Only had a brief look at the figures particularly the borrowings aspect, and it would appear that the 6mil difference in borrowings from those specifically noted in the 2014 accounts have been repaid, by the 31st of May2015. The only borrowings as such are VIBRAC (reduced to 19 mil from the 2014 figure) and the season ticket Prudential "mortgage".
Interesting to see that there were derivatives bought to hedge the GBP-EURO position in May. If I may be mischevious, I would venture to say that these were to partially cover a position on Yarmolenko and Geri.
The marginally worse net debt position is mainly due to the fall in trade debtors, which unless I'm barking up the wrong tree will include deferred payment for players, so quite understandable.
Strangely, and may be reading too much into this, I find it interesting that the accounts were signed off on 23rd October, yet only being released now. If @the esk or anyone else can think of a credible reason other than the club couldn't be bothered, I would be interested to know. (have my own thoughts, but let's not get a feeding frenzy going here)
Oh, the jump in operating costs. Don't know, never will, no comment except - although it probably wouldn't account for all the rises, I would imagine that insurance for players is horrendous and wouldn't be included in staff costs, so the higher the squad value the higher the premium.
Finally, when the charges were satisfied and to paraphrase my posting I said "may be a house cleaning exercise/due diligence thing and it doesn't mean that debt was paid today,", according to the accounts I was probably right, because at 31 May only owed VIBRAC (per accounts repaid in August 2015) and the mortgage on season ticket sales through EIL and GPSL.
Finally, bear in mind that there has been another transfer window and funding round with JG Funding since, so the accounts aren't really that interesting.
Await castigation as a smug bell who should at least receive a thread ban.
Interesting to see that there were derivatives bought to hedge the GBP-EURO position in May. If I may be mischevious, I would venture to say that these were to partially cover a position on Yarmolenko and Geri.
The marginally worse net debt position is mainly due to the fall in trade debtors, which unless I'm barking up the wrong tree will include deferred payment for players, so quite understandable.
Strangely, and may be reading too much into this, I find it interesting that the accounts were signed off on 23rd October, yet only being released now. If @the esk or anyone else can think of a credible reason other than the club couldn't be bothered, I would be interested to know. (have my own thoughts, but let's not get a feeding frenzy going here)
Oh, the jump in operating costs. Don't know, never will, no comment except - although it probably wouldn't account for all the rises, I would imagine that insurance for players is horrendous and wouldn't be included in staff costs, so the higher the squad value the higher the premium.
Finally, when the charges were satisfied and to paraphrase my posting I said "may be a house cleaning exercise/due diligence thing and it doesn't mean that debt was paid today,", according to the accounts I was probably right, because at 31 May only owed VIBRAC (per accounts repaid in August 2015) and the mortgage on season ticket sales through EIL and GPSL.
Finally, bear in mind that there has been another transfer window and funding round with JG Funding since, so the accounts aren't really that interesting.
Await castigation as a smug bell who should at least receive a thread ban.
Last edited:
