Different to what I said in the other thread these are in fact the set of accounts which saw us fall foul of FFP and therefore had the transfer embargo imposed. They show an operating loss of £9.3m which was just over the £8m threshold. So basically we went in for a penny rather than a pound and still messed up! Although in fairness I believe the main contributing factor was the collapse in the transfer of Ruiz (January 2015?). The link to view the whole set is : https://beta.companieshouse.gov.uk/company/02114486/filing-history However here is a summary which pretty much says it all: please log in to view this image Time will tell whether wages have been cut further this year to get us out of the pickle. Stekelenburg and Mitroglou come to mind, as do all the loans who still attract payments.
Couple of points (all estimates since we don't have exact figures or dates): Player trading We spent £23m in the covered year. Based on last year's statements Ross McCormack, Voser, Eisfeld, Bodurov, Casasola & Smith were around £12m in total. Given £6.5m of deferred payment on signings from prior years, that implies that Cairney cost around £4.5m which is broadly what I would expect. What is interesting is that player trading to 22 November had a net expense of £2m. This indicates that the signings of Richards, Mattila, Ream, Fredericks & Stearman cost about £2m more than the initial fee we received for Patrick Roberts. 2015-16 Were the Premier League salaries we offloaded in the 2015 summer (Rodallega, Ruiz) enough to cover those of the good Championship players we brought in (Lonergan, Cairney, Richards, O'Hara, Ream, Fredericks, Stearman)? Otherwise we'll have the same loss problem next year due to high wages. We'll be shipping out the salaries of three of our last four high earners this summer in Parker, Stekelenburg & Mitroglou. But realistically we need to reduce our staff costs by another £30% to about £20m, as we are half way through the parachute payments already. How close we were to being okay on FFP (mainly that Bryan screw up) also explains while Mitroglou had to go out on loan if we couldn't sell him. Although with hindsight we could have kept him since we failed FFP anyway. In short, we were close to where we wanted to be but ultimately we screwed up. It's crazy how much average players can earn in the Premier League, since we managed to spend over £30m even with all the talent we released/sold after relegation.
Continuing some points of detail from the 2015 report: We fired 36 admin and ground staff. The aggregate Directors' emolument (love that description!) was £803k (2014 - £806k) including pension contribution. The highest paid Director (Ali Mac presumably) got £598k (2014 - £604k). So no wage reduction on relegation for them (him!). And of course this year we have to factor in Mike Rigg.
Cottager am I right in saying that from next season the allowed loss is rising from £6 million to £13 million, thought I read this as the football league admitted it was to tough for relegated teams to comply! If I'm reading the above right we would not have broken the FFP in this case. Along with the increase in allowed loses we won't have any big signings in our next accounts ( McCormack etc) and we should still get decent transfers for Mitro, Dembele and Stek plus lose Parkers wages. Basically what I'm asking is do you think we will struggle to come out of the transfer embargo and will we be able to spend a bit in the summer without going close to breaking it again?
That's correct Cookie, it's £13m for the current season ie the 2015/16 Accounts but it was £8m for the set in question - the year (2014/15) we went down. So far as 2015/16 goes, the wages for the guys you mention will still be on the books (although at least most of Stek and Mitrog is being picked up by others). And there's been other costs - Felix(?)/Kit payoff, Slavi/Rigg/Nando wages and all the loan wages. Plus we've got reduced a parachute payment so it's going to be touch and go again. One thing I'm not clear about is how the Football League decide we're within the rules when the accounts are not due until 30 June 2016. Obviously by this time in the year the Club must be pretty clear where we stand but I've no idea how they convince the League so that the embargo can be lifted in time for the summer transfer window. Kind of makes fair play pretty unfair for some I think.
