In amongst the news on the arrival of our new manager, the South Wales Echo mentioned that the CCFC is losing £3m a week. Seems a huge amount of money. How can that be?
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In amongst the news on the arrival of our new manager, the South Wales Echo mentioned that the CCFC is losing £3m a week. Seems a huge amount of money. How can that be?
By paying wages, maintaining the stadium, paying the costs incurred in staging matches and paying interest on loans.
The last accounts published relating to CCFC in the Championship are for 2018. Our income then was £33m, we lost £36m, but a revaluation of the stadium of £29m meant that overall loss was £7mQuote:
Originally Posted by RichardM
Now it seems the Club is heading for £150m loss in a full year. OK supporters gate income isn't there but that can only be worth £10m - £15m a year if that, and also cost of staging matches this year would be lower without large numbers of ground staff being required.
Short answer the club isn’t losing £3 million a week
Because the people running the club are f in clueless of course, they put this out there every now and then. Think we are supposed to be grateful for their gross ineptitude.....Quote:
Originally Posted by lisvaneblue
Financial mismanagement would be my guess
But I assume the figure is wrong, I know income is down, but I can't imagine we're losing £150m a year
That's what I think too. Just doesn't make sense.Quote:
Originally Posted by Poolerblue
A month maybe....they like that figure. It has to be nonsense though, why would they take in a loan on 60k a week if they are losing millions and millions
Is the correct answer!Quote:
Originally Posted by Poolerblue
One for the Trust to ask the club directly in their next meeting with them I'd say. Can't believe that we're losing that much, but if we are, it makes all the talk of the last few years of how gates receipts were not as important as they once were look like bollox.
If we were losing £3m a week, that works out to £150m a year, and I don't believe our turnover hits that sort of figure. Must be a mistake.
£3m a month sounds more like it...even that is unsustainableQuote:
Originally Posted by tforturton
Even that sounds suspect. Is the club repaying loans to Tan? What happened to debt to equity? Was that ever completed?Quote:
Originally Posted by lisvaneblue
Quote:
Originally Posted by lisvaneblue
And TV income still coming in
We'll be losing that. Our wages are 30m ish a season on playing staff and we've got no money coming in. I bet they're not including the PP to cover that, overall we might break even but next year we are in a world of bother.Quote:
Originally Posted by NYCBlue
A lot of other clubs in our league and lower will be in a bigger world of bother then I guess? Even if fans are back? Which I imagine they will beQuote:
Originally Posted by Pedro de la Rosa
Quote:
Originally Posted by Pedro de la Rosa
Not quite. I believe we still have parachute payments this season and we receive substantial TV income
Yeah didn’t we get 35 million para payment? How can Dalman fluff the figures to show us losing 3 million a month this time eh?Quote:
Originally Posted by DubaiDai
Where did you get that figure from? That puts our entire squad on an average of more than £20k a weekQuote:
Originally Posted by Pedro de la Rosa
You really have got a chip on your shoulder. Any opportunity to beat the club over the head gratefully accepted by you. What do you think the club is run on then - fresh air ? They have all the outgoings of running and maintaining the club, stadium and grounds plus paying the wages of all the staff, including players, most of who will be on £20-25000 a week, if not more. Season ticket sales fell by about 5000 due to Covid and there is no match day revenue or corporate hospitality. The cost of keeping the club going has been publicised by a number of separate media outlets, not by the club itself. You appear to live in cloud cuckoo land.Quote:
Originally Posted by goats
See THREAD "The Meetings main points
Quote:
Originally Posted by the other bob wilson
Paul. This was clarified at the meeting with the Trust and other fan groups this afternoon by Mehmet Dalman and Ken Choo.
The club has a cash loss currently of about £3m a month (NOT per week) because of the shortfall in income caused by the pandemic and Mehmet stated that this is currently being propped up by cash from Vincent Tan.
In profit and loss terms the losses are far lower according to Ken and it is expected that the club will make a “small loss” this season.
The difference between the cash loss and the profit and loss loss ? For instance if we buy a player up front for say £1m that cash comes out straight away but the cost is written off over the period of his contract so might be over 2 years at £500k in the profit and loss account.
It was also mentioned today that the club has applied for a EFL loan of £8m to help with the cash flow. It should be received in the next 30 days and would be repayable in 2024.
When time allows ( probably in the morning) I will be writing a report on the meeting for Trust members so can then be copied on to here.
Keith
it's not. blue tit was at the meeting it's only losing £3 a month. :hehe:
That's my thinking, 3m a month sounds more likely.Quote:
Originally Posted by lisvaneblue
:hehe: huge chips....I wish I could get a flight back to cloud cuckoo land tooQuote:
Originally Posted by dml1954