Hold onto your hats boys and girls, the accounts have been posted today: http://www.scribd.com/doc/216979836/Leeds-City-Holdings-Ltd-Accounts-FY2013 A few key takeaway points: Operating loss was £9.99m vs 2012 loss of £4.19m - Mainly due to a £3.8m drop in turnover GFH put in £11m in loans, a further £950k and £825k were put in by Sports Capital post year end Further £2m advanced by Berrydale (GFH subsidiary) £900k paid to preference share owners in interest, with £333k in debt interest to those holding "other loans" Here's the really big ones Wage bill increased 9.8% while Directors pay increased from £312k to £754k (141%!!!!!) Highest paid director was paid £265k of that, and accrued a bonus (YES, A BONUS!) of £440k (with half paid at year end) Voting with your feet seems to work, gate receipts down 14.5% and merchandise income down 11.5% I expected them to be bad, but it's been suggested on twitter that we are already foul of the FFP rules without taking into account the fact that the accounts for this financial year will be much worse. Looks like Cellino has his work cut out!
More revelations as they come folks: ---------------------- Phil Hay ‏@PhilHayYEP 11m Accounts confirm that between March 2013 and June 30 2013, #lufc had no controlling party because GFH had sold shares to "various parties" Phil Hay ‏@PhilHayYEP 8m The current playing squad is valued at £13.075m. #lufc Phil Hay ‏@PhilHayYEP 11m In 2012-13, the club paid £100k to the El Hadji Diouf Help Fund, a charity in Senegal. ----------------------------------- That one about Diouf's charity is shocking for club struggling financially really.
Consider the fact that our operating loss is £9.99m for last financial year, and then have another look at the FFP flowchart: please log in to view this image
What I don't understand is how GFH have any stake left in the club. Who did Cellino buy his shares from that allowed GFH to retain 25% of the club? Who receives MC's money for the sale of the club?
I was just trying to dig around and find the answer to that! Seems they have sold off chunks, taken loans from all comers and still sapped the money back out for their directors.
George Dyer ‏@Ole1985 2 further observations: 1) collective pressure to get Bates out worked. Drops in turnover would have put immense pressure on him to sell up. George Dyer ‏@Ole1985 2) meeting FFP challenges next season will be huge. Max of £8m losses allowed and we will be north of £11m and that is pre any inc. in this
Cellino can probably apply for some of the exclusion rules. With a bunch of players out of contract and walking away in July that would help a little under the depreciation of assets surely? Pugh for starters purchased at £500k walking on a free
Hopefully...though he hasn't made best friends with the Football League The wage bill will hopefully drop significantly in summer, but I worry that this will all restrict how much investment can be put back into the playing squad
Hence why McD is in a job till after Thursday, new owner must have some bearing on it all? If he purchases Elland Road that will also be one of those exceptional circumstances for next season. In all honesty there are lots of loopholes in the FFP to be exploited and they don't worry me based on what has happened to us under GFH Worse case scenario - ban doesn't start till Jan 2015 we can fill our boots with players in July and ban lasts until you can prove you are operating within FFP rules. Cellino can simply blame it all on past owners
If Cellino gets the nod on Thursday and next season we start to play attractive football we can get back the £3m in gates, better sponsorship, save £2m on leaving players £1m on interest and nearly £2m on directors pay and how much is rent to the council on ER and TA
Expect Chris Dawson to play before the end of the season Cellino rates him highly Our squad is valued at £13.75 million which is absolute bollocks Kenny - £0 Warnock - £250k Pearce - £500k Lees - £500k Byram - £1.5 Pugh - £0 Murphy - £500k Austin - £500k Mowatt - £100k Ross - £4million Smith - £500k And that is over estimating rest are worth **** all really
We might value some players at £0, but non of them actually have a 0 value. Their value is at least the total of wages to end of contract
More worrying should be the movement of shares - none of it was disclosed to the FL which they are obliged to do in accordance with league rules - FL are now going to investigate this, and if any rules have been broken, you can bet your bottom dollar a severe punishment will follow
Phil Hay @TSSLUFC thing is, on June 30, 2013, the squad was valued at £4.563m. On Sept 1, 2013, it was valued at £13.075m. Hunt, Murphy, Wootton?
Love the way you set out the thread Can I nominate you to take over the Transfer Rumours thread this summer?
