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Post by wellingaddick on Apr 13, 2024 10:32:27 GMT
Kieran Maguire
Charlton submit 22/23 accounts: 🔑 figs
Revenue £9.8m (no change)
Wages £10.3m ⬇️ 8%
Operating loss for year £9.9m ⬇️ 2%
Player purchases £113k
Player sales £565k
Club was sold after end of season
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Post by Occam’s Razor on Apr 13, 2024 10:41:35 GMT
Kieran Maguire Charlton submit 22/23 accounts: 🔑 figs Revenue £9.8m (no change) Wages £10.3m ⬇️ 8% Operating loss for year £9.9m ⬇️ 2% Player purchases £113k Player sales £565k Club was sold after end of season Just proves again what a complete mess Thomas Sandgaard made of it. What was it called again …. “Project Break Even” 🤦♂️ He sacked the office guys on 25k a year yet spaffed millions on the likes of Schwartz & Kirk - all because he listened to his son and Dr Raelyn Maloney, rather than actual football professionals. |
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Post by wellingaddick on Apr 13, 2024 10:44:44 GMT
Kieran Maguire Charlton submit 22/23 accounts: 🔑 figs Revenue £9.8m (no change) Wages £10.3m ⬇️ 8% Operating loss for year £9.9m ⬇️ 2% Player purchases £113k Player sales £565k Club was sold after end of season Just proves again what a complete mess Thomas Sandgaard made of it. What was it called again …. “Project Break Even” 🤦♂️ He sacked the office guys on 25k a year yet spaffed millions on the likes of Schwartz & Kirk - all because he listened to his son and Dr Raelyn Maloney, rather than actual football professionals. Yes. It should be noted that these are the figures from Sandgaard's last season in charge. |
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Post by Occam’s Razor on Apr 13, 2024 10:46:24 GMT
Just proves again what a complete mess Thomas Sandgaard made of it. What was it called again …. “Project Break Even” 🤦♂️ He sacked the office guys on 25k a year yet spaffed millions on the likes of Schwartz & Kirk - all because he listened to his son and Dr Raelyn Maloney, rather than actual football professionals. Yes. It should be noted that these are the figures from Sandgaard's last season in charge. Yep, he was beyond clueless as a football owner. All that bad will generated, and for what ? |
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Post by kings hill addick on Apr 13, 2024 11:00:44 GMT
Kieran Maguire Charlton submit 22/23 accounts: 🔑 figs Revenue £9.8m (no change) Wages £10.3m ⬇️ 8% Operating loss for year £9.9m ⬇️ 2% Player purchases £113k Player sales £565k Club was sold after end of season I'm a little confused. Revenue £9.8m, wages £10.3m, net profit on player trading, where did the other £9.3m go? If we're led to believe that the player's wages are the largest expense how can the club have spent another £9.3m? |
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Post by weststandfruitloop on Apr 13, 2024 11:31:16 GMT
Kieran Maguire Charlton submit 22/23 accounts: 🔑 figs Revenue £9.8m (no change) Wages £10.3m ⬇️ 8% Operating loss for year £9.9m ⬇️ 2% Player purchases £113k Player sales £565k Club was sold after end of season I'm a little confused. Revenue £9.8m, wages £10.3m, net profit on player trading, where did the other £9.3m go? If we're led to believe that the player's wages are the largest expense how can the club have spent another £9.3m? Remember you can only spend a maximum of 60% of income (including cash injected) on player wages, so there's always going to be a lot more expenditure (money put in by the owner) beyond the wages. There's nothing much in terms of extra expenditure listed on the accounts, but there is 27 million of debt, much of it due for repayment within a year - I don't know where that comes into play re operating costs (servicing loans) particularly when director loans don't count towards SCMP. 148,000 was spent in severance pay - presumably including the experienced staff Dr Raeleynn was punting into space? |
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Post by valley on Apr 13, 2024 11:53:01 GMT
Interesting.
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Post by valley on Apr 13, 2024 11:57:42 GMT
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Post by valley on Apr 13, 2024 12:14:17 GMT
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Post by Mundell on Apr 13, 2024 13:04:28 GMT
I'll take a look at these accounts over the next day or so when time permits. However, there may not be much, if anything, to add. On a first glance, they are what they seem. The operating loss can sometimes deceive, but cash is king and its helpful that the club has again provided a very clear statement of cash flows. That cash flow statement confirms that the club did indeed spend (cash) around £9m more than it earned. Sandgaard lent the club (i.e. he wrote the cheques) another £8.5m (I'll confirm later how much that means he invested in total) and cleaned out the bank account. That account had £1.3m in at the beginning of the year and just £11k at the end. He repaid "other loans" of £809K. Its not clear (at least at first glance) who to. Turnover was about flat (not much evidence of Captain Bullshit's self professed "business acumen" there) while the wage bill was cut by around 800k. The latter evidence that even our narcissistic owner had realised that his son's black box was a dud and that the game was up. The post statement (year end) events section of the accounts is interesting. Player sales generated income of £843k. The likes of Occam’s Razor might be able to help us figure out who that total includes, but Corey Blackett Taylor will have been a big piece. Similarly, re the transfer spend which totalled £630k. Alfie May will be included in that total. Who else? Intriguingly, the statement says that post year end (and the £8.5m above), Sandgaard provided additional loan funding (to cover running costs while there was no income and no money in the bank account), but then waived that loan when the club was sold to GFP. Sandgaard and GFP appear to have agreed a form of transitional arrangement, no doubt reflected in the price paid by GFP, to enable the club to operate post an agreement between them, but while formal approvals were pending. Finally, post the year end GFP have provided additional cash injections of £8.9m. Based on an assumed purchase price of circa £12m, this means they're already £20m in and counting. This game is not for the faint hearted, though GFP might be encouraged by the fact the owners of Ipswich Town have just (or already, depending on your perspective) sold a stake in the club to a new investor, which values the club at £260m. That gives some indication of the potential upside. The Americans can smell profit. The good news is that they can only achieve stellar returns if the club wins football matches. Interests are aligned. |
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Post by 995632 on Apr 13, 2024 14:55:56 GMT
Kieran Maguire Charlton submit 22/23 accounts: 🔑 figs Revenue £9.8m (no change) Wages £10.3m ⬇️ 8% Operating loss for year £9.9m ⬇️ 2% Player purchases £113k Player sales £565k Club was sold after end of season Just proves again what a complete mess Thomas Sandgaard made of it. What was it called again …. “Project Break Even” 🤦♂️ He sacked the office guys on 25k a year yet spaffed millions on the likes of Schwartz & Kirk - all because he listened to his son and Dr Raelyn Maloney, rather than actual football professionals. Good job we have an experienced footballing SMT now with decent, credible investors |
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Post by Occam’s Razor on Apr 13, 2024 16:59:15 GMT
Just proves again what a complete mess Thomas Sandgaard made of it. What was it called again …. “Project Break Even” 🤦♂️ He sacked the office guys on 25k a year yet spaffed millions on the likes of Schwartz & Kirk - all because he listened to his son and Dr Raelyn Maloney, rather than actual football professionals. Good job we have an experienced footballing SMT now with decent, credible investors Yeh, you are right. We are on course for our worst league finish since 1974 under your SMT 🤦♂️ |
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Post by seriouslyred on Apr 13, 2024 17:01:46 GMT
Kieran Maguire Charlton submit 22/23 accounts: 🔑 figs Revenue £9.8m (no change) Wages £10.3m ⬇️ 8% Operating loss for year £9.9m ⬇️ 2% Player purchases £113k Player sales £565k Club was sold after end of season I'm a little confused. Revenue £9.8m, wages £10.3m, net profit on player trading, where did the other £9.3m go? If we're led to believe that the player's wages are the largest expense how can the club have spent another £9.3m? There isn't a full explanation of the £19.9M Administrative Expenses in the accounts but the following fall into that category: - Wages: 10.3M - Intangible Asset Amortisation*: 751K - Fixed Asset dep'n & impairment: 500K - Lease rental of The Valley etc: 678K - Business Rates: up to £500K? - Other Expenses (?) 6.5M? *writing off transfer and signing on fees What we should note is that the player sales amount is very low compared to previous owners AND that the Commercial Revenue increased to £1.5M but is still low compared to similar sized clubs across the country. |
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Post by 995632 on Apr 13, 2024 18:28:33 GMT
Good job we have an experienced footballing SMT now with decent, credible investors Yeh, you are right. We are on course for our worst league finish since 1974 under your SMT 🤦♂️ Not my SMT at all. I unfortunately don't know any high enough net worth individuals who would be happy to spaff their own money on something as ridiculous as a less than average L1 side. I'm guessing you're the same or you'd be making the deals to get different funds in place and put in your own 'experienced footballing SMT' in post. The fact is the mess we're in is not actually entirely GFP's fault, the many many incompetent charlatans, no marks, fake sheiks, egotistical maniacs, failed politicians and straight up crooks are more responsible for our current predicament. You can froth at the mouth all you want about the current people in charge, but with Jones and the club being rebuilt rather than being torn down piece by piece we are going in the right direction. You seem to love using social media as a bellweather for the feelings of supporters, and we have all seen certain people (utter twonks) saying they would like/accept relegation to restart the club. Well, unfortunately it looks like the current SMT you dislike so much for whatever reason has actually helped spare us from that indignity. Or bring your billionaire/multi multi multi millionaire mates to join the party! Live, love, laugh and be happy! |
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Post by Occam’s Razor on Apr 13, 2024 18:34:20 GMT
Yeh, you are right. We are on course for our worst league finish since 1974 under your SMT 🤦♂️ Not my SMT at all. I unfortunately don't know any high enough net worth individuals who would be happy to spaff their own money on something as ridiculous as a less than average L1 side. I'm guessing you're the same or you'd be making the deals to get different funds in place and put in your own 'experienced footballing SMT' in post. The fact is the mess we're in is not actually entirely GFP's fault, the many many incompetent charlatans, no marks, fake sheiks, egotistical maniacs, failed politicians and straight up crooks are more responsible for our current predicament. You can froth at the mouth all you want about the current people in charge, but with Jones and the club being rebuilt rather than being torn down piece by piece we are going in the right direction. You seem to love using social media as a bellweather for the feelings of supporters, and we have all seen certain people (utter twonks) saying they would like/accept relegation to restart the club. Well, unfortunately it looks like the current SMT you dislike so much for whatever reason has actually helped spare us from that indignity. Or bring your billionaire/multi multi multi millionaire mates to join the party! Live, love, laugh and be happy! You are right that the decline goes back thru many owners & execs, right back to Richard Murray in 2006. Equally, there should be accountability for our worst league finish since 1974 , and we all know who chose Michael Appleton & signed these loans & duds. That’s beyond dispute, surely ? |
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Post by returnofpiestalker on Apr 13, 2024 19:09:02 GMT
I’m no accountant or football club CEO but 113k on new players could be the reason we were appalling.
Absolute basket case.
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995632
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Post by 995632 on Apr 13, 2024 21:13:51 GMT
Not my SMT at all. I unfortunately don't know any high enough net worth individuals who would be happy to spaff their own money on something as ridiculous as a less than average L1 side. I'm guessing you're the same or you'd be making the deals to get different funds in place and put in your own 'experienced footballing SMT' in post. The fact is the mess we're in is not actually entirely GFP's fault, the many many incompetent charlatans, no marks, fake sheiks, egotistical maniacs, failed politicians and straight up crooks are more responsible for our current predicament. You can froth at the mouth all you want about the current people in charge, but with Jones and the club being rebuilt rather than being torn down piece by piece we are going in the right direction. You seem to love using social media as a bellweather for the feelings of supporters, and we have all seen certain people (utter twonks) saying they would like/accept relegation to restart the club. Well, unfortunately it looks like the current SMT you dislike so much for whatever reason has actually helped spare us from that indignity. Or bring your billionaire/multi multi multi millionaire mates to join the party! Live, love, laugh and be happy! You are right that the decline goes back thru many owners & execs, right back to Richard Murray in 2006. Equally, there should be accountability for our worst league finish since 1974 , and we all know who chose Michael Appleton & signed these loans & duds. That’s beyond dispute, surely ? Been done to death and we all agree Appleton was a huge misstep, an uninspiring and ultimately ineffective manager who unfortunately fit the criteria we needed at that point. His work with younger players and getting teams to the playoffs a few years previous. We also know that NJ was not ready to return to management at the point of Holden's dismissal. It's been done, been repeatedly banged on about since rumours of Apples imminent appointment and since we got NJ. What exactly are people looking for here? Severed heads on spikes outside Bartrams? Flaying of salmon chinos at half time? Isn't it better to know that NJ now seems to have control/final say on transfers, he is also being backed by the SMT/owners with regards to where he sees strengthening needs to be done (Wickham and Lua Lua free signings). If the owners feel that the current performance of certain people is unacceptable then they would have dealt with those elements seen by many as undesirable/undeserving of a wage. They still might in the summer. Knowing the glowing way NJ has talked about Lua Lua, are certain individuals going to start with the dissenting voices because Lua Lua has been a flop? What about Wickham - not a huge unparalleled success despite his good goal today. He got injured after a 20 odd minute cameo and disappeared. NJ's choice again, is he a flop? The numbers show Thomas wasted money on guitar lessons and paying for his sons toy black box, and the current owners have had to deal with the carnage caused when TS and his white horse went riding off into the sunset. The current lot are seemingly here to stay, Ipswich's current charge and possible riches are a good thing for us as it proves with the right backing and infrastructure what can be done. (You know these hedge fund/mega wealthy types talk at the Hamptons/yacht club etc) It also says that the 2 or 3 people want to see hung from the Alan Curbishley Stand for crimes against recruitment are still going to be here too with more oversight. |
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Post by seriouslyred on Apr 14, 2024 6:48:20 GMT
You are right that the decline goes back thru many owners & execs, right back to Richard Murray in 2006. Equally, there should be accountability for our worst league finish since 1974 , and we all know who chose Michael Appleton & signed these loans & duds. That’s beyond dispute, surely ? Been done to death and we all agree Appleton was a huge misstep, an uninspiring and ultimately ineffective manager who unfortunately fit the criteria we needed at that point. His work with younger players and getting teams to the playoffs a few years previous. We also know that NJ was not ready to return to management at the point of Holden's dismissal. It's been done, been repeatedly banged on about since rumours of Apples imminent appointment and since we got NJ. What exactly are people looking for here? Severed heads on spikes outside Bartrams? Flaying of salmon chinos at half time? Isn't it better to know that NJ now seems to have control/final say on transfers, he is also being backed by the SMT/owners with regards to where he sees strengthening needs to be done (Wickham and Lua Lua free signings). If the owners feel that the current performance of certain people is unacceptable then they would have dealt with those elements seen by many as undesirable/undeserving of a wage. They still might in the summer. Knowing the glowing way NJ has talked about Lua Lua, are certain individuals going to start with the dissenting voices because Lua Lua has been a flop? What about Wickham - not a huge unparalleled success despite his good goal today. He got injured after a 20 odd minute cameo and disappeared. NJ's choice again, is he a flop? The numbers show Thomas wasted money on guitar lessons and paying for his sons toy black box, and the current owners have had to deal with the carnage caused when TS and his white horse went riding off into the sunset. The current lot are seemingly here to stay, Ipswich's current charge and possible riches are a good thing for us as it proves with the right backing and infrastructure what can be done. (You know these hedge fund/mega wealthy types talk at the Hamptons/yacht club etc) It also says that the 2 or 3 people want to see hung from the Alan Curbishley Stand for crimes against recruitment are still going to be here too with more oversight. This thread is about the accounts for last season. And these look similar to the season before. The only sure fire way to improve the financials is to climb the League table. This in turn should lead to higher sponsorship, bigger gates, as well as more TV appearances and big offers for players. Secure promotion AND watch the EPL negotiate a better offer to the Championship and we're looking at a £30M turnover as opposed to 10M currently. And to do all of this we will need five quality players signed over the summer. As per Occam's Razor it's best to rely upon the least number of assumptions. As you state some want to see a hangman's noose. Although a guillotine is more elegant! 1) The reality is that the owners will wish for both stability and progress. If one of the executives doesn't make their performance targets AND we don't make progress then there will surely be change. 2) Nathan Jones spoke of a golden thread running through the club lately. Let's assume that decision makers are truly aligned. And that we can scout the best available players... then land some. 3) One might worry about reducing losses but the owners can afford them. Under SCMP surely the priority is to raise revenue streams. And that in turn allows for higher wage budgets to assist our climb up the leagues. 4) Ten players are about to leave. Let's assume that their replacements are a cut above, given the quality of the talent secured in January. In short we will improve again over the summer. All the rest is noise! |
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Post by Occam’s Razor on Apr 14, 2024 7:20:30 GMT
seriouslyredSeveral times now you have referenced the quality of the players signed in January. I am genuinely mystified- who are they ? Who, in your opinion, looks good for us from those signed ? Coventry & Gillesphey are not Championship standard players imo , based on what we have seen so far. As for the accounts - it’s one in the eye for the ambition minimalists. To get out of this piss pot league, you have to spend. Let’s do an Ipswich.
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Post by seriouslyred on Apr 14, 2024 7:34:28 GMT
seriouslyredSeveral times now you have referenced the quality of the players signed in January. I am genuinely mystified- who are they ? Who, in your opinion, looks good for us from those signed ? Coventry & Gillesphey are not Championship standard players imo , based on what we have seen so far. As for the accounts - it’s one in the eye for the ambition minimalists. To get out of this piss pot league, you have to spend. Let’s do an Ipswich. We're now 13 games unbeaten, with a credible manager and our xGA down to one or less since Jones took over. To secure promotion we require more attacking threat, a better midfield and a better keeper. That in turn requires the owners to invest more AND great execution. What Methven and the others have done is to secure the funding to buy and run the club. The only way to improve shareholder value is to secure promotion. Where one might disagree is to highlight that Championship quality players will play in the Championship as that's where the money is. What Jones, Scott and the scouts need to do is identify and land five top quality League One players. It really isn't that complicated when you think about it. |
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Post by Occam’s Razor on Apr 14, 2024 7:39:09 GMT
seriouslyredSeveral times now you have referenced the quality of the players signed in January. I am genuinely mystified- who are they ? Who, in your opinion, looks good for us from those signed ? Coventry & Gillesphey are not Championship standard players imo , based on what we have seen so far. As for the accounts - it’s one in the eye for the ambition minimalists. To get out of this piss pot league, you have to spend. Let’s do an Ipswich. We're now 13 games unbeaten, with a credible manager and our xGA down to one or less since Jones took over. To secure promotion we require more attacking threat, a better midfield and a better keeper. That in turn requires the owners to invest more AND great execution. What Methven and the others have done is to secure the funding to buy and run the club. The only way to improve shareholder value is to secure promotion. Where one might disagree is to highlight that Championship quality players will play in the Championship as that's where the money is. What Jones, Scott and the scouts need to do is identify and land five top quality League One players. It really isn't that complicated when you think about it. “13 games unbeaten” is a complete red herring, and you know it. We have drawn 8/9 of those against tinpot sides below us in the table. |
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Post by valley on Apr 14, 2024 7:41:19 GMT
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Post by Occam’s Razor on Apr 14, 2024 7:41:29 GMT
seriouslyredI’d also refer you to RE’s comment that the owners are not spending on new players, at least not yet.
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Post by valley on Apr 14, 2024 8:02:27 GMT
seriouslyredI’d also refer you to RE’s comment that the owners are not spending on new players, at least not yet. Macaulay Gillesphey etc cost money. |
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Post by valley on Apr 14, 2024 8:08:12 GMT
We still within the £13m allowed from owner investment per season.
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Post by scabbyhorse on Apr 14, 2024 8:16:15 GMT
To be honest, the repetition of what went on before and the lamentation about how rubbish this season has been have become tiresome. We've been highlighting the lack of creativity in the team and how our defence struggles to maintain focus for the full 90 minutes all season. With the current manager, I believe we have someone who knows what he's doing, and that brings pressure for the Senior Management Team (SMT) because next season, there really is no excuse. We need to secure a top-two position, and to achieve that, Jones requires investment. In my opinion, it's the last throw of the dice for global partners.
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Post by seriouslyred on Apr 14, 2024 9:06:20 GMT
To be honest, the repetition of what went on before and the lamentation about how rubbish this season has been have become tiresome. We've been highlighting the lack of creativity in the team and how our defence struggles to maintain focus for the full 90 minutes all season. With the current manager, I believe we have someone who knows what he's doing, and that brings pressure for the Senior Management Team (SMT) because next season, there really is no excuse. We need to secure a top-two position, and to achieve that, Jones requires investment. In my opinion, it's the last throw of the dice for global partners. Yes, we are where we are. Repeating analysis of the past adds little value when each current game, and every post match interview simply confirms the consensus view. Which is a requirement for a new, better keeper etc. Not only do we have a well qualified manager but also an SMT AND owner investors who know the club well by now. And the environment within which we compete. |
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Post by Mundell on Apr 14, 2024 11:11:24 GMT
We still within the £13m allowed from owner investment per season. A few points on this valley which may or may not be of interest to others too. The £13m you refer to relates to the Profitability and Sustainability Regime in the Championship. In League One we are subject to the Salary Cost Management Protocol (SCMP) under which player related expenditure must be less than or equal to sixty percent of relevant turnover (plus one hundred percent of “fortune income” or equity injections). Player related expenditure excludes Under 21’s. We can assume that we were compliant with the SCMP during the 22-23 season simply because we’d have heard about it if not. However, we can infer something from the accounts based on the fact we complied with the SCMP which may be of interest. Our turnover last year (season) was £9.8m (there was no Fortune Income) and given that transfer activity was minimal this implies that player related expenditure (ex U21’s) was a maximum of £5.9m and could have been less. This compares with total wage costs of £10.3m. It’s extraordinary that ticket income and match day activities (£5m) barely covers the £4.4m or more of employment costs which don’t even count towards the SCMP calculation, though this sum covers the Head Coach and his staff et al as well as Club Management and so on. Also, last Autumn Charlie Methven said during one of his podcasts that we had breached the SCMP this season and that as result the investors had had to provide an injection of equity (fortune income) to cover the excess. Unless SE7 had provided the EFL with a projection of turnover for this season which was less than the £9.8m generated last season then it follows that they must have increased the wage bill available for the playing squad when compared with last season. This uplift may not have been that significant, but it’s worth bearing in mind that this was the position before the January window. |
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Post by Occam’s Razor on Apr 14, 2024 11:35:27 GMT
To be honest, the repetition of what went on before and the lamentation about how rubbish this season has been have become tiresome. We've been highlighting the lack of creativity in the team and how our defence struggles to maintain focus for the full 90 minutes all season. With the current manager, I believe we have someone who knows what he's doing, and that brings pressure for the Senior Management Team (SMT) because next season, there really is no excuse. We need to secure a top-two position, and to achieve that, Jones requires investment. In my opinion, it's the last throw of the dice for global partners. Yes, we are where we are. Repeating analysis of the past adds little value when each current game, and every post match interview simply confirms the consensus view. Which is a requirement for a new, better keeper etc. Not only do we have a well qualified manager but also an SMT AND owner investors who know the club well by now. And the environment within which we compete. Physician, heal thyself. |
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Post by Mundell on Apr 14, 2024 12:29:34 GMT
To be honest, the repetition of what went on before and the lamentation about how rubbish this season has been have become tiresome. We've been highlighting the lack of creativity in the team and how our defence struggles to maintain focus for the full 90 minutes all season. With the current manager, I believe we have someone who knows what he's doing, and that brings pressure for the Senior Management Team (SMT) because next season, there really is no excuse. We need to secure a top-two position, and to achieve that, Jones requires investment. In my opinion, it's the last throw of the dice for global partners. I agree with much of that, but it might just as easily be concluded that this is the first real throw of the dice for GFP. It certainly isn’t the last. |
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