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Club accounts to show significant loss 19:20 - Sep 1 with 6603 viewsPacemaker

According to Huw Jenkins


http://www.bbc.co.uk/sport/football/37251199
[Post edited 1 Sep 2016 19:21]

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Club accounts to show significant loss on 19:27 - Sep 1 with 3318 viewsicecoldjack

I'm guessing they only found this out just this morning!

Just come clean early doors and say we ain't got much to spend, the fans would respect an honest approach and probably understand.

Far too much smoke and mirrors going on down there and its starting to pee people right off IMO.
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Club accounts to show significant loss on 19:28 - Sep 1 with 3302 viewsJACKMANANDBOY

Club accounts to show significant loss on 19:27 - Sep 1 by icecoldjack

I'm guessing they only found this out just this morning!

Just come clean early doors and say we ain't got much to spend, the fans would respect an honest approach and probably understand.

Far too much smoke and mirrors going on down there and its starting to pee people right off IMO.


Agree the PR is non-existent.

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Club accounts to show significant loss on 19:34 - Sep 1 with 3268 viewsLandore_Jack

The club is paying for HJ mistakes.

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Club accounts to show significant loss on 19:36 - Sep 1 with 3253 viewsjedijack

Club accounts to show significant loss on 19:27 - Sep 1 by icecoldjack

I'm guessing they only found this out just this morning!

Just come clean early doors and say we ain't got much to spend, the fans would respect an honest approach and probably understand.

Far too much smoke and mirrors going on down there and its starting to pee people right off IMO.


Was it any different under the previous board?

This whole situation has been amplified, greatly, as some people stupidly believed, that the Yanks were going to spunk a shit load of cash on us.
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Club accounts to show significant loss on 19:38 - Sep 1 with 3238 viewsHighjack

I suspect they are fiddling the accounts so they can show a healthy profit next year and the investors can pocket a chunky dividend.

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Club accounts to show significant loss on 19:41 - Sep 1 with 3217 viewsJACKMANANDBOY

Club accounts to show significant loss on 19:38 - Sep 1 by Highjack

I suspect they are fiddling the accounts so they can show a healthy profit next year and the investors can pocket a chunky dividend.


yup

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Club accounts to show significant loss on 19:41 - Sep 1 with 3208 viewstomdickharry

We have always been led to believe that Swansea City was a club that lived within its means and there may very well be underlying circumstances that led to a loss so lets wait until the accounts are published to find out due cause.
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Club accounts to show significant loss on 19:50 - Sep 1 with 3158 viewsMillie

Club accounts to show significant loss on 19:41 - Sep 1 by tomdickharry

We have always been led to believe that Swansea City was a club that lived within its means and there may very well be underlying circumstances that led to a loss so lets wait until the accounts are published to find out due cause.


Capital expenditure will be the reason, I would hazard a guess that £20m has been spent on training facilities
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Club accounts to show significant loss on 19:51 - Sep 1 with 3153 viewsNookiejack

Just made same post below on another thread (apologies if people read this twice in advance )

Interesting that we will report a significant loss in that last financial year we went back to 12 months trading.

The previous financial year was 14 months of trading , as they changed the year end date. They reported 14 months of costs but only 12 months of income - as I seem to recall we couldn't book TV money until new season started. The new financial year commencing when the season started. Something like that.

So in some ways you would have expected costs to fall i.e. 14months of trading down to 12 months.

On the income side I suppose we would be a bit down on finishing place money (less players bonuses for respective finishing place). So perhaps net not that much down.

Maybe there were cost overruns on finishing the training and academy grounds etc. It may be interesting to compare original bids of contractors verses what the actual costs came in at - if that was the case. It might help to improve cost budgeting in the future.

As others have said Ayew sale looks like it occurred around 6th Aug 16 - so the profit would not have been reported in last year's accounts which ended 31st July 16.
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Club accounts to show significant loss on 19:56 - Sep 1 with 3130 viewsSwansNZ

Club accounts to show significant loss on 19:27 - Sep 1 by icecoldjack

I'm guessing they only found this out just this morning!

Just come clean early doors and say we ain't got much to spend, the fans would respect an honest approach and probably understand.

Far too much smoke and mirrors going on down there and its starting to pee people right off IMO.


Lucky for Bartley, Dyer etc that they had their new increased contracts before Huw found out about this

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Club accounts to show significant loss on 19:59 - Sep 1 with 3106 viewsWingstandwood

Club accounts to show significant loss on 19:27 - Sep 1 by icecoldjack

I'm guessing they only found this out just this morning!

Just come clean early doors and say we ain't got much to spend, the fans would respect an honest approach and probably understand.

Far too much smoke and mirrors going on down there and its starting to pee people right off IMO.


I agree with everything you said there. I reckon certain people within SCFC corridors have been rather devious?..... IMO a rather false scenario/picture has been either perpetrated or allowed by both ex SCFC board/new board to be pushed to SCFCsupporters, the media and press. You know that annoying word to many 'investment'.

They would never own up to having to run a tighter budget/cost-cutting when the total opposite happens when REAL investors take control and when REAL INVESTMENT money is ploughed into the clubs coffers/spending budget.

It just all goes to show the intelligent thoughts and cynicism of many SCFC supporters has been proved right. SCFC supporters ask questions unlike Cardiff supporters who would have absolutely wet themselves in excitement by the two words 'foreign-investors'.

Argus!

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Club accounts to show significant loss on 20:02 - Sep 1 with 3086 viewsGowerjack

Club accounts to show significant loss on 19:50 - Sep 1 by Millie

Capital expenditure will be the reason, I would hazard a guess that £20m has been spent on training facilities


Who did the work on the training grounds?

Does the company still exist?

Who was the owner?

Did the work go out to competitive tender?

Questions questions questions......

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Club accounts to show significant loss on 20:07 - Sep 1 with 3036 viewsNookiejack

Club accounts to show significant loss on 20:02 - Sep 1 by Gowerjack

Who did the work on the training grounds?

Does the company still exist?

Who was the owner?

Did the work go out to competitive tender?

Questions questions questions......


You would assume the company would have considerable experience of construction of training grounds / academy facilities etc.
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Club accounts to show significant loss on 20:07 - Sep 1 with 3036 viewsJoe_bradshaw

Club accounts to show significant loss on 19:36 - Sep 1 by jedijack

Was it any different under the previous board?

This whole situation has been amplified, greatly, as some people stupidly believed, that the Yanks were going to spunk a shit load of cash on us.


I don't think many of us believed it for a second but it comes to something when the daft ones are those that don't realise the chairman is lying when he says we need the investment to take us to the next level.

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Club accounts to show significant loss on 20:09 - Sep 1 with 3019 viewsmax936

"2015/2016 contributed to the eagerness of Swansea's existing directors to attract additional investment"

What fecking investment is that then?

Convenient timing to come out with this statement hours after the Transfer window closed, fuking hell mun do me a favour.

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Club accounts to show significant loss on 20:12 - Sep 1 with 2995 viewsNookiejack

Club accounts to show significant loss on 20:07 - Sep 1 by Joe_bradshaw

I don't think many of us believed it for a second but it comes to something when the daft ones are those that don't realise the chairman is lying when he says we need the investment to take us to the next level.


Yes it seems strange we needed the investment to take us to the next level - however we can't spend anything because we are constrained by Financial Fair Play (as per Chris Wathan's article today) - very confusing.

We obviously had Valencia all aimed up but then got gazumped at the last minute by Everton.
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Club accounts to show significant loss on 20:18 - Sep 1 with 2954 viewsSwansNZ

Club accounts to show significant loss on 20:09 - Sep 1 by max936

"2015/2016 contributed to the eagerness of Swansea's existing directors to attract additional investment"

What fecking investment is that then?

Convenient timing to come out with this statement hours after the Transfer window closed, fuking hell mun do me a favour.


Investment into the directors (shareholders) bank accounts, not the club.

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Club accounts to show significant loss on 20:22 - Sep 1 with 2918 viewsmax936

Club accounts to show significant loss on 20:18 - Sep 1 by SwansNZ

Investment into the directors (shareholders) bank accounts, not the club.


Exactly, 50 grand investments has earned them millions, not a penny has gone into the clubs finances.

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Club accounts to show significant loss on 20:25 - Sep 1 with 2896 viewslondonlisa2001

Club accounts to show significant loss on 19:50 - Sep 1 by Millie

Capital expenditure will be the reason, I would hazard a guess that £20m has been spent on training facilities


No it won't. It's capital expenditure and therefore doesn't hit the profit & loss account other than the depreciation which should be over several years.
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Club accounts to show significant loss on 20:35 - Sep 1 with 2843 viewsNookiejack

Club accounts to show significant loss on 20:25 - Sep 1 by londonlisa2001

No it won't. It's capital expenditure and therefore doesn't hit the profit & loss account other than the depreciation which should be over several years.


They may have been able to revenue expense some of the expenditure - rather than capitalise it all?

Also doesnt' the club lease Fairwood off the University - so maybe you don't have to then capitalise all the expenditure on Fairwood?

All speculation at the moment until the next set of account are published.
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Club accounts to show significant loss on 20:38 - Sep 1 with 2818 viewsturbodave

Club accounts to show significant loss on 20:25 - Sep 1 by londonlisa2001

No it won't. It's capital expenditure and therefore doesn't hit the profit & loss account other than the depreciation which should be over several years.


I hardly post on here. As Lisa said. Are you an accountant Lisa by any chance?

If you go on Companies House two new American directors have recently be appointed and they have terminated a few...
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Club accounts to show significant loss on 20:41 - Sep 1 with 2802 viewslondonlisa2001

Club accounts to show significant loss on 20:35 - Sep 1 by Nookiejack

They may have been able to revenue expense some of the expenditure - rather than capitalise it all?

Also doesnt' the club lease Fairwood off the University - so maybe you don't have to then capitalise all the expenditure on Fairwood?

All speculation at the moment until the next set of account are published.


You'd capitalise as much of it as possible unless you were actively seeking to make a loss.

And even then, the auditors shouldn't allow you to expense an asset that you will have use over for several years.

And the lease at Fairwood makes no difference to the way you're allowed to treat expenditure - it's over a long period.

I'll bet it's all to do with timing on contracts and sales, all of which happened around the year end. In other words, it'll be an accounting thing with no impact on what was available this window.
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Club accounts to show significant loss on 20:42 - Sep 1 with 2778 viewsUxbridge

Club accounts to show significant loss on 20:35 - Sep 1 by Nookiejack

They may have been able to revenue expense some of the expenditure - rather than capitalise it all?

Also doesnt' the club lease Fairwood off the University - so maybe you don't have to then capitalise all the expenditure on Fairwood?

All speculation at the moment until the next set of account are published.


Not really. The previous accounts show us whether capitalised or not.

Any loss was generated last year is because wages were too high based on that years income. That's partly why there was never going to be a splurge this summer. It probably casts last seasons recruitment in a worse light ...

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Club accounts to show significant loss on 20:44 - Sep 1 with 2769 viewsmorningstar

Club accounts to show significant loss on 20:22 - Sep 1 by max936

Exactly, 50 grand investments has earned them millions, not a penny has gone into the clubs finances.


£50k investments? Seriously now. Is there anywhere these investments can even be verified, as i seriously doubt Huw Jenkins in particular would have had £50k of disposable income to throw at a seemingly lost cause at that time. I honestly don't know about the others, just call it a hunch. 50k? Nope, can't see it sorry.
[Post edited 1 Sep 2016 20:45]

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Club accounts to show significant loss on 20:44 - Sep 1 with 2762 viewsWingstandwood

Club accounts to show significant loss on 20:22 - Sep 1 by max936

Exactly, 50 grand investments has earned them millions, not a penny has gone into the clubs finances.


So, so, so, true! They bought their shares, got vastly more than their original share purchase expenditure in dividend payments and went on further to become multi-millionaires. No news ever of them putting in a single penny of their own money with altruistic intent for SCFC. A parting gesture of a 10% donation from each director's profits from share cash-in(s) towards the youth academy and its infrastructure would have been nice?

I donated a grand to (SCST)The Trust over a period of years. I did not get nothing in return, never expected to, it's impossible anyhow i.e. because the trust is not a individual share scheme, or a speculators punt with possibility of future financial reward(s). Charitable the ex-directors and ex-chairman were not!

Argus!

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