h again, on 28 November 2015 - 11:16 AM, said:
Obliged for that. Doesn't show any smoking guns, but just how money can dribble away if nobody's keeping a close eye on things, I suppose.
There doesn't even look to be a lot of room for savings but I'd have expected noises to be made by the directors about areas where savings are possible - they aren't daft and must be even more aware than the members of this Board that current financing is unsustainable, given it rests on the need to sell players regularly.
It's the seeming acceptance of this formula that makes me wonder more and more if DA is happy to live with the situation, with the odd growl to make sure nobody thinks he's just a cash machine. Perhaps he enjoyed the success so much he's decided to be the rich uncle and keep the kids happy?
No room for savings eh? Having studied the accounts at length there is an area where significant savings can be made...
Wages, player costs was £3.95m
Previous seasons playing budget £1.7m
Leaving £2.25m being spent on others wages....if you are looking where savings can be made let's start here!
248 staff according to the accounts! 71 management, players and coaches and 94 on the admin and banqueting side both of which are way too high for a club of our size!
It boils down to which individual is being payed for what and and that isn't in the abridged version of what us shareholders get!
Neither is a breakdown of the income streams...
We know we got the Cooper/Majority of the Doyle money so let's say £1.5m but overall turnover only went up by £1 million, meaning we are at least £500k down on overall! Which when you consider crowds were up, we had a cup run and got some compensation for Cook/Roberts means that other revenues were well down! So commercial, tv, advertising etc. must have fallen significantly...and my question to the board had I made it to the AGM would have been be why?
It's unacceptable for a club with our income streams to be losing £1m every year and for me if the club was run more financially efficiently DA wouldn't have any need to moan, because he wouldn't have to keep putting money in... but at the end of the day he's the one calling the shots!
The gap has only been temporarily plugged by player sales but a business model based on hoping we can make up our shortfall by doing this every year is simply pie in the sky.
I have to say that I really beg to differ with Ashley Carson's assertion that we are in a strong financial position!
This post has been edited by Middle East: 28 November 2015 - 12:27 PM