BFC latest financial accounts released
- Thread starter GJJW
- Start date
Insider
Well-known member
Just a few bits to chew on.
Karl still owes a wedge (£160k), the company are still trying to recover 2 company vehicles that are in the possesion of former directors, the £30m owed by BFC Properties Ltd (Segesta as was) has now been formally written off.
Total wages, players and administrative staff, were £4.7m, season ticket sales were down from £267k to £206k.
Karl still owes a wedge (£160k), the company are still trying to recover 2 company vehicles that are in the possesion of former directors, the £30m owed by BFC Properties Ltd (Segesta as was) has now been formally written off.
Total wages, players and administrative staff, were £4.7m, season ticket sales were down from £267k to £206k.
fcblackpool
Well-known member
You mean all the interest Oyston would have to pay that had people slavering isn't going to happen?
Well I never.....
ps thanks for the info insy. The cars should be seized as they are part of a game.
onedavebamber
Well-known member
The £30m+ was written off in the previous year’s accounts.
Here’s the key points I had noted:
Here’s the key points I had noted:
BFC_53
Well-known member
Maybe the Oystons just don't feel themselves if they don't have a court case on the go. It's like comfort eating to them I think. Makes them feel better. Theres no other explanation. They've failed in court more times than PNE in the p/offs.
the_dog
Well-known member
Cheers @onedavebamber - not as eventful as in previous years and now that rare thing from now on that you'd like to see us in profit!
Insider
Well-known member
Dog.
Karl's case is a bit more technical than that. He owed the Football Club money through his overdrawn Directors loan account. Whilst he was still under contract, the Football Club reduced his loan account monthly by crediting it with his salary. Karl of course wanted the money cash in hand.
R
Rektseasider
Guest
Think this shows how again we the fans have a massive part to play in the short to medium future, by putting money into the club to make it self sufficient.
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TangerTonyGreen
Well-known member
Couldn’t we sell Squires Gate to developers, maintain and train there while said developers seek planning permission?
Local councils could help prolong our stay till new training ground is ready.
Local councils could help prolong our stay till new training ground is ready.
Wizaard
Well-known member
Cheers Chris. As always, a full and comprehensive tale of the accounts which even I understands.
Morty
Well-known member
There is no doubt that we need to be bankrolled to stand any chance of success. The accounts show that we lost £40,000 a week. Yes there were some mitigating factors, (hotel and properties) but we have some large capital expenditures on the horizon with the training ground and ground maintenance which was completely neglected before the takeover. Yes crowds were up but we still had an average of 9000 empty seats at home games.
We are paying agents fees again and paying decent wages which is attracting players over our league one rivals. Our back room staff has also increased with a head of recruitment and Chief Executive amongst others being appointed.
I welcome all the above but at some point we will need to repay the investment with promotion. Player sales are one way of reducing any future debt and we are signing younger players on longer contracts - if the signings are good and succeed they are the key.
We needs to build a sustainable club model. We had the nightmare last few years of the Oystons and we must look at clubs like Bury, Bolton, Bradford and others and make sure that this isn't us.
It's great that we are looking to the future with hope and optimism rather than resignation and despair. Here's to the new season - Up the Pool!
We are paying agents fees again and paying decent wages which is attracting players over our league one rivals. Our back room staff has also increased with a head of recruitment and Chief Executive amongst others being appointed.
I welcome all the above but at some point we will need to repay the investment with promotion. Player sales are one way of reducing any future debt and we are signing younger players on longer contracts - if the signings are good and succeed they are the key.
We needs to build a sustainable club model. We had the nightmare last few years of the Oystons and we must look at clubs like Bury, Bolton, Bradford and others and make sure that this isn't us.
It's great that we are looking to the future with hope and optimism rather than resignation and despair. Here's to the new season - Up the Pool!
TangerTonyGreen
Well-known member
”Nightmare last few years of the Oystons”
It was a third of a century!
It was a third of a century!
Morty
Well-known member
Promotion to the championship wasn't too bad. Neither was promotion to the prem. Not my idea of a nightmare any way. Then they took the money and ran, neglecting the clubs infrastructure, running down the team and the battle with the fans. That was the nightmare. Anyhow that's the past, at long last we can look to the future.
Dave62
Well-known member
The promotions (for me at least) were despite the Oystons, which makes the team's/manager's achievements more remarkable IMHO
We had a poor chairman in the form of Cartmell; just as I thought we couldn't do any worse we got Oyston for 33 years or so
If any club is overdue a "custodian" as good as Simon Sadler, it's us. I was beginning to think I wouldn't see a decent chairman here in my lifetime.
Agree about the next set of accounts; makes the above point about a good custodian even more relevant (as noted by ODB in his summary)
TangerTonyGreen
Well-known member
BFC76
Well-known member
Looking at the balance sheet, it’s worrying to note (although not unexpected) that the club now has a negative net worth of £1.3m. The football club will therefore be reliant on Simon Sadler for support going forward.
An extraordinary amount of money and why, whether we can go to the games or not, everyone who can afford it should support Sadler with a season ticket when they come out.
An extraordinary amount of money and why, whether we can go to the games or not, everyone who can afford it should support Sadler with a season ticket when they come out.
TKL_Seasider
Well-known member
More tweets from an independent football finance expert. My take? Nothing much unexpected. It does underline what the interim board was up against ... £101 on wages alone for every £100 in ...
Big_Flag_Man
Well-known member
Football finance expert delivers his verdict on Blackpool FC's latest accounts
Blackpool FC would have been in a good position financially to make progress again had it not been for the coronavirus pandemic.
By Matt Scrafton
Friday, 10th July 2020, 9:20 am
Updated24 minutes ago
That’s according to leading football finance expert Kieran Maguire, who has picked apart the club’s latest accounts made up to June 30, 2019.
The period covers the transition from the Oyston ownership to the arrival of the receivers and even the first few weeks of Simon Sadler’s reign.
Football finance expert Kieran Maguire
The headline figure is an overall loss of £2.1m, up from £1.4m the previous year.
The club spent £101 in wages for every £100 of income while the club had cash of £199,000 at the end of the 2018/19 season, down from £369,000.
Gate receipts, however, grew by an impressive 371 per cent thanks to the boycott ending in March 2019 as well as the two cup games against Arsenal.
The accounts also mention how the club had to write off £30m the previous year relating to money owed by the former parent company controlled by Owen Oyston.
A £161,000 loan to former chairman Karl Oyston is also being pursued by the club, although it’s doubtful whether this will ever be repaid.
Maguire, the man behind the Price of Football Twitter account, admits these accounts are tricky to analyse given the “hangover” from the Oyston regime.
He told The Gazette: “Some clubs are breaking even in League One, but it’s a tough league because there’s a lot of clubs looking to get into the Championship and are spending accordingly.
“There’s a big step-up between League One and the Championship in terms of TV money. You go from about £1.5m to £7m, so a few clubs gamble to a certain extent.
“I think in this instance for Blackpool, there’s the hangover to take into account from the Oyston days during the 2018/19 season which would have impacted upon their income.
“It’s quite a difficult year of accounts to analyse really because of the change at boardroom level but I’m hopeful things will improve.
“Had it not been for Covid, things would have been better this season because the goodwill towards the new owner would have been reflected in higher revenues.
“The wage bill exceeding income is always a cause for concern, but I think we can mitigate that to a certain extent because income was down two-thirds of the year when the club was under the control of the Oystons.
“The fans campaign was designed to make things awkward for them and that’s exactly what it did".
“While the results weren’t great last year, there were mitigating factors - the main one being fans boycotting because of the Oyston regime.
“The increase in gate receipts was very much driven by the success of the fans’ protests. The supporters were very coordinated and dedicated and clearly they went through a lot of suffering as well because it’s the club they love.
“Issues of that nature should mean that going forward, and I think we have to look at this in a non-Covid world, Blackpool are in a pretty strong position with lots of goodwill from the fans to start making good progress again.”
On how the pandemic will affect clubs financially going forward, Maguire added: “Whether clubs can afford to resume playing or not, we will have to take guidance from central government.
“I don’t think the clubs in League One can probably afford to return to football unless it’s in front of a paying audience due to the nature of the TV deal. However, we have seen the German third division return so fingers crossed.
“But Germany appears to be far more organised in terms of its dealings with Covid than we’ve seen here in the UK.
“If it can return in front of crowds, I think a lot of people will want to go to matches.
“But with four million people potentially being unemployed and the tourism industry and the entertainment industry being hit hard, that will have an impact of course on a town such as Blackpool which is very service sector orientated.”
Blackpool FC would have been in a good position financially to make progress again had it not been for the coronavirus pandemic.
By Matt Scrafton
Friday, 10th July 2020, 9:20 am
Updated24 minutes ago
That’s according to leading football finance expert Kieran Maguire, who has picked apart the club’s latest accounts made up to June 30, 2019.
The period covers the transition from the Oyston ownership to the arrival of the receivers and even the first few weeks of Simon Sadler’s reign.
The headline figure is an overall loss of £2.1m, up from £1.4m the previous year.
The club spent £101 in wages for every £100 of income while the club had cash of £199,000 at the end of the 2018/19 season, down from £369,000.
Gate receipts, however, grew by an impressive 371 per cent thanks to the boycott ending in March 2019 as well as the two cup games against Arsenal.
The accounts also mention how the club had to write off £30m the previous year relating to money owed by the former parent company controlled by Owen Oyston.
A £161,000 loan to former chairman Karl Oyston is also being pursued by the club, although it’s doubtful whether this will ever be repaid.
Maguire, the man behind the Price of Football Twitter account, admits these accounts are tricky to analyse given the “hangover” from the Oyston regime.
He told The Gazette: “Some clubs are breaking even in League One, but it’s a tough league because there’s a lot of clubs looking to get into the Championship and are spending accordingly.
“There’s a big step-up between League One and the Championship in terms of TV money. You go from about £1.5m to £7m, so a few clubs gamble to a certain extent.
“I think in this instance for Blackpool, there’s the hangover to take into account from the Oyston days during the 2018/19 season which would have impacted upon their income.
“It’s quite a difficult year of accounts to analyse really because of the change at boardroom level but I’m hopeful things will improve.
“Had it not been for Covid, things would have been better this season because the goodwill towards the new owner would have been reflected in higher revenues.
“The wage bill exceeding income is always a cause for concern, but I think we can mitigate that to a certain extent because income was down two-thirds of the year when the club was under the control of the Oystons.
“The fans campaign was designed to make things awkward for them and that’s exactly what it did".
“While the results weren’t great last year, there were mitigating factors - the main one being fans boycotting because of the Oyston regime.
“The increase in gate receipts was very much driven by the success of the fans’ protests. The supporters were very coordinated and dedicated and clearly they went through a lot of suffering as well because it’s the club they love.
“Issues of that nature should mean that going forward, and I think we have to look at this in a non-Covid world, Blackpool are in a pretty strong position with lots of goodwill from the fans to start making good progress again.”
On how the pandemic will affect clubs financially going forward, Maguire added: “Whether clubs can afford to resume playing or not, we will have to take guidance from central government.
“I don’t think the clubs in League One can probably afford to return to football unless it’s in front of a paying audience due to the nature of the TV deal. However, we have seen the German third division return so fingers crossed.
“But Germany appears to be far more organised in terms of its dealings with Covid than we’ve seen here in the UK.
“If it can return in front of crowds, I think a lot of people will want to go to matches.
“But with four million people potentially being unemployed and the tourism industry and the entertainment industry being hit hard, that will have an impact of course on a town such as Blackpool which is very service sector orientated.”
we_are_Superior
Well-known member
In comparison to the vast majority of clubs that's actually not that bad these days!