Did you miss the fees spent on Belloumi, Millar, Kamara and Hughes? Not to mention Palmer, Mehlem, Raccioppi.... I could go on.
MiIllar, Kamara, Giles, Hughes etc al. 17 in total this summer wasn't it? Plus obviously that 400k per week deficit in the last accounts is only partially covered by the PSR allowance Acun can finance himself. We are not currently anywhere even resembling the latter day Allam period of disinvestment, even if you think the returns on the current investment are pretty underwhelming. Which at the moment, let's face it they are. Hopefully things turn around fairly quickly.
On the flip side, at least under the Allams we were sustainable. We could very easily go into administration within the next 12 months under Acun.
Not very easily. We also made significant losses under the Allams outside of the season we sold Bowen. Not sure I'd say that was sustainable. please log in to view this image
I mean if the logic is 'well Acun could stop spending money' that's literally true of every single owner in not just this division but most football divisions so..
When? I just posted our operating profit/losses per Maguire, the only profitable years were in the PL.
Why does operating profit/losses matter when it excludes player sales? It's well known that player sales are a key way to keep a club sustainable.
I'm sure in sharks world we weren't at all embargoed for borrowing from the COVID pot and leaving it to Acun to pay back.
Because the Allams wouldn't put money into the club to bankroll it. Yet it was a pretty unique situation that was almost impossible to predict.
Because it shows the underlying health of the business. The only year we had significant player sales were in 18 with Maguire and Clucas going, and 20 with Bowen. The point I picked you up on was the Allams having us as sustainable. Relying on player sales to make those 'significant profits' you claimed is not sustainable. The Allams were broadly responsible for the losses in 20/21 and 21/22 as Acun didn't end up spending much in Jan of 22, where's the sustainability there? The -20.3m loss in 22/23 is offset by KLP's sale but also highlights the spending required by Acun to get us 'up to speed'. While his strategy is not currently sustainable either, I don't think it suggests in any way that we could easily be in admin in 12 months.
Seemed predictable enough to me, from the moment Ehab decided to take out every penny his family had put in (excluding 'interest' of course - that paid his car collection, polo ponies and speeding fines) and then selling it for a quid. Which via one financial mechanism or another is technically what happened... Yes city were run as a league 1 club in the championship and he'd got us back there with no real hope of consolidation. And more than half the championship would be exactly the same but for owner investment. One is continuing to invest to the max allowed. The other just managed a very deliberate decline.
It's worth pointing out that the operating profit/loss also includes the 'loan repayments' to the Allams. In 2019, the interest was £2.4m and in 2018 it was £3.1m. So a £5.2m operating loss over those 2 years is effectively a £0.3m profit.
And in 21 and 22? Our 'health' was largely a legacy of the PL years and the players associated. Post-COVID showed the trajectory we were headed under the Allams and it was anything but sustainable. More pertinent point is we are not headed for Admin in 12 months under Acun.
