Bigblueowl Posted July 11, 2019 Share Posted July 11, 2019 4 hours ago, domSWFC said: Could this be described as "cooking the books? " Cooking! More like deep fried, triple cooked and then roasted. 1 Link to comment Share on other sites More sharing options...
Guest mkowl Posted July 11, 2019 Share Posted July 11, 2019 2 minutes ago, bobness said: It's also not exactly rocket science to pick a sale figure that conveniently results in posting a profit. If that figure needed to be £48m, surely it just as easily could've been. not really - it has to be provided by an expert and the auditor has to be satisfied that the valuation is not biased. Link to comment Share on other sites More sharing options...
tarn owl Posted July 11, 2019 Share Posted July 11, 2019 Steve Gibson reaction to today’s news Link to comment Share on other sites More sharing options...
Guest mkowl Posted July 11, 2019 Share Posted July 11, 2019 4 minutes ago, Bigblueowl said: Cooking! More like deep fried, triple cooked and then roasted. I don't know as someone who works in this sector I am quite impressed with the work round Link to comment Share on other sites More sharing options...
Animis Posted July 11, 2019 Share Posted July 11, 2019 2 minutes ago, mkowl said: not really - it has to be provided by an expert and the auditor has to be satisfied that the valuation is not biased. and the EFL need to determine that it's market value for FFP purposes. Link to comment Share on other sites More sharing options...
Guest mkowl Posted July 11, 2019 Share Posted July 11, 2019 1 minute ago, Animis said: and the EFL need to determine that it's market value for FFP purposes. Yep for FFP purposes I am presuming that the reason for the accounts delay was to get this valuation tick boxed by the EFL as well Two don't have to be connected - indeed might not be - but it would seem the sensible approach Link to comment Share on other sites More sharing options...
Animis Posted July 11, 2019 Share Posted July 11, 2019 Just now, mkowl said: Yep for FFP purposes I am presuming that the reason for the accounts delay was to get this valuation tick boxed by the EFL as well Two don't have to be connected - indeed might not be - but it would seem the sensible approach yes, you do hope so, don't you. I wonder if the same consultant team who 'valued' Pride Park were employed. Link to comment Share on other sites More sharing options...
bobness Posted July 11, 2019 Share Posted July 11, 2019 1 minute ago, mkowl said: Yep for FFP purposes I am presuming that the reason for the accounts delay was to get this valuation tick boxed by the EFL as well Two don't have to be connected - indeed might not be - but it would seem the sensible approach Are you under the impression then that these accounts will be deemed satisfactory to the EFL? If so, DC has indeed done well to resolve the issue. Now if only he could also find a way to sell some players... Link to comment Share on other sites More sharing options...
Spookone Posted July 11, 2019 Share Posted July 11, 2019 11 minutes ago, mkowl said: I don't know as someone who works in this sector I am quite impressed with the work round That's reassuring to hear Link to comment Share on other sites More sharing options...
Guest Posted July 11, 2019 Share Posted July 11, 2019 3 hours ago, mkowl said: Going by a quick check our accounting losses are now May 2016 £9.6m May 2017 £20m July 2018 Profit £2m So say £28m - caveat is this is not necessarily the FFP position but nearest we will know So £9.6m will drop out but July 2019 figures will add in Given the changes are only in the summer 2019 then I can see a loss of £20m easily for the season just finished - with no Plan B (well we could sell the training ground !) I think just plodding along we will be upto the FFP limits on a rolling basis That's pretty much how I see it. Not sure that P&S will look the same in 12 months time though, and how long has it been capped at £13M acceptable losses per season over 3 seasons for? Surely this will be adjusted at some point if they do keep the rules. Link to comment Share on other sites More sharing options...
mike84 Posted July 11, 2019 Share Posted July 11, 2019 4 hours ago, WalthamOwl said: So our ground is now owned by a Hong Kong holding company. Am i the only one a little concerned by all this? What happens if we get in this mess again? New account and overdraft with the co-op bank? Link to comment Share on other sites More sharing options...
Animis Posted July 11, 2019 Share Posted July 11, 2019 Derby did a similar thing but interestingly their valuation of the stadium was significantly more: A £30.9million operating loss for 2017/18 – a result of the club vastly overspending in order to challenge for promotion – was reversed to a £14.6million pre-tax profit, by virtue of the club selling Pride Park to owner Mel Morris and leasing the stadium back. The club was able to recognise a gain of £39.9million through the deal, completely undoing the effects of having a wage bill significantly larger than its revenues while continuing to invest in the squad. That means the Rams have been able to comply with the EFL's profitability and sustainability (P&S) regulations. The club are confident that the deal, valuing the stadium at £81.1million, is "within the financial rules" of the league. Link to comment Share on other sites More sharing options...
Costello 77 Posted July 11, 2019 Share Posted July 11, 2019 1 hour ago, marcx666 said: @Mycroft will buy it By mistake.. 2 Link to comment Share on other sites More sharing options...
Sultan_Pepper Posted July 11, 2019 Share Posted July 11, 2019 Fairly sure we valued the ground at 60 million in all this, not the 38 people are bandying around Link to comment Share on other sites More sharing options...
Guest mkowl Posted July 11, 2019 Share Posted July 11, 2019 39 minutes ago, bobness said: Are you under the impression then that these accounts will be deemed satisfactory to the EFL? If so, DC has indeed done well to resolve the issue. Now if only he could also find a way to sell some players... Can't really answer that but with Biggs suggesting the embargo will be lifted soon, the accounts are filed, then crossed fingers time I concur it is a resolution of an issue but that we have to be sensible and erm only lose £13m a season from now on - but the numbers suggest we are probably at that with the set up as it is revenue v costs Link to comment Share on other sites More sharing options...
Guest mkowl Posted July 11, 2019 Share Posted July 11, 2019 1 minute ago, Sultan_Pepper said: Fairly sure we valued the ground at 60 million in all this, not the 38 people are bandying around We did - £38m is the profit over the historic valuation in the accounts Link to comment Share on other sites More sharing options...
fred mciver Posted July 11, 2019 Share Posted July 11, 2019 Must have got Eadon, Lockwood and Fiddle Sheffield Estate Agents to value stadium. How has it gone from £23 million four years ago to £60 million now? In a flood zone. With local property inflation at around 5% per annum. And our operating losses are over past 3 years are incredible. 1 Link to comment Share on other sites More sharing options...
marcx666 Posted July 11, 2019 Share Posted July 11, 2019 3 minutes ago, fred mciver said: Must have got Eadon, Lockwood and Fiddle Sheffield Estate Agents to value stadium. How has it gone from £23 million four years ago to £60 million now? In a flood zone. With local property inflation at around 5% per annum. And our operating losses are over past 3 years are incredible. Ask the chartered surveyor whose put his reputation on the line? Link to comment Share on other sites More sharing options...
fred mciver Posted July 11, 2019 Share Posted July 11, 2019 1 minute ago, marcx666 said: Ask the chartered surveyor whose put his reputation on the line? I doubt if he's under RICS's charter. I'd instruct him to flog my house if I knew his name. Amazing. Link to comment Share on other sites More sharing options...
marcx666 Posted July 11, 2019 Share Posted July 11, 2019 3 minutes ago, fred mciver said: I doubt if he's under RICS's charter. I'd instruct him to flog my house if I knew his name. Amazing. To be fair, I'm just copying what @mkowl said, someone who is far more knowledgeable than me, or you, or anyone else on this dump about this stuff 1 Link to comment Share on other sites More sharing options...
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