| Colchester United at Companies House 17:11 - Mar 28 with 1189 views | SparkfilmsTV |
The latest set of accounts have been filed at Companies House!
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| Colchester United at Companies House on 07:18 - Mar 29 with 1115 views | SparkfilmsTV |
Wonder how many people are aware of 'looksports.media' report on 'What's going wrong at Colchester United?'
It was written in mid December.
There is an AI soundtrack of the piece that lasts around 12 minutes. ( Not a great example of AI conversion ).
The latest accounts suggest the greatest year on year financial loss in the history of the club.
The piece was written 4 months prior to the latest accounts being available - not a shock as such, but a continuing spiral of massive debt.
The piece was bought to my attention by an accountant yesterday. | | | |
| Colchester United at Companies House on 08:35 - Mar 30 with 1038 views | TheOldOakTree |
| Colchester United at Companies House on 07:18 - Mar 29 by SparkfilmsTV |
Wonder how many people are aware of 'looksports.media' report on 'What's going wrong at Colchester United?'
It was written in mid December.
There is an AI soundtrack of the piece that lasts around 12 minutes. ( Not a great example of AI conversion ).
The latest accounts suggest the greatest year on year financial loss in the history of the club.
The piece was written 4 months prior to the latest accounts being available - not a shock as such, but a continuing spiral of massive debt.
The piece was bought to my attention by an accountant yesterday. |
Whilst a loss of £2.96M in one year doesn’t sound good at all, things might not be quite as bad as they appear.
Firstly, if you look at the accounts of the ultimate parent company, they show an overall profit for the group as a whole of £2.36M. The goose that lays the golden eggs appears to be fit and healthy.
So, if you went to the races and lost £2.96M on the first race, but the rest of the day went well and you came home with £2.36M more than when you left, you wouldn’t be too unhappy and you could say that you could afford your hobby. Although you should be a lot more careful in future.
If you think of it as someone who earns £53,200 a year, giving £29,600 to the club, so we can all enjoy our footie, then clearly that's a nice situation, but one day they might wake up and think I can’t go on like this, something has got to change.
Secondly, whilst the debt and losses are technically real, you could argue that to some extent they are just numbers on a piece of paper.
The £33M debt is not owed to a loan shark or a bank, it is from another company within the group, so as long as the rest of the group is healthy, the bailiffs are not necessarily going to be calling anytime soon.
The previous years accounts shows that the main loan bears interest at 5%. That would suggest £1.55M interest charges for the year. If the interest rate is linked to the BOE base rate then that could have gone up considerably. The point being, that of the £2.96M loss, well over half and possibly at lot more, is quite likely just interest charges to another company in the same group.
Normally when a club gets close to the trapdoor, it’s because the bills aren’t being paid, the bank are calling in loans, or they can’t afford decent players etc. That doesn’t appear to be the case here at all. It almost pains me to say it, but we do have an A+ owner that clearly loves the club as much as any of us, we just need them to get the hang of running a football club and for the staff to collectively deliver results that correlate with the level of spending. | | | |
| Colchester United at Companies House on 12:06 - Apr 2 with 916 views | SparkfilmsTV |
| Colchester United at Companies House on 08:35 - Mar 30 by TheOldOakTree |
Whilst a loss of £2.96M in one year doesn’t sound good at all, things might not be quite as bad as they appear.
Firstly, if you look at the accounts of the ultimate parent company, they show an overall profit for the group as a whole of £2.36M. The goose that lays the golden eggs appears to be fit and healthy.
So, if you went to the races and lost £2.96M on the first race, but the rest of the day went well and you came home with £2.36M more than when you left, you wouldn’t be too unhappy and you could say that you could afford your hobby. Although you should be a lot more careful in future.
If you think of it as someone who earns £53,200 a year, giving £29,600 to the club, so we can all enjoy our footie, then clearly that's a nice situation, but one day they might wake up and think I can’t go on like this, something has got to change.
Secondly, whilst the debt and losses are technically real, you could argue that to some extent they are just numbers on a piece of paper.
The £33M debt is not owed to a loan shark or a bank, it is from another company within the group, so as long as the rest of the group is healthy, the bailiffs are not necessarily going to be calling anytime soon.
The previous years accounts shows that the main loan bears interest at 5%. That would suggest £1.55M interest charges for the year. If the interest rate is linked to the BOE base rate then that could have gone up considerably. The point being, that of the £2.96M loss, well over half and possibly at lot more, is quite likely just interest charges to another company in the same group.
Normally when a club gets close to the trapdoor, it’s because the bills aren’t being paid, the bank are calling in loans, or they can’t afford decent players etc. That doesn’t appear to be the case here at all. It almost pains me to say it, but we do have an A+ owner that clearly loves the club as much as any of us, we just need them to get the hang of running a football club and for the staff to collectively deliver results that correlate with the level of spending. |
That goose...not sure how fit and healthy he might be.
Plenty of turkey's hanging on by their feathers too.
The figures suggest a decline in the mothership's performance and market value. | | | |
| Colchester United at Companies House on 13:00 - Apr 2 with 900 views | TheOldOakTree |
| Colchester United at Companies House on 12:06 - Apr 2 by SparkfilmsTV |
That goose...not sure how fit and healthy he might be.
Plenty of turkey's hanging on by their feathers too.
The figures suggest a decline in the mothership's performance and market value. |
In fairness if you look at the overall figures for the last 10 years, profit has always been up and down like a bride’s nightie, but I’ll admit, it does all look to be a bit like a house of cards.
I think the future of Col U can best be summed up by the words of Albert Einstein….
“We cannot solve our problems with the same thinking we used when we created them” | | | |
| Colchester United at Companies House on 13:57 - Apr 2 with 875 views | burnsieespana |
| Colchester United at Companies House on 13:00 - Apr 2 by TheOldOakTree |
In fairness if you look at the overall figures for the last 10 years, profit has always been up and down like a bride’s nightie, but I’ll admit, it does all look to be a bit like a house of cards.
I think the future of Col U can best be summed up by the words of Albert Einstein….
“We cannot solve our problems with the same thinking we used when we created them” |
Name me a football club at the moment in good health?
Many still hiding Covid related debt and at the lower level a regular drip drip of bankruptcies or a worst admi is traction and suspect won't be long before we see more serious cases. |  | | |
| Colchester United at Companies House on 15:06 - Apr 2 with 864 views | TheOldOakTree |
| Colchester United at Companies House on 13:57 - Apr 2 by burnsieespana |
Name me a football club at the moment in good health?
Many still hiding Covid related debt and at the lower level a regular drip drip of bankruptcies or a worst admi is traction and suspect won't be long before we see more serious cases. |
You are right that most other L2 clubs are in an unhealthy position, but I'm not aware of other clubs hemorraging money anywhere near as much as the U's, and for what return?
For someone to work hard running a business just to shovel a ridiculously large proportion of its profit into a bottomless pit, year after year, with no returns, is quite sad.
It's pretty obvious where this ends, unless there is a massive reset.
How can the spending be so high and the results constantly so poor? I'm sure there are some very hard working people at the club, but the last 15 years suggests that either there are some in the wrong job, or there are some that are just taking the piss, or the whole philosophy is flawed. It's like we are slowly sleepwalking into oblivion, and everyone is too nice to ring the wake-up alarm. A change of direction and/or some serious 'arse-kicking' is long overdue.
I would be going mental if I'd spent a fraction of that money and we couldn't even manage mid-table mediocrity. | | | |
| Colchester United at Companies House on 17:10 - Apr 2 with 842 views | burnsieespana |
| Colchester United at Companies House on 15:06 - Apr 2 by TheOldOakTree |
You are right that most other L2 clubs are in an unhealthy position, but I'm not aware of other clubs hemorraging money anywhere near as much as the U's, and for what return?
For someone to work hard running a business just to shovel a ridiculously large proportion of its profit into a bottomless pit, year after year, with no returns, is quite sad.
It's pretty obvious where this ends, unless there is a massive reset.
How can the spending be so high and the results constantly so poor? I'm sure there are some very hard working people at the club, but the last 15 years suggests that either there are some in the wrong job, or there are some that are just taking the piss, or the whole philosophy is flawed. It's like we are slowly sleepwalking into oblivion, and everyone is too nice to ring the wake-up alarm. A change of direction and/or some serious 'arse-kicking' is long overdue.
I would be going mental if I'd spent a fraction of that money and we couldn't even manage mid-table mediocrity. |
Being part of a group.of companies it is well nigh impossible to know if Robbie co sides it worthwhile or not.
Agree a lot seems to have been squandered over the last years.
Without seeing the accounts I wonder how the transfer income is shown, for example is that classified under a different part of the business?
We don't seem to be looking for a replacement for Embleton.
Maybe the prospect of National League football is deterring a decision as we know from what has happened over the last 4 years Robbie is desperate for it not to happen.
Just think how many players we currently have contacted/on. Loan?
Irrespective of where we play our football next year we need to stop the Managerial merry-go-round as that must be costing us a huge amount.
Think I read somewhere we have something like 20 contracted players out of. One-act in June bur the figure may include loans. | | | |
| Colchester United at Companies House on 18:00 - Apr 2 with 832 views | SparkfilmsTV |
| Colchester United at Companies House on 17:10 - Apr 2 by burnsieespana |
Being part of a group.of companies it is well nigh impossible to know if Robbie co sides it worthwhile or not.
Agree a lot seems to have been squandered over the last years.
Without seeing the accounts I wonder how the transfer income is shown, for example is that classified under a different part of the business?
We don't seem to be looking for a replacement for Embleton.
Maybe the prospect of National League football is deterring a decision as we know from what has happened over the last 4 years Robbie is desperate for it not to happen.
Just think how many players we currently have contacted/on. Loan?
Irrespective of where we play our football next year we need to stop the Managerial merry-go-round as that must be costing us a huge amount.
Think I read somewhere we have something like 20 contracted players out of. One-act in June bur the figure may include loans. |
There is a considerable amount of smoke and mirrors in modern day accounting but one aspect that leaps out at me is the number of employees that are listed for Colchester United - players, management, coaching staff, admin etc.
l can only turn the clock back to when l had some involvement with the club and be reminded that we had virtually a skeleton squad, no academy ( as such ), staffing levels that needed to be cut to the bone and for the most part a common sense approach in an effort to balance the books.
We had a Chief Executive ( Marie Partner ) who was highly rated and a hard working staff behind the scenes that gave everything in the good name of Colchester United.
I am not suggesting that the current staff don't work equally as hard but l am suggesting we have an over bloated football club and at some stage there will be new ownership and the axe will be wielded.
That is, if we are able to get to that stage.
The club lives from a block of twelve months to another block of twelve months. It says as much each year in the accounts.
The current system appears to be living on borrowed time.
A deeper look into the performances of 'the group of companies' is indicating a downward curve.
Once a downward curve is detected ( should my observation be correct ) it can be virtually impossible to arrest ( l have been there with Graphic Warehouse - albeit on a considerably reduced scale ).
I don't doubt there are funds available to keep the ship afloat but l recall accountants referring to this as 'Good money after bad'.
Second Division football clubs are referred to as money pits - but our pit just gets deeper and deeper. [Post edited 2 Apr 18:05]
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| Colchester United at Companies House on 13:56 - Apr 3 with 773 views | TheOldOakTree |
It could be worse, we could be Spurts fans.
https://www.bbc.co.uk/sport/football/68721502
In March, Tottenham announced season ticket prices would increase with the most affordable season ticket costing £856, up from £807. They are also removing the concession for those aged 65 and above. (In line with this policy, I’m assuming that disabled people will be given a good kicking, along with confiscation of all kids sweets at the turnstiles).
The club is on the skids and they need more investment, they want to tap into the potential that they might not always be shite (and pigs might fly).
It’s good to see that not everyone is suffering though. After managing another very piss-poor season, winning jack shit, selling their only decent player and racking up even more eye watering debts, the Chairman still managed to increase his pay from £3.2m to £3.5m, while taking home a £3m bonus. YES A BONUS!
There’s only one word for someone like that. He’s a ####.
Football is ####ed, the western world is ####ed, greed and incompetence go hand in hand in 2024, whilst Joe Public is mugged and shat on at every opportunity.
We bang on about corruption and sleaze in places like Russia, but it's the same as the UK, only without people falling out of hotel windows. [Post edited 3 Apr 14:10]
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| Colchester United at Companies House on 12:54 - Apr 4 with 674 views | franksic1988 |
| Colchester United at Companies House on 13:56 - Apr 3 by TheOldOakTree |
It could be worse, we could be Spurts fans.
https://www.bbc.co.uk/sport/football/68721502
In March, Tottenham announced season ticket prices would increase with the most affordable season ticket costing £856, up from £807. They are also removing the concession for those aged 65 and above. (In line with this policy, I’m assuming that disabled people will be given a good kicking, along with confiscation of all kids sweets at the turnstiles).
The club is on the skids and they need more investment, they want to tap into the potential that they might not always be shite (and pigs might fly).
It’s good to see that not everyone is suffering though. After managing another very piss-poor season, winning jack shit, selling their only decent player and racking up even more eye watering debts, the Chairman still managed to increase his pay from £3.2m to £3.5m, while taking home a £3m bonus. YES A BONUS!
There’s only one word for someone like that. He’s a ####.
Football is ####ed, the western world is ####ed, greed and incompetence go hand in hand in 2024, whilst Joe Public is mugged and shat on at every opportunity.
We bang on about corruption and sleaze in places like Russia, but it's the same as the UK, only without people falling out of hotel windows. [Post edited 3 Apr 14:10]
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The western world needs to hang its head in shame. Our media is controlled no more of less than a communist country. There is as much if not more corruption in the western world. Last year in Russia 300 people were arrested for posts on social media…. In the uk 3,230 were arrested for social media posts. There is no freedom of speech. If you’re a white working class man in the UK now that automatically means your “ racist “ football is just as fuzzed up as the world. | | | |
| Colchester United at Companies House on 13:43 - Apr 4 with 664 views | TheOldOakTree |
| Colchester United at Companies House on 12:54 - Apr 4 by franksic1988 |
The western world needs to hang its head in shame. Our media is controlled no more of less than a communist country. There is as much if not more corruption in the western world. Last year in Russia 300 people were arrested for posts on social media…. In the uk 3,230 were arrested for social media posts. There is no freedom of speech. If you’re a white working class man in the UK now that automatically means your “ racist “ football is just as fuzzed up as the world. |
I wouldn’t disagree with anything you’ve said, right and left bias, it’s just as bad. Some reasonably neutral news and the ability to express an opinion, isn’t much to ask for in a civilized country. If you question immigration policy, you’re a racist and conversely, if you dare to suggest that wholesale slaughter of children in Gaza is a tad over the top, then your antisemitic.
Returning to Spurts, just imagine someone in a low paid career, who’s supported them through thick and thin (mostly thin) home and away for 50 years and has had to do overtime or scrim and save to pay over £800 for a season ticket and to buy the shirt, then when they retire onto £10,600 a year state pension, some greedy #### with his nose in the trough, says you can f-off now because we only want plastic fans that can pay top dollar. As we know, it’s only the real fans that will still come when the novelty has worn off.
I only hope that if L@vy one day ends up in a care home, the person wiping his arse is one of the real Spurts fans that he treated so badly. It’s not a crime to do an honest low paid job, we’d be up Shit Creek without the millions that do. They deserve football just as much as the city wasters quaffing their champagne. | | | |
| Colchester United at Companies House on 17:41 - Apr 4 with 635 views | franksic1988 |
| Colchester United at Companies House on 13:43 - Apr 4 by TheOldOakTree |
I wouldn’t disagree with anything you’ve said, right and left bias, it’s just as bad. Some reasonably neutral news and the ability to express an opinion, isn’t much to ask for in a civilized country. If you question immigration policy, you’re a racist and conversely, if you dare to suggest that wholesale slaughter of children in Gaza is a tad over the top, then your antisemitic.
Returning to Spurts, just imagine someone in a low paid career, who’s supported them through thick and thin (mostly thin) home and away for 50 years and has had to do overtime or scrim and save to pay over £800 for a season ticket and to buy the shirt, then when they retire onto £10,600 a year state pension, some greedy #### with his nose in the trough, says you can f-off now because we only want plastic fans that can pay top dollar. As we know, it’s only the real fans that will still come when the novelty has worn off.
I only hope that if L@vy one day ends up in a care home, the person wiping his arse is one of the real Spurts fans that he treated so badly. It’s not a crime to do an honest low paid job, we’d be up Shit Creek without the millions that do. They deserve football just as much as the city wasters quaffing their champagne. |
You’re 100% bob on. No matter what your opinion is someone somewhere is going to bracket you and cast some aspersions over you In a negative way. The hard working, family man in the UK is now something to be ashamed of. If you’re not living out of your means and trying to keep up with the next man / family on ( social media ) you’re a let down. Football clubs should remember without the working classes they would never of had a game…. For years the poshies were over the rugby and cricket….
Tv Money/ wages and overheads has corrupted everything. Including the clubs towards their loyal fan bases. I’m an arsenal fan along side col u…. But I never go to the emirates now… you hardly see a true fan! | | | |
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