensibly run. "Football has an infinite capacity to absorb any money you are prepared to throw at it. It is difficult, if you don't do it you will lose. You can win if you spend the money. It is kind of a race to spend money."

Notts County owner and chairman Alan Hardy says the club came within "four hours of extinction" when they last faced a winding-up petition in December 2016. Hardy, who at the time was in the process of buying the League Two club, paid the outstanding debt owed to HMRC before taking over. "I've had businesses in almost every sector and this is nothing like it," he said. "Survival is key and when you survive another week and another month, you mostly breathe a sigh of relief going 'yes, we have paid off PAYE, paid the players and creditors. We now have three weeks where we can relax a bit'. Then in week four of any month I rarely sleep. The more I get involved in football, the more I realise that there is no money in it. It is so difficult to stay afloat."
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Re: League 2 Accounts 2016-2017

Postby Conker » Sun Feb 18, 2018 8:14 pm

Rob wrote:
Tippy Tappy Football wrote:Andy Pilley at Fleetwood had put around £16 million into Fleetwood the last time I looked.


They too would struggle to self sustain as a FL club.


Easier said than done when you are a club like Fleetwood etc, but Accrington (who are without doubt a bigger club than Fleetwood despite smaller attendances) are now run sustainably.

Anyone can do it.
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Wed Mar 14, 2018 1:13 am

Coventry City

Coventry City made a profit of £725,558 after player sales during the year up to May 2016. Accounts for Otium Entertainment, which is the football club business, show the club would have made a £1.75million loss before player sales were taken into account. Sky Blue Sports and Leisure, Otium's parent company, made an operational loss of £1.8million but a £600,000 profit after player sales, according to its latest accounts. Otium's loss is dramatically reduced from the previous set of accounts when the club lost £3.8m.

According to the accounts, the 2015-2016 period saw a lift in year-on-year turnover of around £700,000 which was attributed to an increase in season ticket and match day ticket revenues. Turnover was £5.44m in the year up to May 2016, up from £4.76m in 2015. The club suffered an operational loss of £1.75m, down from a £3.8m loss the year before. Operating costs fell from £1.51m in 2015 to £1.12m in 2016. Taking into account player sales, and “primarily the sale of James Maddison”, the club made a profit of £725,558. That compares to a £1.09m loss in 2015-2016

Money from player sales totalled £2.47m in 2016, compared to £2.71m in 2015.

How much does the club owe?

The Sky Blue Sports and Leisure (SBSL) accounts show the group has net current liabilities of £44million (previously £41.94 million). It has no major creditors other than the club’s owners. £12.45m is owed to Arvo - a Cayman Island-based Sisu company used to invest in Coventry City. Interest on loans from Arvo to the football club increased from £1.37m to £2.47m in the financial year. This was put down to “additional withholding tax due to HMRC”.

£28.5m is owed to majority shareholder Sisu Capital Ltd. It relates to “amounts advanced under a loan facility”.

A total of £65.2m of share capital, created when the club wiped out previous debt when it went into administration, still sits on the books.

It is made clear that the company is only able to continue trading with the support of the owners who have issued guarantees that they don’t intend to withdraw financial support or call in loans in the “foreseeable future”.

How much were people paid?

According to the group figures, a total of £4.5m was paid out in wages, social security and pension costs, down from £5.24m the previous year. SBSL's company’s directors were paid £215,500 - down from £314,000 the previous year. Otium's directors were paid £115,500 - down from £144,000 the year before.

Have the owners taken any money out of the club?

No - and they have made a commitment not to call in any loans or interest in the “foreseeable future”.


Is the club at risk of going under?

Only if Sisu withdraws its support for the club, which they have said they will not do. The accounts say the company is being run as a “going concern” and that “These forecasts indicate that the group and company are likely to require additional funding from group shareholders within the next six months. The group and company has received written confirmations from group shareholders of their intention to continue to provide support to the group by not demanding repayment of debt for the foreseeable future and group shareholders have confirmed their intention to provide or source funding if required by the group to enable the group to continue as a going concern. “Notwithstanding this intention, there is no contractual certainty that such funding will be made available nor that loans will not be called for repayment.”


What are the key concerns for the club?

Aside from the debts, and the ability of the company to continue to trade without support from the owners, the accounts read: “The key concern for the business remains the partial and limited access to non-ticketing match day revenues and no non-match day turnover putting the club firmly at a competitive disadvantage relative to its peers.” The accounts also note that the performance of the team on the pitch will have a big impact on financial performance. The accounts read “In order for the team to remain competitive, significant investment is required on an ongoing basis in both financial and non-financial terms. This investment needs to be balanced with the most important board responsibility, which is to maintain a financially secure professional club.”

https://beta.companieshouse.gov.uk/comp ... ng-history



https://www.coventrytelegraph.net/news/ ... t-12679244
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Wed Mar 14, 2018 1:25 am

Luton Town

Luton Town made a loss of £1,644,958 for 2016-2017. Previous figures were:

2015-2016: £739,710 Loss
2014-2015: £1,480,814 Loss
2013-2014: £2,961,035 Loss

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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Wed Mar 14, 2018 1:49 am

Doncaster Rovers

Doncaster Rovers made a loss of £936,282 in 2016-2017. It looks like they budget to make a loss of between £1.5 million-£2 million most seasons. Previous figures were:

2015-2016: £930,877 Loss
2014-2015: £1,111,995 Loss
2013-2014: £1,976,856 Loss
2012-2013: £1,916,939 Loss
2011-2012: £1,854,311 Loss
2010-2011: £1,790,209 Loss
2009-2010: £1,773,665 Loss
2008-2009: £1,746,132 Loss
2007-2008: £1,662,596 Loss
2006-2007: £1,578,025 Loss
2005-2006: £1,376,874 Loss
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Re: League 2 Accounts 2016-2017

Postby part time pete » Wed Mar 14, 2018 1:13 pm

Any idea when the 16/17 stags figures will be published.
Can we play Accrington Stanley every week.
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Re: League 2 Accounts 2016-2017

Postby yorkshire stag » Wed Mar 14, 2018 6:36 pm

part time pete wrote:Any idea when the 16/17 stags figures will be published.


not sure i wanna see um, as long as we still sit in the OneCall tax bracket we will be fine
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Re: League 2 Accounts 2016-2017

Postby kevin kents tasce » Thu Mar 15, 2018 6:02 pm

For anyone interested, heres a good video explanation of Coventry's financial position.

Everything Is Borrowed
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Sun Mar 25, 2018 6:33 pm

Port Vale owner, Norman Smurthwaite announced at a Fans Forum last week that the club is losing between £140,000 and £160,000 a month…or would be if it were not for the first instalment of the Jordan Hugill money. He also said that the club would ‘require investment’ of around £820,000 in the close season (May 7 – July 31), to prevent it from going out of business, although he did clarify this by saying this was because the club does not use season-ticket money to get through the summer as soon as it comes in as, he says, most clubs do.
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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Tue Jun 05, 2018 8:47 am

Interesting info on League 2 accounts for 2016-017 although the loans figure for Mansfield Town is incorrect as Mansfield have loans of £4.7 million from from One Call Insurance Services Limited and current/former directors.

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Re: League 2 Accounts 2016-2017

Postby Tippy Tappy Football » Tue Jun 05, 2018 8:59 am

Another good article on Morecambe's finances

http://priceoffootball.com/tag/morecambe/
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Re: League 2 Accounts 2016-2017

Postby part time pete » Tue Jun 05, 2018 10:03 am

Tippy Tappy Football wrote:Another good article on Morecambe's finances

http://priceoffootball.com/tag/morecambe/


I would have more faith in their analysis if they could get the date of their promotion correct.

They were promoted in the Summer of 2007 not in season 2009/10.
Can we play Accrington Stanley every week.
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Re: League 2 Accounts 2016-2017

Postby MTFCMusings » Wed Sep 26, 2018 9:34 am







Can anyone interpret these for a thicko like me?
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