Financial Results - club announcement

[vegassd]

Some of the BSoDL are ready to come out of their caves and tell us how much foresight they had and that we should have learned to trust them. ( "BSoDL unite!") LOL. I guess it would be worth the price of listening to them if we truly were about to start winning silverware with a great product on the field.

That's the wrong way to think about things though. There are some people who posted as if Levy could do no wrong, and some who would post as if Levy could do no right. Both of those groups are wrong.

Trying to label somebody as camp A or camp B based on something they say is just a dumb way to go about life. If there is a debate to be had it should be about the content or principle of what a person is saying and not what label someone applies to them.

The cautious financial approach of ENIC has seen us weather Covid pretty well, but that doesn't mean we can instantly justify it as "right". A lot of people had totally valid concerns that it was too either too cautious or was misguided. The problem (as I see it) was too many people were more interested about drawing battle lines and throwing insults than actually talking about stuff.

So let's try and leave BSODLs and ALBs behind us and try and talk about our club as if we were all fans of it!

 

[onthetwo]

Excellent detailed statement and very good results considering. Add gate money and commercial loss and we will be pushing £500m in next year’s accounts. Hopefully from here we can see a less bumpy road and continued growth. Exciting times ahead imo.

so how does one reconcile the gap between £100m operating income and an £80m loss before tax?
Presumably Interest on the stadium debt is the main explanation but no detail around that or any other non-operating losses unless im missing something?

 

[ShelfWatcher]

Good way to start the day. It is starting to look like a well thought out business plan being executed even in trying circumstances with some self imposed bumps along the way (Olympic Stadium, various coaches, players).

1. Upgrade training Ground.
2. Upgrade Stadium.
3. Hire world class DOF
4. Attract and hire world class Coach with the above
5. Upgrade Recruitment and Scouting
6. Upgrade Training Methods/Academy

Some of the BSoDL are ready to come out of their caves and tell us how much foresight they had and that we should have learned to trust them. ( "BSoDL unite!") LOL. I guess it would be worth the price of listening to them if we truly were about to start winning silverware with a great product on the field.

Look forward to reminding any BS foresight claim with rejoinder, worst trophy haul in over 100 years
If that's what foresight brings you...
Also due to horrendous recruiting we have wasted huge amounts on unsatisfactory players and staff. That's not foresight that's negligence/stupidity/incompetent
call it what you will
They are not worth listening to now, yesterday or tomorrow.

 

[soflapaul]

That's the wrong way to think about things though. There are some people who posted as if Levy could do no wrong, and some who would post as if Levy could do no right. Both of those groups are wrong.

Trying to label somebody as camp A or camp B based on something they say is just a dumb way to go about life. If there is a debate to be had it should be about the content or principle of what a person is saying and not what label someone applies to them.

The cautious financial approach of ENIC has seen us weather Covid pretty well, but that doesn't mean we can instantly justify it as "right". A lot of people had totally valid concerns that it was too either too cautious or was misguided. The problem (as I see it) was too many people were more interested about drawing battle lines and throwing insults than actually talking about stuff.

So let's try and leave BSODLs and ALBs behind us and try and talk about our club as if we were all fans of it!

No meant to offend anyone (apologies to any that were) and was a light hearted attempt to acknowledge the business plan that obviously fell short of the mark. If you look at my posts on the subject, i have actually been supportive of DL's business acumen (brilliant i would add) but thought his footballing decisions were less than hall of fame stuff.

 

[ShelfWatcher]

so how does one reconcile the gap between £100m operating income and an £80m loss before tax?
Presumably Interest on the stadium debt is the main explanation but no detail around that or any other non-operating losses unless im missing something?

Isn't that mainly our large net spend on players, much of which has been a waste. Something to do with depreciation etc

 

[soflapaul]

Look forward to reminding any BS foresight claim with rejoinder, worst trophy haul in over 100 years
If that's what foresight brings you...
Also due to horrendous recruiting we have wasted huge amounts on unsatisfactory players and staff. That's not foresight that's negligence/stupidity/incompetent
call it what you will
They are not worth listening to now, yesterday or tomorrow.

LOL. that isn't the purpose of the post. For all the missteps, one has to acknowledge that it appears we have as solid a foundation as any club on the planet who doesn't have bags of money being thrown at them. Credit due where credit deserved. He just needed to reduce his input on footballing decisions.

 

[Delboy75]

NFL and property investment loom large in that statement
it is a financial statement, but even with that proviso I think the absence of an on the field strategy is glaring. strategy in other areas is clear, whether you agree with those strategies or not, on the sporting side it’s a confused muddle

a statement that confirmed a lot of what we already knew.

It’s a financial statement outlining how we can improve revenue via various avenues. It’s not a synopsis about football strategy. And how is the football strategy muddled ? Couldn’t be clearer imo we’ve employed 2 people who worked together incredibly successfully for 4 years at an elite European club. Not sure what you might be confused about ?

 

[JUSTINSIGNAL]

Look forward to reminding any BS foresight claim with rejoinder, worst trophy haul in over 100 years
If that's what foresight brings you...
Also due to horrendous recruiting we have wasted huge amounts on unsatisfactory players and staff. That's not foresight that's negligence/stupidity/incompetent
call it what you will
They are not worth listening to now, yesterday or tomorrow.

Here he is

 

[ShelfWatcher]

LOL. that isn't the purpose of the post. For all the missteps, one has to acknowledge that it appears we have as solid a foundation as any club on the planet who doesn't have bags of money being thrown at them. Credit due where credit deserved. He just needed to reduce his input on footballing decisions.

? I'll give ENIC credit when they start putting trophies in the cabinet
I will give them credit for the great community work they have done and the infrastructure work.
But as I've said many a time give me an oligarch who buys us success all day long
Until we are a success on the pitch, I will never be an ENIC fan

 

[vegassd]

No meant to offend anyone (apologies to any that were) and was a light hearted attempt to acknowledge the business plan that obviously fell short of the mark. If you look at my posts on the subject, i have actually been supportive of DL's business acumen (brilliant i would add) but thought his footballing decisions were less than hall of fame stuff.

Sure thing... it's just something that seems to happen too often on this site. Drawing up scenarios where if somebody voices an opinion about club finances it ends up with them crawling out of a cave!

There's already a reply about "they are not worth listening to" which just shows how some people think about their fellow fans. A bit of a shame in my view, but there we go.

 

[onthetwo]

Isn't that mainly our large net spend on players, much of which has been a waste. Something to do with depreciation etc

Thats usually booked 'above the line' i.e under operating expenses.

 

[Drink!Drink!]

It’s a financial statement outlining how we can improve revenue via various avenues. It’s not a synopsis about football strategy. And how is the football strategy muddled ? Couldn’t be clearer imo we’ve employed 2 people who worked together incredibly successfully for 4 years at an elite European club. Not sure what you might be confused about ?

The football strategy under Levy “couldn’t be clearer”

erm can’t let that pass. There’s been no consistent strategy whatsoever. Let’s not airbrush our recent history

 

[ShelfWatcher]

Thats usually booked 'above the line' i.e under operating expenses.

Ah okay, cheers didn't know that. Then I haven't a clue, some financial experts will be along I hope to help ?

 

[shelfboy68]

I

That's not the way you do it though is it. You set a maximum a club can pay in total on wages and how they proportion that is up to them. It's how it works in Rugby union, so as one team can't just hoover up all the talent and pay them all over the odds.

That would be a good idea but football is different to other sports I just can't see them cutting their cloth accordingly unless the TV money income bubble bursts

 

[EQP]

Im an accountant but im a shit one so can someone just let me know - are we rich?

From my understanding of the figures, we are this type of rich now

 

[onthetwo]

Im an accountant but im a shit one so can someone just let me know - are we rich?

Based on the numbers presented i cant fathom the 'gap' between pretty decent operating profit and the pretty massive pre-tax losses other than a guess that the cost of servicing the debt for the stadium is pretty scary?

 

[cabinfever]

Excuse my ignorance but to me it reads like we need to be a bit more reserved in our spending and not splash the cash?

Am I reading it wrong?

Yes Daniel, you’re reading it wrong!

 

[ukdy]

But as I've said many a time give me an oligarch who buys us success all day long

No ta. After all the work that's been done by ENIC thus far - it would seem even more hollow.

 

[kmk]

Very interesting thread on Twitter by Kevin Maguire (Football Finance expert).

 

[vegassd]

Daniel Levy pay (down) £261,000 to just £2,698,000. Spurs fans considering crowdfunding to make up the deficit.