Accounts/Norman Hassall Update

Rundown of the latest Crewe Alex Accounts:

Club lost £428,000 for year July 17 - June 18. The year before losses were £595,000.
The club's bank loans and overdrafts were up to £832,500 from £735,000 and directors loans rocketed from £160,000 to £475,000.
However, the accounts do show £234,000 cash in the bank.

Some other highlights:

Dario was paid £27,000 despite being suspended although this was down from £51,000 the year before.
There was a £300,000 increase in money owed to the club from 'trade debtors', which is likely to be the George Cooper transfer fee.
Brad Walker cost us £40,000.
Spending on wages remained around the £3m mark, as it has done now since we dropped out of the Championship 14 years ago.

Summary:

Given these figures are almost a year old and there has been no significant sale since we are desperately in need of some transfer cash this summer. I would love Ng and Kirk to stay, but we need the money.

Norman Hassall:

The £390,898 the directors consider Norman has taken from the club, which they did open legal proceedings over last year, has been wiped from the accounts. As far as accounting goes, this money is no longer considered as 'owed' to the club.

This now takes the total Norman has had from the club (completely legally), to around £2.2m.

Hassall's only non-CAFC company, European Brand Trading, which has been embroiled in a row with HMRC for almost 10 years over unpaid import tax, ceased its legal action due to financial constraints.earlier this year. He has since applied for the company to be liquidated with debts of over £350,000.

The good news is that it does seem Hassall is settling some of his affairs, but he still unfortunately holds all the cards where ownership of the club is concerned.

All we can do as supporters is to keep supporting the team on the pitch knowing the board are doing everything they can to resolve the Hassall situation and move the club forward.

Up The Alex!

Very interesting, TK, and I think this puts the performance of the active board members into perspective - i.e. they are working with one and a half arms tied behind their backs. Just imagine what they could have done with £2.2m over a 5(?) year period.

I imagine that when Peterborough cough up the Cooper money that will offset that season’s losses and that DA might be given half of any fee received for Perry and/or Kirky to spend on replacements, as long as their salaries are no higher! He has shipped out a few higher earners so should have a little wiggle room there.

Thanks for your analysis, it’s really helpful to have an easy to understand summary of what can often be impenetrable pages of financial information. Keep up the good work and a future investor might make even better use of your expertise.

Have a good summer and COYR!

Thanks again for the insight TK, have read your blog too and it is all very interesting reading.

I would imagine we took a loss on Walker. Fee was undisclosed but it was probably just to pay up his contract.

On the face of it the fact that we haven't really reduced the wage bill since Championship days would be cause for concern but I imagine wage growth over that period would account for some of that and then theres EPPP which basically required the club to increase its academy staff to keep it Cat 2. One can sense another argument on Cat 2 status coming but I think we would be worse off for not being able to train youth under 12. The vast majority of players who do break through seem to have been at the club since 6, 7, 8. It would have a knock-on effect, reducing compensation and would probably cost more to bring in players from outside needed to compete. Would much rather see us develop our own than paying some half-assed journeymen thats for sure.

Sooner we get rid of this leech Hassall the better! The way he has conducted his affairs at Crewe and in his other business ventures does give some grounds for worry.