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Charlton publish 23/24 Accounts
Comments
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It was yes but no business man in the world can do that in 12-18 months. It’s going to take years. And perversely, more investment in a more solid infrastructure to get to a better operating model.Fumbluff said:Wasn’t the plan to reduce the annual losses by about 75%, not to increase them?
Also the only noticeable investment/growth is in executive salaries, funny that…
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CM, £250k, AS £160kAFKABartram said:
I didnt think our ‘executives’ in the 3rd tier would be trousering £2m a year, and that’s before expenses, consultancies etcTheHerminator said:In interested to know what everyone was expecting? This is pretty normal and relies on us going up in the next few years0 -
Okay so the plan might as well have been to put a Charlton player on the moon and when he hadn’t achieved that after 12-18 months we could just shrug and let him have another go (after a moderate wage increase for trying surely)TheHerminator said:
It was yes but no business man in the world can do that in 12-18 months. It’s going to take years. And perversely, more investment in a more solid infrastructure to get to a better operating model.Fumbluff said:Wasn’t the plan to reduce the annual losses by about 75%, not to increase them?
Also the only noticeable investment/growth is in executive salaries, funny that…0 -
Am I reading this correctly, it’s saying that due to the publicised cyber attack, a load of financial records were completely wiped and couldn’t be retrieved?8 -
What?Fumbluff said:
Okay so the plan might as well have been to put a Charlton player on the moon and when he hadn’t achieved that after 12-18 months we could just shrug and let him have another go (after a moderate wage increase for trying surely)TheHerminator said:
It was yes but no business man in the world can do that in 12-18 months. It’s going to take years. And perversely, more investment in a more solid infrastructure to get to a better operating model.Fumbluff said:Wasn’t the plan to reduce the annual losses by about 75%, not to increase them?
Also the only noticeable investment/growth is in executive salaries, funny that…0 -
YesAFKABartram said:Am I reading this correctly, it’s saying that due to the publicised cyber attack, a load of financial records were completely wiped and couldn’t be retrieved?1 -
I know it’s not the one that jumps out but I’m trying to work out the figure from selling players. As they’re 23/24 figures I’m assuming May doesn’t count so the only sale is CBT and some loans. Does that figure include wages covered for loans as well as loan fees? It feels quite high3
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That’s handy.AFKABartram said:Am I reading this correctly, it’s saying that due to the publicised cyber attack, a load of financial records were completely wiped and couldn’t be retrieved?16 -
I agree I would expect losses to go up in the short term.TheHerminator said:
It’s not mismanagement if this was the plan.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.
you have to invest to get out of the league which is what they’ve done on and off the pitch.If they hadn’t we’d all be complaining it was the same old same old.
now they have done it’s now management?
The disappointing thing is that a huge chunk of that 18% increase in wages has been taken up by executive pay rather than the squad.
If you brought that exec pay down to a still inflated £1m that frees up £900k, which is equivalent to 2 very good league one players on roughly £8.5k a week.
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Yep. I’m surprised anyone is surprised.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.4 - Sponsored links:
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You have to wonder though, with the cyber attack, has this conveniently hidden higher figures paid out to Execs...ForestHillAddick said:
I agree I would expect losses to go up in the short term.TheHerminator said:
It’s not mismanagement if this was the plan.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.
you have to invest to get out of the league which is what they’ve done on and off the pitch.If they hadn’t we’d all be complaining it was the same old same old.
now they have done it’s now management?
The disappointing thing is that a huge chunk of that 18% increase in wages has been taken up by executive pay rather than the squad.
If you brought that exec pay down to a still inflated £1m that frees up £900k, which is equivalent to 2 very good league one players on roughly £8.5k a week.
Hopefully it'll be a figure we simply wont have to worry about next year!!0 -
Which was always a pipe dream unless you've got a player you can sell for 6-7m each year.Fumbluff said:Wasn’t the plan to reduce the annual losses by about 75%, not to increase them?
Also the only noticeable investment/growth is in executive salaries, funny that…1 -
This was shared at the online directors’ Q&A in January showing the current financial year with a similar outturn to 22/23. The accounts just released are for the year inbetween.
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That's a fair point.ForestHillAddick said:
I agree I would expect losses to go up in the short term.TheHerminator said:
It’s not mismanagement if this was the plan.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.
you have to invest to get out of the league which is what they’ve done on and off the pitch.If they hadn’t we’d all be complaining it was the same old same old.
now they have done it’s now management?
The disappointing thing is that a huge chunk of that 18% increase in wages has been taken up by executive pay rather than the squad.
If you brought that exec pay down to a still inflated £1m that frees up £900k, which is equivalent to 2 very good league one players on roughly £8.5k a week.
My only thinking is the owners have invested heavily in 'the right people' to get to where they want to be.
If that works and we go up with a sustainable business model then great.
If not they have to swallow the cost I'm guessing1 -
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Extremely convenient.AFKABartram said:Am I reading this correctly, it’s saying that due to the publicised cyber attack, a load of financial records were completely wiped and couldn’t be retrieved?
I wonder if all the people who were saying he did a good job will change their stance now.
It's a bit more obvious that they're all getting sacked now rather than them making their own decision. Absolute waste of wages.9 -
Anyway, looks like the plan is going well
As we work toward becoming the UK's most cohesive, sustainable community-driven club competing at elite level.10 -
On the missing records, this is the auditors comment…
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The owners saw the numbers and took action, seems the owners aren’t negligent20
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To do that was always going to take a few years of continued big losses, and we’ve made a lot of progress on the pitch compared to this time last year.clive said:Anyway, looks like the plan is going well
As we work toward becoming the UK's most cohesive, sustainable community-driven club competing at elite level.4 - Sponsored links:
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Still getting backed on this thread so I wouldn't count on it 😂Braziliance said:
Extremely convenient.AFKABartram said:Am I reading this correctly, it’s saying that due to the publicised cyber attack, a load of financial records were completely wiped and couldn’t be retrieved?
I wonder if all the people who were saying he did a good job will change their stance now.
It's a bit more obvious that they're all getting sacked now rather than them making their own decision. Absolute waste of wages.9 -
A convenient cyber attack that didn’t take any money, but did take financial data, they’re more sophisticated that Southall’s mob I’ll give them that. Good spot, that.You’d have thought they’d have used the lack of audit trail to not concentrate the losses in exec pay…6
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Anyone know this?Chris_from_Sidcup said:The 71.5m of losses are over how long a time period?
I'm assuming it's historical going back to the Roland years?0 -
So let's be honest, there's a chance it's worse than what's actually been shown? Cause it's unlikely it would be any better.AFKABartram said:On the missing records, this is the auditors comment…
I've never known a company to be folded by a single cyber attack. Do big companies not also keep things in writing, have back up files/fail-safes. I understand systems going down for a period of time, happens to massive companies, but to lose records completely?
Without getting the tin hat out, it almost sounds deliberate.7 -
The executive pay is ridiculous and unjustifiable, especially given they've failed to increase revenue to even try to justify their salary. Other than that though there's some positive stuff in there from a football perspective. Wage spend up 18% and player purchases outstripping player spend is at least a positive trend if it continues. You would hope that the current investors would look at our improvement on the pitch this season and tie it to that increased spend so that even if we don't go up this season they will continue to invest in the playing staff. And then think about all the money we could spend if we weren't paying so much to executives. I'll not hold my breath but it's been worse4
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Man City could've claimed that and avoided their court case.AFKABartram said:Am I reading this correctly, it’s saying that due to the publicised cyber attack, a load of financial records were completely wiped and couldn’t be retrieved?
"Sorry judge, a cyber attack wiped out 10 years of records, we have nothing to show you."7 -
I read the addendum as saying that it did take money but that was covered by insurance? Am I misreading that?Super_Eddie_Youds said:A convenient cyber attack that didn’t take any money, but did take financial data, they’re more sophisticated that Southall’s mob I’ll give them that. Good spot, that.You’d have thought they’d have used the lack of audit trail to not concentrate the losses in exec pay…1 -
Methven paying himself and his mates massive salaries while running the club into the ground? Who could have predicted this!8
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They can't do it in a year! It takes timeGarrymanilow said:The executive pay is ridiculous and unjustifiable, especially given they've failed to increase revenue to even try to justify their salary. Other than that though there's some positive stuff in there from a football perspective. Wage spend up 18% and player purchases outstripping player spend is at least a positive trend if it continues. You would hope that the current investors would look at our improvement on the pitch this season and tie it to that increased spend so that even if we don't go up this season they will continue to invest in the playing staff. And then think about all the money we could spend if we weren't paying so much to executives. I'll not hold my breath but it's been worse1 -
You’re right, lazy reading by mefenaddick said:
I read the addendum as saying that it did take money but that was covered by insurance? Am I misreading that?Super_Eddie_Youds said:A convenient cyber attack that didn’t take any money, but did take financial data, they’re more sophisticated that Southall’s mob I’ll give them that. Good spot, that.You’d have thought they’d have used the lack of audit trail to not concentrate the losses in exec pay…0
