89.7 m losses

Gnasher65 said:
We're about to join the likes of: wigan, portsmouth, bradford, workington, bury etc.
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It's the potential sporting repercussions (i.e. PSR) that make it really significant. For all the terrible decisions that have lead us to where we are, whilst the owners are willing to support financially the club can easily survive as an entity but clearly the sporting impact could significantly impact any reset.
 
buz_not_buzz said:
From a revenue perspective (and consequently PSR) yes but easier getting permissions for and redeveloping a golf course by the A46 than a city centre ground and in doing so created an asset for the club that helps the balance sheet (and, aside from football reasons, in doing so future borrowing or getting a return on investment). In terms of developing talent though there are 2 things to note: firstly, it's only been in place for a short amount of time and I assume both Alves & Braybrooke pre-dated Seagrave by quite some years and, secondly, having a facility is one thing, getting the right staff is another.
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Don't forget about the huge increase in ongoing overheads from it too...
 
Can’t understand all the fuss
The club is owned by Kingpower a supposedly very strong and profitable company
When we went into administration we were a PLC and no one or body would inject funds to remain solvent
Top assures the supporters Kingpower are still behind the project and will provide further liquidity to progress
the club
FFP is against clubs like Top and the Saudis at Newcastle , it will change
In the meantime back the lads leave all this to the accountants and lawyers and help the club back to the
Premier League 😀😀
 
Southwiggy said:
So on Saturday when I buy my 2 pints and a sausage roll/Hotdog depending on how I feel at halftime this will make no difference to our financial difficulties but cost me near fucking 20 quid .
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Get down the club shop and blow some serious money on shit quality clobber if you really want to make a difference 🤨
 
Whuru said:
Can’t understand all the fuss
The club is owned by Kingpower a supposedly very strong and profitable company
When we went into administration we were a PLC and no one or body would inject funds to remain solvent
Top assures the supporters Kingpower are still behind the project and will provide further liquidity to progress
the club
FFP is against clubs like Top and the Saudis at Newcastle , it will change
In the meantime back the lads leave all this to the accountants and lawyers and help the club back to the
Premier League 😀😀
Click to expand...
What are you talking about?
As BNB mentions above, KP can fund us, but they aren't allowed to be our sugar daddy to buy success.
The question is where will we be next season.
I will be amazed if we are allowed to get promoted on the back of such an egregious breaking of FFP/P&S rules which currently sits at more than twice the allowed limit.
The other clubs/fans in the division would hate us forever and rightly so.
I can see us being barred from promotion and being dumped in L1 as punishment.
Let's see how good this lawyer is ....
 
Gnasher65 said:
What are you talking about?
As BNB mentions above, KP can fund us, but they aren't allowed to be our sugar daddy to buy success.
The question is where will we be next season.
I will be amazed if we are allowed to get promoted on the back of such an egregious breaking of FFP/P&S rules which currently sits at more than twice the allowed limit.
The other clubs/fans in the division would hate us forever and rightly so.
I can see us being barred from promotion and being dumped in L1 as punishment.
Let's see how good this lawyer is ....
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That isn’t going to happen, you need industrial strength tablets from kpbw sharpish.
Where on earth are you getting these wild conclusions from?
 
buz_not_buzz said:
You've got to wonder what League position they were banking on achieving. I thought Everton were deluded in banking on top half in 2021/22 and Forest 12th last season but after 2021/22 us banking on anything above lower middle (which we couldn't achieve anyway) would have been ludicrous and of course the salaries & amortisation for anybody not sold were already baked in by that point anyway.

I must admit I assumed the total salary position would not be as high because of significantly reduced performance related bonuses etc. (actually I see that bonuses were £9.4m less than the previous year) and of course the highest earner left early in the fiscal year. It was though a 13 month period as opposed to 12 but, still, given the reduced bonuses etc. an increase of £22m is eyebrow raising. I wish they had been brave enough to put a figure on the "significant cost associated with the changes in the club's first team management structure" but I don't see it in the accounts but not read it all...yet.
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The BBC article says this, and you woukd think they would have gone through it thoroughly enough:


“The Foxes raised about £70m by selling French centre-back Wesley Fofana to Chelsea in August 2022 and England midfielder James Maddison completed a £40m move to Tottenham last summer.

But those figures were offset by the sacking of Brendan Rodgers and his coaching staff, including assistant manager Chris Davies, in April 2023, and a lower-than-budgeted league position.

The accounts do not mention exactly how much it cost to dismiss Rodgers, but costs of sales increased by £26m to £301.8m, which the club partly attributes to a change of manager.“


Make of that what you will.
 
Would the compo to Rodgers and Davies be reduced as they quickly found new employment? If, as I suspect not and they got a lump sum with no payback conditions would it have been better to put them on gardening leave?
 
And here we are this season with £18m worth of summer transfers sat on the bench week in week out.

All the while the over paid dross that got us relegated slope around peeing more down the PSR plug hole.
 
www.thefosseway.net

How Leicester City lost touch with financial reality – and who’s to blame — The Fosse Way

The numbers for 2022-23 are out – and they’re far from pretty. For some fans, it’s the final straw… and it’s clear who the finger of blame should be pointed at…
www.thefosseway.net www.thefosseway.net

Between them, the incompetence of Rudkin, the arrogance and ineptitude of Rodgers and his gang, plus the financial overseers (if we actually have any) looking the other way, they have completely screwed us.

Plus all those wasters such as Ward, hanging around doing nothing to enhance the club and earning an average of 90k a week.
 
I reiterate if Top says the club is on a strong financial footing why doubt the bloke
We are a trading loss within the Kingpower company set up
FFP is set up to ensure another club like Leicester does not break the glass ceiling
Ask the Geordies that, they have hundreds of millions to spend and can’t open the wallet
Keep cool and focus on getting promoted 😀
 
I reiterate if Top says the club is on a strong financial footing why doubt the bloke
We are a trading loss within the Kingpower company set up
FFP is set up to ensure another club like Leicester does not break the glass ceiling
Ask the Geordies that, they have hundreds of millions to spend and can’t open the wallet
Keep cool and focus on getting promoted 😀
 
Gnasher65 said:
What are you talking about?
As BNB mentions above, KP can fund us, but they aren't allowed to be our sugar daddy to buy success.
The question is where will we be next season.
I will be amazed if we are allowed to get promoted on the back of such an egregious breaking of FFP/P&S rules which currently sits at more than twice the allowed limit.
The other clubs/fans in the division would hate us forever and rightly so.
I can see us being barred from promotion and being dumped in L1 as punishment.
Let's see how good this lawyer is ....
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So loads of sad gits with no connection to a club can buy their merchandise and bump up the finances of the top clubs, but our owner isn't allowed to.
As for the arseholes in charge who think having a wage bill greater than turnover, surely they should be getting any punishment going.
 
You
Whuru said:
I reiterate if Top says the club is on a strong financial footing why doubt the bloke
We are a trading loss within the Kingpower company set up
FFP is set up to ensure another club like Leicester does not break the glass ceiling
Ask the Geordies that, they have hundreds of millions to spend and can’t open the wallet
Keep cool and focus on getting promoted 😀
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You actually believe his gas lighting words?
 
It is all really well arguing about what figures go in certain rows and columns, but like all spread sheets it's what's written as a total on the bottom line that matter. Surely when it was announced that we were borrowing more money against prospective TV money, the alarm bells should have sounded then.
 
Anyone got a clue what figure we can apply for deductions due to investments in infrastructure, the academy, charity foundations and women's football? I'm assuming the sums have been significant, over £100m for Seagrave, a £9m "gift" of Belvoir Drive, purchasing the women's team, charity giveaways, land purchased for the planned stadium expansion and associated planning costs. What were we permitted to offset, due to Covid? The sums published are only "raw" figures, before deductions...
 
Whuru said:
I reiterate if Top says the club is on a strong financial footing why doubt the bloke
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It's irrelevant. PSR doesn't care about your owners wealth.



Obviously a points deduction is coming for 2022/23 at the start of next season.

But later next season it feels inevitable we will get a second deduction for 2023/24, even if we somehow break even (and with a premier league wage bill and championship TV revenue I think the chances of that are zero).

The allowed losses will be £83m over the three year period, and given that three period will include last year's £93m loss, and this year's £89m loss (£182m total), there's no way we'll find a way to reduce that figure below £83m.


P.s. Leeds largesse in early 2000 was summed up by their infamous fish tank. I wonder if our equivalent will be the Seagrave beehives....
 
DagenhamFox said:
The BBC article says this, and you woukd think they would have gone through it thoroughly enough:


“The Foxes raised about £70m by selling French centre-back Wesley Fofana to Chelsea in August 2022 and England midfielder James Maddison completed a £40m move to Tottenham last summer.

But those figures were offset by the sacking of Brendan Rodgers and his coaching staff, including assistant manager Chris Davies, in April 2023, and a lower-than-budgeted league position.

The accounts do not mention exactly how much it cost to dismiss Rodgers, but costs of sales increased by £26m to £301.8m, which the club partly attributes to a change of manager.“


Make of that what you will.
Click to expand...

Sure, I read that and the club's statement and the figures in the accounts themselves as well as a lot but not all of the text but I, like the BBC, don't see the actual figure. I would have thought that as it appears to have been such a significant figure as to mention it as partly attributing the increase in cost of sales to it & as an exceptional accounting item it should be called out as Everton did but no idea what non-disclosure agreements were in place with Rodgers and I assume no statutory requirement to detail as long as it is included in the overall cost of sales (as it is).
 
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