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Pace is running this enterprise on bull$hit, I've no idea what the CO2e emissions equate to, but I can smell a rat from here. I was flabbergasted to read we had to borrow £12,500,000 to cover the Wood installments.Quote:
Originally Posted by sinkov
Unless we win two more games, I fear our financial goose may well be cooked.
COYC!
I like this from the Notes,
"25 Events after the reporting date.
Following the period end the club acquired the player registrations of Wayne Hennessey, Maxwel Cornet,
Connor Roberts, Aaron Lennon and Wout Weghorst on permanent playing contracts.
The player registration of Chris Wood has been disposed of after the year end.
The net expenditure arising on these transfers is £1,300,000.
Following the year end £10,000,000 was advanced to a fellow group company."
I'm sure there's a very good reason, but I am curious, who have we 'advanced' that £10m to, and why ?
It was fired across to "Mormon United" and it's transpired we are a f*cking Mormon benevolent fund.Quote:
Originally Posted by sinkov
Seems to me the auditors are very concerned to cover their backs, last year's Independent Auditor's report just about stretched onto a third page, this year it goes onto a fourth page and includes this,
"We draw attention to Note 2 of the financial statements in respect of key judgements relating to the
timeframe for settlement of amounts owed by wider group undertakings (i.e. group undertakings whose
results are not included within these consolidated financial statements), and the factors which may
impact eventual recoverability of these balances. This matter is relevant to the parent company and its
subsidiaries. Due to the quantum of these balances, we consider these key judgements are fundamental
to users' understanding of the financial statements.
We draw attention to Note 18 of the financial statements regarding fellow group undertakings being
obligors to a third party loan held within the balance sheet of Burnley FC Holdings Limited. The Burnley
Football & Athletic Company Limited (a subsidiary undertaking) has and is likely to continue to make
interest payments in respect of this loan and it is anticipated it will remain involved in the financing of
capital payments in respect of this loan in the future, on behalf of Burnley FC Holdings Limited. We
consider that understanding the obligations of fellow group undertakings in respect of this loan balance
is critical to understanding the financial statements of the parent company."
Note 2 refers to the 'outstanding debtor balance of £102,000,000' and note 18 to the £65,000,000 payable should we be relegated.
The Auditor's report also includes quite a lengthy section headed "Extent to which the audit was considered capable of detecting irregularities, including fraud". It's possible this is normal and standard practice in an auditor's report, I wouldn't know, what I do know is that this section did not feature in last year's report, it's cropped up for the first time this year. make of that what you will.
I get the distinct impression, reading between the lines, that what the auditors are saying is 'Yes, on what we can see, everything is fine and dandy, but there's an awful lot going on in the background that we can't quantify, or may not know about, so if it all goes tits up, don't blame us'.
"Due to the quantum of these balances, we consider these key judgements are fundamental
to users' understanding of the financial statements."
Translated into layman's English - "unless you stay up and retain a grip on the EPL lucre, Burnley Football Club is well and truly f*cked". :blue:
I bet Garlick is laughing all the way to the bank.Quote:
Originally Posted by The Bedlington Terrier
Aye, we can all see why Garlick sold it, what I'm trying to work out is why Pace bought it. I've no doubt he intends to be laughing all the way to the bank at some point in the future, but how is he going to achieve that ? What's the plan ?Quote:
Originally Posted by ClaretinBudapest
Dyche's luck eventually ran out mon ami, Pace's luck will run out in May if we don't pick up another six points pronto.Quote:
Originally Posted by sinkov
The vulture's are already circling...
Attachment 21731
Pope linked with Fulham and Spurs, Brownhill with Wet Spam and Everton.
Our fans will be delighted to see Brownhill go, the vast majority have been against him ever since he arrived.Quote:
Originally Posted by The Bedlington Terrier
Remember too that many, many fans wanted rid of Garlick.
Thinking about it, over the last 18 months, a lot of fans will be delighted with the fact that we got rid of Garlick ,who would not spend, Dyche whose football they did not like, Wood who was not worth a place and they now have the prospect of getting shut of Brownhill, another anti-hero. Life must be great for these fans.
According to the footy media three clubs want Brownhill, and Bristol City are creaming their pants because they have a sell-on clause.Quote:
Originally Posted by Supersub6