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EFL Statement

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3 minutes ago, legendaryswan said:

I dunno McCabes not that bad LOL WTF:

Something I learned of an ex buisness buddy yonks ago,was if your competitors are more successfull than you copy the model,tweek out your own percieved impureities,project the cost,seek decent investors,it worked for him, he retired in his mid 40s,just does consultancy work and the odd conference,charges 60 quid p/h per head,his last conference was in Krakow,with 1500 attendees and lasted 8 hours!Hes far too savvy to invest in football tho LOL

Business, you either have a head for it or you don't.

People bang on about Chansiri being a successful businessman and I can find nothing that backs this up.

Now Milan, he was a successful businessman, he left a blank canvas for Chansiri to draw on and he has made no more than an amateurish scribble with some very expensive pens.

The difference between success and failure is knowing what your doing.

Sadly Chansiri doesn't and now desperation has set in hence his stupid actions, we are royally fizzed.

 

 

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1 hour ago, legendaryswan said:

so how did the scrubbers do it with just a 10M debt?

 

They sold players for good money.

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52 minutes ago, legendaryswan said:

And sensible ownership,with a defined recruitment policy and a strict wages policy

But they were on the verge of insolvency with an owner most of the fans hated who suddenly they prefer to their new owner. They got lucky with wilder without him they would be in a bigger mess than we are 

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3 hours ago, mkowl said:

I am not sure why folk are being judge and jury on this 

 

This is about evidence and really whether the judgement of the EFL is more appropriate than that of the Club and the auditors. 

 

There is no lower burden of proof here. The EFL rules categorically state the audited accounts are the starting point. If these are deemed to show a true and fair view then the EFL can not argue on the timing point. 

 

This seems to be the purpose of the disciplinary meeting not the valuation. 

 

And in terms of the valuation this again is an accounting concept. It is an in use valuation, depreciated replacement cost. Whether it is in a nice area, industrial or housing alternative valuation is totally irrelevant, a Maguire red herring.

 

It is simply

 

How much would it cost today to re-build to the same specification

 

Reduced by the remaining useful life 

 

So if it would cost 120m to rebuild, has a useful life of 50 years and we are 25 years into it / remaining that is where the 60m comes from

That makes sense to me at least.

When we bought our house 30 odd years ago for 38k we had to take out buildings insurance for around 80k when we questioned It we were told it would be to cover the cost of demolition clearing the site and rebuilding the house.

Might be clutching at straws but I can sort of see the parallels of when Leicester started all this by going bust and they got a slap on the wrist pretty much. 

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15 minutes ago, The Dukeries Owl said:

 

They sold players for good money.

Bang on

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8 minutes ago, jamiejohn said:

But they were on the verge of insolvency with an owner most of the fans hated who suddenly they prefer to their new owner. They got lucky with wilder without him they would be in a bigger mess than we are 

Dont recall them having cash flow trouble,apart from McCabe pocketing most of it.I knew he ran a tight ship,but they always looked to have the finances under control.

Agree they got lucky with mardiola,every chairman needs to have that bit of luck,same for managers

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"We're imposing these rules to safeguard against clubs putting themselves into a financial situation wherein they might go belly up, and if you break them we'll make you go belly up."

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16 minutes ago, Mightyowl1867 said:

Just said on news up to 35 points deduction for Wednesday

 

12 seems to be the expected.

 

35 would be relegation wouldn't it  ?

 

The problem is, after the embargoes and our previous rule breaking, we could be made a very big example of. 

 

Starting to get a bit worried.

 

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16 minutes ago, Mr Farrell said:

 

12 seems to be the expected.

 

35 would be relegation wouldn't it  ?

 

The problem is, after the embargoes and our previous rule breaking, we could be made a very big example of. 

 

Starting to get a bit worried.

 

Because we’ve possibly breached Several rules , the punishment could be very harsh 

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I am a member of the accountants union, bit like the goalkeepers union but we wear grey. So this acceptance of any points deduction seems a tad premature for me. I will be marching on EFL HQ with me abacus and copies of FRS 102 in support of the Club

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After how the EFL have handled the whole Bolton and Bury things and with other teams getting away with finding loopholes in there rules. I recon our lawyers will go to town on them and the punishment wont be half as bad as what we are expecting.

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2 minutes ago, pazowl55 said:

After how the EFL have handled the whole Bolton and Bury things and with other teams getting away with finding loopholes in there rules. I recon our lawyers will go to town on them and the punishment wont be half as bad as what we are expecting.

Let’s hope so 

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4 minutes ago, pazowl55 said:

After how the EFL have handled the whole Bolton and Bury things and with other teams getting away with finding loopholes in there rules. I recon our lawyers will go to town on them and the punishment wont be half as bad as what we are expecting.

 

The point I am arguing is this seems to be a case arguing about the application of accounting standards and adequacy of the supporting evidence. An interminable dull subject at the best of times. 

 

Are the EFL accountants better placed than those working for the club and the auditors to make that judgement ? Given the potential ramifications for the latter on a professional level then it will be defended for sure

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14 minutes ago, mkowl said:

 

The point I am arguing is this seems to be a case arguing about the application of accounting standards and adequacy of the supporting evidence. An interminable dull subject at the best of times. 

 

Are the EFL accountants better placed than those working for the club and the auditors to make that judgement ? Given the potential ramifications for the latter on a professional level then it will be defended for sure

You give me hope in this thread. I've got that nasty feeling that we are the example club. Same as Leeds were a few seasons ago when they were punished, relegated and points off the following season. Same as rangers were when they were dropped 3 divisions or whatever it was. 

 

Trouble is, back of my mind, I'm thinking the EFL won't care that our accountants can prove we exploited a loophole. Well, they will and they'll punish us anyway. 

 

On another note, how in gods name have we racked up losses that are so huge? We pay a huge amount for tickets, which give DC some wiggle room to put more in he says. Then we find out we lose nearly the full 3 season amount in 1 season? Our players must be on an absolute fortune. However, since we have to enter the North via penistone Road, me and the lad walk through the carpark. We always look at the cars cos we both love nice cars. There's no absolutely stunning ones except for an R8, which is hardly a hyper car. I'm not saying that this is the sole barometer for whether someone is overpaid or not but we don't seem to have players on eye watering wages. Is it cos we've got a large squad? I just don't see how we've lost so much in 1 season. 

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31 minutes ago, pazowl55 said:

After how the EFL have handled the whole Bolton and Bury things and with other teams getting away with finding loopholes in there rules. I recon our lawyers will go to town on them and the punishment wont be half as bad as what we are expecting.

Hopefully not the same lawyers who handled the contract with the unnamed kit manufacturer, who shafted us on price at the last minute :ph34r:

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If the cvnts relegate us over this, im fkn done with football.

 

 

Edited by Beholder

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2 minutes ago, Beholder said:

If the cvnts relegate us over this, im fkn done with football.

 

 

Bizarrely, I think if they relegated us I'd want to support us more. I'd want us to come back stronger and ram it up their pipes so far it came out the other end. Each to their own though, and I can see why a lot of people would have the same view as you. 

 

It's only a game innit? I keep telling myself that. 

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