Reply With QuoteA little snippet from the Accounts--
Khaled pocketed £223k that year.
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With thanks to BBS Qualified Accountants Exile and Archerfield.
Accounts for Year up to May2023
An Operating Loss of £5.8 million reduced to a Loss of £4 million by profit on transfers
"Turnover" (income) down from £15 mill to £9.5 mill mainly due to TV money share going down with relegation to Third Division from £8.6 mill to £2.9 mill. The £2.9 mill figure of income is taken back up to the £9.5 mill by ticket income (£3.4 million), merchandising and sponsorship
Salaries cut from £13.1 mill to £9.9 mill.
Debts still owing of £4 mill, being £3 mill to Crynes for purchase of club plus £1 million in loans (EFL Covid)
A loss of £15 mill in last three years.
Club only afloat because of Share Injections of £10 million (£3mill ring fenced to pay Crynes) put in by Parekh's group and by by Lee/ Conway group taking up their rights issues.
The need for promotion financially is stark as such continued losses cannot be sustained unless by more and more player sales each year.
Last edited by SBRed48; 28-02-2024 at 07:51 AM.
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A little snippet from the Accounts--
Khaled pocketed £223k that year.
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It can be noted that there have been no Share Issues this Autumn and Spring.
This year's (May 23 onwards) losses are being covered to a large extent by income from the transfer instalments income from Andersen, Kitching and Collins( not all is paid in one year) plus any left from Woodrow, Morris,Brittain and Helik.
The phrase "All transfer income goes to the player budget" means it is used for wages and only a little to fund incoming transfers.
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Judging by those figures, it's understandable why the Kitching and Anderson transfer monies received haven't been redistributed into recruitment. It's also understandable why our recruitment is where it is, hence free transfers. The club are still reeling financially after Conway done this kind of damage. The significance of relegation from the championship is now well and truly clear. Conway hadn't anticipated that and clearly hadn't budgeted for it either.
What I don't understand is why Conway(as club representative and acting Chairman) was allowed to run up such significant debts. Surely his fellow investors must've had half an eye on proceedings during Conways 4 years in charge but still entrusted him.
What a mess.
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Originally Posted by SBRed48
An annual income involving that kind of money may well explain Ahmeds arrogance, narcissism, smugness and supercilious nature
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It's the central issue of the EFL Investigation--who was in control at BFC at the time and were proper procedures followed in appointing them and reporting who they were to the EFL. The four New York Hedge Funds run by Jack Schreiber 9%, Joshua Samuelson 5%, Matthew Edmonds 3.25% and Lee Pollock 2.75% really left Conway to it to make them money.as the representative of their 20% of BFC.
It is a fact that the wife of Matthew Edmonds is JAQ who bears some of the responsibility of leaving Conway to get on with it but it seems to be something that cannot be spoken about for some reason.
Perhaps the soon to be reported findings of the EFL Investigation will clarify matters.
Last edited by SBRed48; 28-02-2024 at 04:54 PM.
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Indeed
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Jesus Wept !!!
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And the new guy will probably be on the same or more!
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It must've been commission fo all them flatbreads he sold
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