http://www.walesonline.co.uk/sport/...rdiff-city-accounts-explained-expert-12703275
Losses of £8.74 million. Pocket money to VT but a borderline FFP problem. Still £100m owed to him.
With parachute payments to end completely after next season, 2017/18 looks like a make or break for us.
It is disappointing to see that VT has not made good his promise to convert £68m of debt to equity during the accounting period. It says that £10m was written off (good) and £8m was converted to equity in November 2016 after the year end but another £7m was put back in to bolster cashflow. In addition there was a further £7m loan from a non UK registered company in which Mehmet Dalman has an interest. Bit of a whiff of Sam's tactics there.
I think this makes it clear that our big earners have to go this summer. Manga and Lambert being the main ones with Whitts having a publicised reduced salary if he stays. Up to Colin to bring in the players he wants on a shoestring and probably dependent on off loading the big earners.
Not the news we wanted to hear. I guess Colin had a heads up on these figures so knew the message he had to give out.
The article contains a link to a fuller assessment by Keith Morgan of the Supporters' Trust. This gives more detail and is a good read.
Losses of £8.74 million. Pocket money to VT but a borderline FFP problem. Still £100m owed to him.
With parachute payments to end completely after next season, 2017/18 looks like a make or break for us.
It is disappointing to see that VT has not made good his promise to convert £68m of debt to equity during the accounting period. It says that £10m was written off (good) and £8m was converted to equity in November 2016 after the year end but another £7m was put back in to bolster cashflow. In addition there was a further £7m loan from a non UK registered company in which Mehmet Dalman has an interest. Bit of a whiff of Sam's tactics there.
I think this makes it clear that our big earners have to go this summer. Manga and Lambert being the main ones with Whitts having a publicised reduced salary if he stays. Up to Colin to bring in the players he wants on a shoestring and probably dependent on off loading the big earners.
Not the news we wanted to hear. I guess Colin had a heads up on these figures so knew the message he had to give out.
The article contains a link to a fuller assessment by Keith Morgan of the Supporters' Trust. This gives more detail and is a good read.
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