With apologies for being pedantic, the above figures are income/operating statement highlights. No balance sheet items at all.
Ya, well no fine, in that case your miscategorization of the reported amounts as balance sheet items is totally acceptable.
I'm hoping GFH are going to sort out the bollock Bates dropped by forward selling future season ticket sales to finance the development white elephant. Thats cash gone out of the system to a 3rd party who are guaranteed income for 3-years, which should be our cash. He mortgaged us to the hilt instead of investing any of his own cash. We paid all his legal bills which was around £3.5m for the last 2 years. Loads of cash will have left the club for 'consultancy fees'. Another name for syphoning cash out to offshore shell companies. Bent ****
Spot on Doc, and another reason Why it's great to have gfh in. If these accounts appeared while bates was still in charge, we would be in awful **** as lust had predicted by the way. Gfh however are accountable to their investors, whoever they may be, so therefore have to eliminate all loss making ventures attached to the club I believe. May take a year or two to sort the lot out but at least we can now draw a line under the debacle that was bates
You understand them totally then I take it? As far as I can see the figures both have a positive figure where it says overall profit.
confirms what we all knew tbh. How can Yorkshire Radio continually lose so much money when it has no costs they use staff paid by the club.
Not at all but have read many opinions on them. General consensus is we've only broken even through selling our Crown Jewels year on year. Revenue from attendance down over ten percent. No surprise there either. What clown would undertake redeveloping east stand at a time when revenue dropping and use season ticket sales for next three years to finance it. We've had a lucky escape, eventually
They do indeed intend to turn a profit - in fact they are telling their shareholders that this aquisition will have a positive impact on their profits for Q4 2012 and Q1 2013 which implies they are not intending to spend much money if any http://www.bahrainbourse.net/bb/bse/pdf/PRPressReleases/GFH_20121224_EPR.pdf
Operating "profit" in the club in 2012 was £4.3m less than in 2011, with overall profit down by 90% to £300k. But the club is only part of the "business", and the business made an operating loss of some £4.3m, down by £5m in one year. Overall the business made a loss of more than £500k. Turnover down by £1.5m, which equates exactly to the reduced turnover in the number of fans through the gates. Same thing will happen next accounts. All this was predicted by some of us thorughout the summer. The best strategy to get people through the door may well be to get promoted - but there are 23 other clubs trying to do that too, and it would cost a lot of money to get the players and management in. This is the same short term (and failed) strategy that actually led to us getting relegated to League 1, and has kept us out of the top division for many years. I still maintain that, if there is no endless pot of cash surrounded by a Ridsdale fug of smog, we should develop the team in the same way that Swansea did, who took on Martinez when they were in the lowest division in the same season we were relegated from the top flight. Look at the difference. And you get people through the door by telling them what the long term strategy is, you reduce prices across the board by 20%, and we get back those 7000 season ticket holders who have left over the last 4 years. And they will spend money at the ground too. Just my opinion, but I see us falling into the same trap as in previous years. Unless of course, we are backed by some multi-Billionaire that is currently in the shadows.
Yes but did we actually make a loss? On paper we did but would the truth not be more Bates bled money out of the club in a way that he paid as little tax as possible and in a way to pull wool over many peoples eyes. Leeds United is making a ton of money, that money is being bled out of the club in a way that benefits Bates in one way or another.
If you remember the time Bates stole the club out of administration, when FSF claimed that they were another debtor because the club owed them £18m, which forced the other bids to pull out .... If you check the accounts for the last 3 years(not including this) you can clearly see that over £21m has been taken out of the club in so-called consultancy fees. So in effect FSF who should have been a debtor like the rest and only received the agreed 8p in the pound, have taken 100% of their so-called debt and interest as well. So it was always on the cards that they would sell at some stage. Nothing like having a bunch of offshore shell companies and having them create invoices for the club to pay. So even though these companies don't even have an office or staff or telephone, it allows bates to move funds by paying the invoices to his shell company. Legal robbery and bates has got away with it for years. That £21m could have had us back in the prem years ago, but he saw that money as he's and not the clubs, so to keep the club looking profitable, he just sells our best players or refuses to give better players new contracts. Every year we see the club in profit after player trading, and without that we would have been making a loss each time, when it should be impossible to lose money at our club. Especially when we only pay out 40% of turnover, and why would anyone want to mortgage the club to do development work on the ground we don't own. Especially when it's made a loss both years because we're still in the championship with declining gates. Let
Exactly Doc Too many people say Bates saved us but most of them seem to either not know or chose to ignore that there where 2 other bidders who offered more but these got totally desregarded because of the said 18 million debt.
Exactly and why I said that the LUST comment that we would not survive without investment was a crazy comment. The only reason our balance sheet shows a loos is because Bates is a thief. Stop bleeding us dry and we would be profitable. Leeds Utd has funded Bates lifestyle
That's exactly why LUST were so worried about our survival. Let's also not forget the 'preference shares' and mortgaging off of season tickets, which were proof of the club's cashflow issues.
Millwall posted a loss of £4M last season - Thought that was bad, but Bristol City £11M, Leicester £15M, Derby County £7.7M, Forest £11.4M, Burnley £4M, Birmingham City £12.4M, Hull City £20.4M If you lot think that Bates is able to filter away millions while you still have a team challenging for promotion and build your East Stand pay legal fees etc etc then you really are as fickle as they come
LUST were never "worried", they were sensationalising everything and scaremongering to drum up support. Bates has made a tidy profit selling both Chelsea and Leeds, but I am pissed off that GFH have kept him involved. Makes me think Haigh and company may be a bit weak. Roman told Bates to get lost, why didn't we?
