Some interesting stuff in there. I'm sure someone on here will do a thorough analysis. Page 29 - a note says that basically if we don't make the Premier by 30th June, 2023 (some chance!) then the £7m owing to the previous directors changes materially...assume it is re-evaluated upwards...as £7m has been outstanding for some time...
Reminder that while there may some extra info here, these are a 10-month version of the accounts already published here and examined six months ago. The revenue etc is not new.
£44 million waived by Duchatelet? I really don't understand that bit. Was the loss making part that he offloaded to Sandgaard really worth that much?
I believe it was the debt owed to Staprix. RD waived that as he kept the Valley/SL.
Looks like TS paid £1.15m on purchase, I assume to ESI.........
Not a bad return for an investment of £1 is it? Could the next chancers please form an orderly queue?
I know they had to be paid off, but it’s gutting to see it in black and white (if that is what that number represents).
Page 44 describes it as "Purchase consideration settled in cash" Must be ESI surely. The legal fees to Freshfield's wouldn't be so described and must be included elsewhere.
Reminder that while there may some extra info here, these are a 10-month version of the accounts already published here and examined six months ago. The revenue etc is not new.
Be good if we could identify what information is new
Charlton new parent Clear Ocean Capital publishes (late) accounts for 10 months to 30 June 2021 when made operating loss of £210,000 A WEEK during covid hit season. #CAFC
From memory but I'd have to check, the last accounts for the women team included a payment from the late Alan Watts of in excess of £650k, so the company was pretty solvent!
I’m starting to wonder if sporting establishments are realising the after affects of lockdown. It’s already been the nail in the coffin for Worcester Rugby. A club who piled up debts to win a championship but then couldn’t continue to chuck money at it. Watching professional players been told there’s no club therefore no job, thanks, close the door on your way out. Wasps could be next.
Cutting ones cloth could become the norm throughout. But it’s never the players these days……………just Janice from accounts, Bob the kitman etc etc etc.
Can't believe he's done that, considering the financial situation we are in and lack of investment in the mens team.
I do think he expected us to be in the Championship by now with the increased TV revenue and player sales largely funding the club rather than himself.
Can't believe he's done that, considering the financial situation we are in and lack of investment in the mens team.
I do think he expected us to be in the Championship by now with the increased TV revenue and player sales largely funding the club rather than himself.
If only he'd listened to #john_cafc_smith on Twitter
It would probably be very interesting to compare these figures with similar size clubs in this division and that may give a better understanding of Sandgaards thinking but then again maybe not. It would not surprise me in the least that Charlton under Sandgaard would place the onus on the academy to provide first team players with next to nothing spent on recruits from other clubs, Airman has already pointed out that this comes with no guarantees, but I think we are already seeing that in practise.
"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
It would probably be very interesting to compare these figures with similar size clubs in this division and that may give a better understanding of Sandgaards thinking but then again maybe not. It would not surprise me in the least that Charlton under Sandgaard would place the onus on the academy to provide first team players with next to nothing spent on recruits from other clubs, Airman has already pointed out that this comes with no guarantees, but I think we are already seeing that in practise.
It's depressing reading those accounts. Technically, we're insolvent and it's only a matter of time before Sandgaard says enough is enough
If you read many football Club accounts, it's the same picture. A reliance on, and commitment made by, the owners to keep funding the Club's losses which are technically insolvent, ensuring that they can continue to be treated as going concerns.
Sheffield Wednesday's make for alarming reading, but they have an apparently rich benefactor in Mr Chansiri, whose pockets APPEAR to be very deep. He has a wealthy family, but maintains he funds it from his own sources, although on the face of it, the income streams from his business interests wouldn't necessarily support that claim. He's into them for more than £200M already as I understand it, with the Club more than £150M in debt (about twice what Derby owed). A fan of theirs I often talk with, himself an accountant, doesn't seem to be unduly alarmed by it either, but I'm not sure he speaks for all tbf.
It seems it's just the reality of football club finances with the lure of jam tomorrow on making it to the promised land.
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From memory but I'd have to check, the last accounts for the women team included a payment from the late Alan Watts of in excess of £650k, so the company was pretty solvent!
I know the tweet is there but here's an article anywho!
Wasps could be next.
Cutting ones cloth could become the norm throughout.
But it’s never the players these days……………just Janice from accounts, Bob the kitman etc etc etc.
Sheffield Wednesday's make for alarming reading, but they have an apparently rich benefactor in Mr Chansiri, whose pockets APPEAR to be very deep. He has a wealthy family, but maintains he funds it from his own sources, although on the face of it, the income streams from his business interests wouldn't necessarily support that claim. He's into them for more than £200M already as I understand it, with the Club more than £150M in debt (about twice what Derby owed). A fan of theirs I often talk with, himself an accountant, doesn't seem to be unduly alarmed by it either, but I'm not sure he speaks for all tbf.
It seems it's just the reality of football club finances with the lure of jam tomorrow on making it to the promised land.