Rob Harris ‏@RobHarris Birmingham City 13-14 finances released to HK stock exchange: Turnover down to £20m. Losses £12.5m. Wages £18.5m. Their losses exceed the £8m allowed, they'll now be put under a transfer embargo for the January window.
Not a good day for football club owners, former Rangers owner Craig Whyte has just been banned from being a company director for 15 years.
"Turnover down to £20m. Losses £12.5m. Wages £18.5m." So income £20M Expenditure £32.5M ?? Frightening. If football finance was in the real world the clubs would all fold, oh, hang on, they could not pay silly wages, so could not attract foreign players so the squads would be full of Brits? If Sky/BT pulled the plug we could get back to the real world.
The carrot for this spending is the Premier League though. There are plenty of people who would play professional football for 30k per annum never mind per week. One day this game will implode. I dont think it will be that far away either
payments for players are, iirc, treated differently so that their cost is spread over a number of years for accounting purposes, like fixed assets. so some of the losses and perhaps expenditure (not to sure about that) are carried over from previous years. possibly. someone tell us.
