£11m loss, down from £29m the previous year.
https://find-and-update.company-info...filing-history
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£11m loss, down from £29m the previous year.
https://find-and-update.company-info...filing-history
Who's the director with significant influence in Tormen Finance who it would appear have loaned us £20 million at 9 per cent? I would have assumed it was Mehmet Dalman, but it does say it's a director not the Chairman.
Looks like he wage bill fell by just over £6 million.
Keith's commentary on the published accounts from last year says:
The main liabilities in the May 2022 balance sheet were amounts of £73m due to Vincent Tan and his family and £20.8m due to Tormen Finance, a company in which Mehmet Dalman has a significant interest – this loan carries interest at 9%.
http://www.cardiffcity-mad.co.uk/new...96/index.shtml
I have seen the 'significant interest' phrase used several times to describe the relationship between Dalman and Tormen Finance - but don't really know what it means - whether he owns Tormen or has a major financial stake in it....?
Mehmet Dalman is the major shareholder of Torman Finance (most probably the only shareholder) which is registered in the Virgin Islands.
The link below from the Companies House website shows him as the only major shareholder
https://s3.eu-west-2.amazonaws.com/d...06c26c167a697c
Perhaps most interesting is that a deal to lease the new training ground at Miskin is close to be signed. Shows a real commitment by VT and the club.
Thank you
And I know up to this current day it’s up to £100 mill our debt.
So 14-15 years later we are NO where near debt free??
We are now in debt to 3 different parties. Hmmmmmmmmmmmmm
More of Tans debt converted to equity in the accounts. The clubs debt to him reduced to £65m from around £100m is what I read. Overall debt reduced during the year as well. Tan should be commended for this in very difficult financial times. Not sure how that fits in with what you said.
Any reference to the payout from the insurance company?
Two other key numbers
Sponsorship up by over £5m - where has that come from? Well done for achieving it.
Over £7m spent on players
I guess he does, not that he would get any credit for it!
Indeed
Debt free in 5 years. How many years ago was that?
£40million loss before any "permitted development" spending, e.g. investment in academy and training infrastructure.
The limit is £39million over a 3 year period excluding "permitted development" spending, but in essence you are correct that the 2024 forecast included in the current FFP submission probably needs to be around break even.
The Profitability and Sustainability rules don't feel very sustainable.
I've been looking to see which other championship clubs have released their accounts for 2022-23 so far and how their losses compare:
Southampton £87m
Norwich 27.2
Bristol City 22.2
QPR 20.3
Preston 14.4
Stoke 11.3
Cardiff City 11
Sheffield Wednesday 6.5
Middlesbrough 6.4
Hull 5.2
Coventry 4.9
Plymouth 3.4
Rotherham 1.1
Watford made a £24m
profit