City Announce Annual Losses Of Almost 12 Million!

[Dolman Block B]

Jesus!!!

Anyone else find that rather scary? How much longer can that go on?

Got me thinking that a really fit and free scoring Nicky Maynard might have to leave the club to help balance the books?

Right or wrong??

club text sent these details just!!

[cityloyal473]

http://www.bcfc.co.uk/page/NewsDetail/0,,10327~2203993,00.html

Holy shit

[robins72]

The joys of playing Championship football, lower gates a poor season last season and the delays on the new stadium havwnt helped. Was expecting a high loss but not quite that high!

[Coppello]

Our wage bill has increased by £3 million, we also have long-term creditors to the value of nearly £20 million. Pretty scary stuff!

[Red]

It shows that the club wants to go forward and build.

All we want now is the new ground, and a team playing decent, consistent football.

The support is there, but the supporters have seen promises come and go.

[Dollymarie]

I've said it before and I'll say it again. Thank god for Lansdown.

[herman]

quick question - the accounts show a stadium loan of 10m. is that included then in the 11m loss (which would give us a 21m loss, all told) or is that separate?

[phantom]

Most of the money owed as a debt to Lansdown.

Wants the squad trimmed from 35 to 24 to help balance books.

Some argued we went for the "cheaper" option in appointing Millen as boss, do these figures justify that ?

[Coppello]

quick question - the accounts show a stadium loan of 10m. is that included then in the 11m loss (which would give us a 21m loss, all told) or is that separate?

It's seperate.

[Martyn Hocking]

Lansdown calls Coppell's decision to quit after two games 'brave' - pass the sick bag!

[bringbacktherobin]

I've said it before and I'll say it again. Thank god for Lansdown.

And if he ever decides he has had enough, i think were doomed.

[Pete1975Legend]

Lets just calm down, every club has a loss associated with the club, a lot of the money is in this new ground I am sure.

But we should be thankful we want to move forward and are looking to improve the playing squad every season.

Thank you to Mr Lansdown for being at the helm and showing a good business brain.

[zippycar]

Key facts from the accounts as far as I can see:

Turnover down by £523,169 to £11,149,882

Staff costs up by £3,595,938 to £13,823,516

Player trading losses increased by £1,1352,138 to £2,162,357

New stadium expenditure increased slightly to £1,969,718.

Interest charges are now £538,415.

And we smirk at Cardiff, Crystall Palace, Portsmouth and the like.

Without SL we are dead in the water and would struggle to support a League 2 side.

How is a new stadium going to generate £10m of clear profit (not turnover!!) a year to break even?

And lets not forget this note of caution from the accounts:

Emphasis of matter - Going concern

Without qualifying our opinion, we draw attention to the disclosures made in note 1 of the financial statements concerning the group's ability to continue as a going concern. The group made a net loss of £11,808,085 during the year ended 31 May 2010 and, as of that date, the group had net current liabilities of £3,571,652 and net liabilities of £10,076,723. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern as it is not practicable to determine or quantify them.

[Riaz]

Proof if it was ever needed that we need a new stadium.

We're losing 750k a month and whilst we're at ashton gate it will be impossible to change that round - unless we pay league one/two wages.

[Pezo]

That seems like a lot but as this whole country is in debt up to its eyeballs and the most likely course of action is for a devaluation of currency causing inflation and high interest rates to try and control that inflation. With this in mind it is good to be in debt with no interest payments because money is going to be worth less (i.e. being in debt to Lansdown) but this is also good for Lansdown as having money "invested" is a lot safer and will return more money long term.

Basically its a lot now but it wont be a lot in 5 years time.

[mr roo]

I know it's happening at all clubs across the country...but how can the wage bill exceed the turnover on it's own by £2.6M!?! The players (football in general) are killing the game with high wage demands and to quote our friend in Blackpool "IT'S WRONG"!

[The Dolman Pragmatist]

To me, it shows we are becoming trapped, if we are not already trapped, in the disastrous financial model that dictates the way football is managed at the top in this country. What's a £12m loss to a Premier League club? Peanuts, so long as you have someone with megabucks bankrolling the whole disastrous enterprise. I don't particularly want to end up in the same financial position as Portsmouth, nor would I particularly want to be a perenially underachieving Premier League club such as Bolton or Wigan, whose fans get used to see them being beaten on a regular basis. Frankly I'd rather be playing at Ashton Gate, challenging at the top of League One, solvent, with a squad that includes some youngsters that have been developed locally. I'm at a loss to understand the attraction of the Premier League. I want to see entertaining football on a Saturday afternoon, with City having a decent prospect of winning. I don't particularly want to see overpaid big-time charlies with no affinity to the club, getting walked all over by even more overpaid big-time charlies, week in week out (and often at 4.00 on a Sunday). Sometimes I look at the lower divisions (or even non-league football) with envy...

[the frampton balti]

When the chickens finally come home to roost !....................

How much interest will our much loved chairman be charging for the enormous amounts of money he is ploughing into the club?

i'm not sure whether this has been clarified . Blind as we all are in the face of generosity........Dont look a gift horse in the mouth etc etc...

[Abraham Romanovich]

Emphasis of matter - Going concern

Without qualifying our opinion, we draw attention to the disclosures made in note 1 of the financial statements concerning the group's ability to continue as a going concern. The group made a net loss of £11,808,085 during the year ended 31 May 2010 and, as of that date, the group had net current liabilities of £3,571,652 and net liabilities of £10,076,723. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern as it is not practicable to determine or quantify them.

This is basically saying that we are only continuing in business thanks to the generosity of our chairman which I think we already knew.

This is why the stadium is so vital to order to increase profitability, and replace our reliance on an individual.

If SL for whatever reason decides that he no longer wishes to continue , is there a plan B

In round figures each season ticket holder is being subsidised by £1000.

[Guest]

When the chickens finally come home to roost !....................

How much interest will our much loved chairman be charging for the enormous amounts of money he is ploughing into the club?

i'm not sure whether this has been clarified . Blind as we all are in the face of generosity........Dont look a gift horse in the mouth etc etc...

The last few losses have been wrote of by effectively doing a share issue (diluting shares)... i.e SL writes a blank cheque. Someone can correct me if I'm wrong though..

[CodeRed]

Steve Lansdown was speaking on Radio Bristol this morning just after 8 am - the presenter asked him outright : What would be plan B if the stadium is

not allowed to be built, and would he have the "mental strength" to continue with such a plan B after having been so committed to the stadium.

SL's answer was candid - he said they would look again at options to develop AG, but also as he (SL) was so committed to the new ground and his outlook for the club was

so dependent on the whole stadium project he would probably look to stand aside and look for someone fresh to take the club forward.

He (SL) stressed that he wouldn't leave the club in the lurch financially, and wouldn't do anything to jeapordise the club but would look to withdraw from the helm.

Surprised no one else picked up on this

The interview is on the BBC RB website.

CR

[Melksham Red]

I've said it before and I'll say it again. Thank god for Lansdown.

Why?

Is it healthy to be relying on one person so heavily. He doesn't have a bottomless pit of money and at some point he'll realise he can not fulfil his goal of Prem football and walk away leaving the club with the debt.

Slippery slope IMO when you think are we any further forward than we were three years ago?we're in the bottom three and for a 12 million debt Id say definately no.

[Magic Man]

Steve Lansdown was speaking on Radio Bristol this morning just after 8 am - the presenter asked him outright : What would be plan B if the stadium is

not allowed to be built, and would he have the "mental strength" to continue with such a plan B after having been so committed to the stadium.

SL's answer was candid - he said they would look again at options to develop AG, but also as he (SL) was so committed to the new ground and his outlook for the club was

so dependent on the whole stadium project he would probably look to stand aside and look for someone fresh to take the club forward.

He (SL) stressed that he wouldn't leave the club in the lurch financially, and wouldn't do anything to jeapordise the club but would look to withdraw from the helm.

Surprised no one else picked up on this

The interview is on the BBC RB website.

CR

I heard this. Basically we're screwed if we don't get the stadium go ahead... but then we knew that already.

[red23]

Key facts from the accounts as far as I can see:

Turnover down by £523,169 to £11,149,882

Staff costs up by £3,595,938 to £13,823,516

Player trading losses increased by £1,1352,138 to £2,162,357

New stadium expenditure increased slightly to £1,969,718.

Interest charges are now £538,415.

And we smirk at Cardiff, Crystall Palace, Portsmouth and the like.

Without SL we are dead in the water and would struggle to support a League 2 side.

How is a new stadium going to generate £10m of clear profit (not turnover!!) a year to break even?

And lets not forget this note of caution from the accounts:

Emphasis of matter - Going concern

Without qualifying our opinion, we draw attention to the disclosures made in note 1 of the financial statements concerning the group's ability to continue as a going concern. The group made a net loss of £11,808,085 during the year ended 31 May 2010 and, as of that date, the group had net current liabilities of £3,571,652 and net liabilities of £10,076,723. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern as it is not practicable to determine or quantify them.

Haha i misread!

It makes more sense now

[CardiffBlackLabel]

Why?

Is it healthy to be relying on one person so heavily. He doesn't have a bottomless pit of money and at some point he'll realise he can not fulfil his goal of Prem football and walk away leaving the club with the debt.

Slippery slope IMO when you think are we any further forward than we were three years ago?we're in the bottom three and for a 12 million debt Id say definately no.

I've got empathy with BCFC supporters on this.

£12million loss though, means that BCFC make an operating loss of some £250,000 a week. It does really make you wonder what is up with football. On top of season tickets, match prices (which aint cheap), TV income, shirt sales, food sales, hospitality and everything, the club still loses nearly £250,000 a week.

It beggars belief. It was the same with Sam Hammam; living beyond your means. The worst thing is that Lansdown now has the club over a barrel. He seems a good man with BCFC's best wishes at heart, but if the relationship turns sour then you have another Sam Hammam scenario on your hands.

[Redcliffe 78]

Lansdown in EP, "We're probably a year behind in our orginal timetable and that catches up with you i've been content to put that money in to push the football club and stadium forward until the stadium issue is resolved. I don't want to give the impession that the club is in trouble. I think people realize that most of the funding comes from myself, but the balance sheet looks a mess at he moment because of the push we have made to make the football club more succesful.

With his comments on RB, i really think he will hand over the reins if the stadium is rejected, BUT i don't think he will leave us up shit street. Very interesting how he says I'm CONTENT to do this until the stadium issue is resolved. Wow the next few months are the biggest in this clubs history.

[BCFC_Dan]

To me, it shows we are becoming trapped, if we are not already trapped, in the disastrous financial model that dictates the way football is managed at the top in this country. What's a £12m loss to a Premier League club? Peanuts, so long as you have someone with megabucks bankrolling the whole disastrous enterprise. I don't particularly want to end up in the same financial position as Portsmouth, nor would I particularly want to be a perenially underachieving Premier League club such as Bolton or Wigan, whose fans get used to see them being beaten on a regular basis. Frankly I'd rather be playing at Ashton Gate, challenging at the top of League One, solvent, with a squad that includes some youngsters that have been developed locally. I'm at a loss to understand the attraction of the Premier League. I want to see entertaining football on a Saturday afternoon, with City having a decent prospect of winning. I don't particularly want to see overpaid big-time charlies with no affinity to the club, getting walked all over by even more overpaid big-time charlies, week in week out (and often at 4.00 on a Sunday). Sometimes I look at the lower divisions (or even non-league football) with envy...

Thing is, I don't think we could operate under the current climate as a club that challenges at the top of League One and is financially solvent. We were losing money in League One under Gary Johnson and he didn't really spend big to get out of the division (compared to Wilson and he had a good selection of Academy players to work with too.) I'd be interested if anyone knows what the figures are like for Bristol Rovers.

The way I see it, either the whole of football comes crashing down to a point where it returns to something approaching reality, or we simply have to be in the Premier League with a new ground. Anything else is unsustainable.

I have actually been watching a local non-league side this season and I get to watch a remarkably decent team for a decent price.

[jimtastic]

Proof if it was ever needed that we need a new stadium.

We're losing 750k a month and whilst we're at ashton gate it will be impossible to change that round - unless we pay league one/two wages.

Or alternatively, proof that we need to be paying league one/two wages!

SL is not financing any of our squad improvements etc. He's gambling with the finances of our club and we've reached a point now where SL is the only thing that stands between us and a repeat of 1982. Even with the new stadium, there are no guarantees that we'll be able to service our debt.

It's just frightening, yet many people seem blinded by the prospect of a shiny new stadium and the ability to dip our hands in our pockets at will to "strengthen" the squad. I find it hilarious that on the back of such a massive investment in playing staff, SL exercises frugality when appointing a manager - the gel that binds it all together (I'm talking purely about the appointment from a financial perspective).

Football is badly broken and if playing catch-up with everyone else means that we go to the wall (along with many other clubs, I'm sure), I'd rather we set our delusions of grandeur to one side and managed our finances sensibly until the bubble inevitably bursts, at which point we'll be able to afford a new stadium as an investment rather than a debt-servicing cash cow.

I look back at cold Tuesday nights with a Bovril in the open end and think to myself "is it really that much better/more fun now?" Enough to warrant our finances being on their arse? Enough that match day ticket prices are so expensive that they're putting people off of going?

[Frome Valley]

This is basically saying that we are only continuing in business thanks to the generosity of our chairman which I think we already knew.

This is why the stadium is so vital to order to increase profitability, and replace our reliance on an individual.

If SL for whatever reason decides that he no longer wishes to continue , is there a plan B

In round figures each season ticket holder is being subsidised by £1000.

The club when Steve Lansdown took over was a going concern owned by supporters.

The club now due to the generosity of the chairman is now neither.

[Fireman Sam]

I don't blame SL if he leaves

The Council sold him that land knowing he was going to build a new Stadium

If you can't trust your own council you may as well stop and spend your hard earned money on the Sun Sea Sex and good times. You only live once!

I can't believe the whole of Bristol can be held up by a couple of households, that know the land behind them (A tip) can be built on at any time!

HOW CAN ANYBODY CALL IT A VILLAGE! It's a housing estate, not on the edge of Bristol BUT PART OF BRISTOL!

There are also plans going forward for 10,000 houses to be built in the same area. AND THE COUNCIL AND LOCAlS KNOW THIS

Also there are plans to join the A38 with the A370 within touching distance also (Better road for Airport and help the Ring road)

And all this is now happening because a couple of households want to walk their dogs across a load of weeds.

Half of the development will give them a lovely dog walking park with small lakes and picnic areas. (That would put the price their houses up, having a lovely park on your doorstep that is looked after and maintained week after week.