SWFC Accounts Published

[Guest Mcguigan]

5 hours ago, toooldforthis said:

The most significant note is this:

 

"The owner has confirmed that sufficient financial support will be made available to enable the Company to meet its obligations as they fall due for a period of not less than 12 months from the date of approval of the financial statements. The director acknowledges that this support is not legally binding and is dependent on the availability of funding from the owner. Therefore, a material uncertainty exists which may cast doubt over the company's ability to continue as a going concern and, therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, after making enquiries and considering the funding requirements of the Company, the director is confident that funding will be made available and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly he continues to adopt the going concern basis in the preparation of the financial statements."

 

The rest of the accounts show that SWFC will depend upon more funds (either loans or share capital) from the Director.

 

Those funds appear to have been released if creditors, including players, have been paid. 

It’s not that significant as it has been copied and pasted in every set of accounts since DC took over and probably before.

 

We are a loss making business and, wage bill wise, have punching well above our weight for years. Even in MM’s prudent years with a £12/13m wage bill, we still lost millions a year.

 

We don’t have the commercial revenue streams that clubs, we class as our peers do. £5.7m from commercial activities covering all sponsorship and advertising income, all the corporate revenue and retail income is poor considering we like to think of ourselves as one of big Championship clubs.

[soldierboyblue]

1 hour ago, Mcguigan said:

It’s not that significant as it has been copied and pasted in every set of accounts since DC took over and probably before.

 

We are a loss making business and, wage bill wise, have punching well above our weight for years. Even in MM’s prudent years with a £12/13m wage bill, we still lost millions a year.

 

We don’t have the commercial revenue streams that clubs, we class as our peers do. £5.7m from commercial activities covering all sponsorship and advertising income, all the corporate revenue and retail income is poor considering we like to think of ourselves as one of big Championship clubs.

Totally agree with all of this - for over 25 years our commercial activity or distinct lack of it off the field are a huge constraining factor. This has needed fixing for years and still needs major surgery now. Our marketing and the like is appalling. I do think that it would have been addressed if we had been promoted but this is now years away and this revenue stream needs fixing to start bringing much needed income into the club

[TodwickOwl]

The average is around -25m in losses per year for a Championship side 

 

Staggering - it will blow, at some point and take a number of clubs with it 

[Manwë]

2 hours ago, Mcguigan said:

£5.7m from commercial activities covering all sponsorship and advertising income, all the corporate revenue and retail income is poor considering we like to think of ourselves as one of big Championship clubs.

 

Considering a portion of that is also from Chansiri, our commercial external income streams are utter poo .  IIRC in the early days, Chansiri's 3 companies put in approx £1.2m a year.

[swfcGibbo]

It's happening everywhere.

 

https://theathletic.com/2689613/2021/07/06/explained-why-barcelona-cannot-register-their-new-signings-and-what-it-means-for-lionel-messi/

[longreach]

"Turnover fell by £1.9m to £20.9m (£22.8m 2019) primarily due to the loss of five home games being played behind closed doors, due to the Covid 19 pandemic",

 

But according to Chanser, didn't he say "the supporters contribute very little" or am I way off with that?

 

[CalmJimmers]

3 hours ago, Mcguigan said:

It’s not that significant as it has been copied and pasted in every set of accounts since DC took over and probably before.

 

We are a loss making business and, wage bill wise, have punching well above our weight for years. Even in MM’s prudent years with a £12/13m wage bill, we still lost millions a year.

 

We don’t have the commercial revenue streams that clubs, we class as our peers do. £5.7m from commercial activities covering all sponsorship and advertising income, all the corporate revenue and retail income is poor considering we like to think of ourselves as one of big Championship clubs.

 

Yeah but mate, all we have to do is get in a manager who plays like Big Ron and we'll be top 6 Prem, we were reyt big in the 90s.

 

Football has moved on so much and we're still trying to put Sputnik together whilst others have already landed on the moon.

[Animis]

4 minutes ago, longreach said:

"Turnover fell by £1.9m to £20.9m (£22.8m 2019) primarily due to the loss of five home games being played behind closed doors, due to the Covid 19 pandemic",

 

But according to Chanser, didn't he say "the supporters contribute very little" or am I way off with that?

 

 

He did say this, but I think his point is he has the cash to essentially bankroll the club. The going concern statement confirms this has been independently assessed as correct.

 

However, it's a unsustainable, reckless and arrogant position. It essentially alienates the customers who have been part of funding the club for generations. The accounts are almost a reflection of his personality and approach to business - a host of contradictory 'deals' and arrangements that are attempting to circumvent general business, financial and football rules. It's almost like he's on a crusade to go against the norm. 

[striker]

We (chansiri) have been stupid and wasted a phenomenal amount of money. While that legacy of accrued debt will haunt us for years, short term the more urgent issues of FFP should be eased.

 

Cost cutting has been happening for years, not reflected in this set of accounts so much, as always a year (or more in our case!) behind. I'm more interested now in what we do going forward, how we become more sustainable and how money is spent when the taps open again. 

 

We've made a start in curbing excessive contracts (Bannan aside), now to start generating commercial revenue (Macron deal a start) and selling players to fund recruitment.

Edited July 7, 2021 by striker

[33]

17 hours ago, bobness said:

 

It's actually just 33

 

It isn't my fault.

[billyblack]

48 minutes ago, TodwickOwl said:

The average is around -25m in losses per year for a Championship side 

 

Staggering - it will blow, at some point and take a number of clubs with it 

Where did you get that £25million a year loss from figure from out of interest?

[soldierboyblue]

1 minute ago, billyblack said:

Where did you get that £25million a year loss from figure from out of interest?

Kieran Maguire has quoted this statistic in his summising of our accounts

[billyblack]

46 minutes ago, swfcGibbo said:

It's happening everywhere.

 

https://theathletic.com/2689613/2021/07/06/explained-why-barcelona-cannot-register-their-new-signings-and-what-it-means-for-lionel-messi/

Barcelona have been letting their ego run their books for years, just bad management, nothing more

[room0035]

11 hours ago, unkastav said:

Off topic but reynolds,  may, graham, o’brien we dont half sign some scottish crap

Indeed but bullen, bannan, fletcher, paterson are scottish too arent they or dont they count?

[TbagMcgraw]

6 hours ago, Morepork said:

Actually hate to think what the 21 accounts look like with no ticket revenues - hopefully wage costs are down  

Wage costs will definitely be down...he ain't paid any

[room0035]

3 hours ago, Mcguigan said:

It’s not that significant as it has been copied and pasted in every set of accounts since DC took over and probably before.

 

We are a loss making business and, wage bill wise, have punching well above our weight for years. Even in MM’s prudent years with a £12/13m wage bill, we still lost millions a year.

 

We don’t have the commercial revenue streams that clubs, we class as our peers do. £5.7m from commercial activities covering all sponsorship and advertising income, all the corporate revenue and retail income is poor considering we like to think of ourselves as one of big Championship clubs.

This will shock you but i do agree we are so poor with only fan income.

 

The stadium should be a 7 day a week facility instead of just match days, SUFC hold courses and conference in their facilities in the week. we should have every conferencing suite booked out, we over prices corp boxes so none get used even at £20k each that would bring in another £500k a year. We should be making more of team and its history offering tours to fans, schools and the like to get into the club, once your hooked your an Owl for life.

 

The shop should be making profit if not outsource it to a company who will.

 

The shirts, the stadium, the stands no sponsorship because DC name is everywhere.

 

I drove past the owls pub last night and it looked shut, the Euros are currently on and pubs can be open and it is appears shut, a small revenue stream but once again one that is not being utilised.

 

We seem to be try lots of things and failing at all of them.

[maidstoneowl]

 

So I not make many posts but when do it from good info

 

Maurice say we gone past the regulation by £1 and half millions.

 

So yes, you now wait for points to come off.

 

AGAIN

17 hours ago, room0035 said:

Turnover down £2m because of 5 fewer home games, wages down £2.8m even though Abdi, Boyd, Hooper, Matias, Jones, Pudil, Murphy, bates, Da Cruz and Wickham plus a few lesser players probably saving the club 8-10m a season in wages. Yet wages have barely dropped?

 

Can I say one thing ....?

 

This is KEY QUESTION you need ask.  Ask one of Star journlists to ask this.  This is question asked inside club I can tell you this.

[@owlstalk]

6 minutes ago, Baldockowl said:

£2M lost income 

£3M increased in costs

 

all during pandemic 

Not sure it's during the pandemic

[The General]

Chansiri said 'fans pay for nothing' 

 

Also Chansiri 'Covid and attendance has affected our income'

 

 

 

The General

[@owlstalk]

1 minute ago, Baldockowl said:

Ok let us assume I am wrong either way it is not good at all. Poor management all round

 

 

We know this 
I think hopefully we can bottom out this summer then crack on

Hopefully embargo lifted this week