2020/21 accounts/AGM - shareholders presentation/Q&A announced ( updated )

[hmfc_liam06]

This is just the start 😎

[luckydug]

1 hour ago, martoon said:

They've extended Hanlon's contract to 2024.

 

If Carlsberg did good news weeks...

Surely only in anticipation of the expected £15 million bid from an EPL club.😏

[davemclaren]

24 minutes ago, luckydug said:

Surely only in anticipation of the expected £15 million bid from an EPL club.😏

As always… 

[martoon]

40 minutes ago, luckydug said:

Surely only in anticipation of the expected £15 million bid from an EPL club.😏

 

That's the rumour. 

[iantjambo]

4 hours ago, martoon said:

They've extended Hanlon's contract to 2024.

 

If Carlsberg did good news weeks...

And Lewis Stevenson until 2023. They’re dishing out early Christmas presents big time this week

 

[Francis Albert]

23 hours ago, Ari Gold said:

Fair point. 

 

Also fair point. Forgot about this. 

 

Just seems frustratingly cheap considering how he's went on to play over there. Our hands were tied I suppose. 

No-one really knew how he was going to play over there. A few on here predicted he would be back on loan to us before long.

[Bazzas right boot]

5 hours ago, HMFC01 said:

 

I found that interesting about the floodlights.    I forgot they were upgraded.  I can't wait to see them in use!   Here's a snippet to add to our potential profits. 

 

"

The 176 halogen floodlights have been replaced with just 56 ArenaVision LED gen3.5 800 lux lamps which ensures that the lighting conforms with the Scottish Football Association’s 800 lux Eh Gold Criteria. The design of the lighting allows for the addition of more lamps in the future, which meets UEFA Level B criteria and qualifies the ground for hosting a wider array of games.

As well as illuminating the action, the new lighting solution will help Heart of Midlothian Football Club significantly reduce its impact on the environment. With the change to the more energy efficient LED lights, more than 34,000 kilos of CO2e could be saved each year. This stems from a calculated energy saving of circa 78 percent, which could also deliver an approximate cost saving in excess of £125,000 for the football club over ten years."

 

 

I'll just add this quote as well, because its delightful. 

 

" 

Ready for the big leagues

The new lighting system ensures that Tynecastle Park is ready for the future. New four-way TP&N 100 Amp distribution boards have been added to the stanchions upon which the lights are fitted. With the new distribution boards and the spare space on the floodlight gantry, Heart of Midlothian have the ability to add more lights to accommodate changing regulations or have the ability to install specialist lights and management software to enable the light shows common at many large stadiums."

 

https://mobile.spie.com/en/new-lighting-heart-midlothian-football-club-will-help-climate-take-it-extra-time

 

 

 

Seems like a waste. 

 

They'll be ripped down when we fill in the corners. 

 

 

[1953]

13 minutes ago, Smith's right boot said:

 

 

Seems like a waste. 

 

They'll be ripped down when we fill in the corners. 

 

 

No they wouldn't. We could just hold the roofs and floodlights up with a few strategically placed skyhooks, take the stanchions away and fill the corners in. Easy, job done, don't know why nobody's thought of it before!

[Bazzas right boot]

Just now, 1953 said:

No they wouldn't. We could just hold the roofs and floodlights up with a few strategically placed skyhooks, take the stanchions away and fill the corners in. Easy, job done, don't know why nobody's thought of it before!

 

 

I wanna see those sky hooks. 

[martoon]

1 hour ago, iantjambo said:

And Lewis Stevenson until 2023. They’re dishing out early Christmas presents big time this week

 

 

Didn't know that, ian.

 

Great week and it's only Wednesday.

[1953]

12 minutes ago, Smith's right boot said:

 

 

I wanna see those sky hooks. 

That's the beauty of them, they're invisible. I think you get them from the same place that you go for a long stand.

Edited November 17, 2021 by 1953

[Francis Albert]

5 hours ago, Footballfirst said:

I've had a look at the AGM notice that accompanied the accounts along with the changes to the Club's Articles of Association.

 

I am surprised why it is deemed necessary, to write into the AoA, that

1) Bidco will have the right to nominate a director to the club board, subject to any agreements between HMFC and Bidco.

2) AB will continue as Chair at least until until 30/08/23.

 

This appears to be AB's normal modus operandi of providing a belt and braces, handcuffs, padlock and chain approach to ensure that she retains control of the club while it remains in debt to her. Her residual shareholding in HMFC is probably sufficient to justify her being offered a place on the Board in any event. 

 

Does she fear that there will be some great groundswell of opposition to her role from within FOH?  I don't know of any significant number of FOH members seeking to get rid of her, so an informal arrangement to achieve the same result should have been sufficient.  The AoAs don't appear to have changed since 2010, so there was never an accommodation for FOH's representation on the Board within the AoA.  

 

 

I thought we had paid off Ann's loan plus interest before the share transfer. Do we still owe her money or is this just because the accounts don't cover the period up till the share transfer? Or has she made a further loan? How and why does the right for Bidco to appoint a director to the club board arise? Same question as to the right of Ann under the Articles of Association of the club to remain Chairman until 30/08/23.

[Footballfirst]

14 minutes ago, Francis Albert said:

I thought we had paid off Ann's loan plus interest before the share transfer. Do we still owe her money or is this just because the accounts don't cover the period up till the share transfer? Or has she made a further loan? How and why does the right for Bidco to appoint a director to the club board arise? Same question as to the right of Ann under the Articles of Association of the club to remain Chairman until 30/08/23.

In addition to the original loan (repaid in Jan 2020), Bidco/AB provided "short term" two loans primarily to meet day to day spending needs. One attracted market rate interest, one was interest free. 

 

The accounts explain how they have been consolidated and will be repaid.

 

The total short-term facilities owed to Bidco (1874) Limited at 30 June 2021 amounted to £2,095k (2020 - £2,095k). These facilities were provided on an interest free basis from inception in June 2018 through to 30 June 2020.
 

Post year end, the short-term facilities along with the directors £1m loan facility noted above, were renegotiated into a Consolidated Loan Agreement between Bidco (1874) Limited and Heart of Midlothian plc with effect from 30 August 2021. Interest on this consolidated loan is at the market rate and accrued from 1 July 2020. The Consolidated Loan Agreement specifies monthly loan repayments commencing no later than 1 November 2022 and running for a period of no more than 24 months. The consolidated loan is secured by a standard security over Tynecastle Stadium and a floating charge over the assets of the
company.

 

 

Edited November 17, 2021 by Footballfirst

[Ari Gold]

1 hour ago, Francis Albert said:

No-one really knew how he was going to play over there. A few on here predicted he would be back on loan to us before long.

Of course not. Just over a million is still a bargain for Bologna though even if he was a squad player for the first couple of seasons. 

[jock _turd]

This is a gem but there are so many

 

 Originally Posted by JohnMcM 

Doesn’t make any difference to us does it?

The difference it makes to all Scottish Clubs is that they are taking points and trophies from other clubs due to being funded by something other than the cash they are generating through the main activities of the business. They are the 3rd best funded club in Scotland by some margin at the moment. Hibs can only dream of having an extra $5m p.a. given to them from one person for nothing in return.

If the only benefit of the analysis and discussion of their accounts is to give us an excuse as to why they are taking points off us and stealing trophies, then it’s a discussion worth having.

[jock _turd]

3 minutes ago, jock _turd said:

This is a gem but there are so many

 

 Originally Posted by JohnMcM 

Doesn’t make any difference to us does it?

The difference it makes to all Scottish Clubs is that they are taking points and trophies from other clubs due to being funded by something other than the cash they are generating through the main activities of the business. They are the 3rd best funded club in Scotland by some margin at the moment. Hibs can only dream of having an extra $5m p.a. given to them from one person for nothing in return.

If the only benefit of the analysis and discussion of their accounts is to give us an excuse as to why they are taking points off us and stealing trophies, then it’s a discussion worth having.

 

 

so the take home message here is that is it fine to be a supporter but not fine to actually do something positive to help your club prosper ??? What a bunch of absolute F'wits ... or the guy is a Jambo at the wind up 🤣

[Niemi’s gloves]

7 hours ago, Footballfirst said:

I've had a look at the AGM notice that accompanied the accounts along with the changes to the Club's Articles of Association.

 

I am surprised why it is deemed necessary, to write into the AoA, that

1) Bidco will have the right to nominate a director to the club board, subject to any agreements between HMFC and Bidco.

2) AB will continue as Chair at least until until 30/08/23.

 

This appears to be AB's normal modus operandi of providing a belt and braces, handcuffs, padlock and chain approach to ensure that she retains control of the club while it remains in debt to her. Her residual shareholding in HMFC is probably sufficient to justify her being offered a place on the Board in any event. 

 

Does she fear that there will be some great groundswell of opposition to her role from within FOH?  I don't know of any significant number of FOH members seeking to get rid of her, so an informal arrangement to achieve the same result should have been sufficient.  The AoAs don't appear to have changed since 2010, so there was never an accommodation for FOH's representation on the Board within the AoA.  

 

 

I’m slightly disturbed by this. I have no objection to Ann retaining a role for some time to come. But as far as I understand this, it gives the right to nominate a director to Bidco, which is presumably a vehicle that could be sold - with or without Ann’s residual (15%?) shareholding in Hearts. It has never bothered me that Ann acquired that holding: it seemed of no real value as long as FoH holds 75% of Hearts and given that there are no dividends. But it now seems that a mechanism has been found to create an asset which might be of potential value to a buyer. 
 

So this is how a potential takeover of Hearts might work. Step 1, acquire the Bidco holding and a place on the board. Step 2, create dissension within the board while simultaneously working to undermine the confidence of FoH subscribers in the leadership of FoH. Step 3, try to get place men onto the board of FoH, and from there control of the FoH representatives on the Hearts board. 
 

Is this paranoid? Or could be a useful way of preventing the Hearts board becoming inward looking and self serving at some point in the decades to come?

[Malinga the Swinga]

26 minutes ago, Niemi’s gloves said:

I’m slightly disturbed by this. I have no objection to Ann retaining a role for some time to come. But as far as I understand this, it gives the right to nominate a director to Bidco, which is presumably a vehicle that could be sold - with or without Ann’s residual (15%?) shareholding in Hearts. It has never bothered me that Ann acquired that holding: it seemed of no real value as long as FoH holds 75% of Hearts and given that there are no dividends. But it now seems that a mechanism has been found to create an asset which might be of potential value to a buyer. 
 

So this is how a potential takeover of Hearts might work. Step 1, acquire the Bidco holding and a place on the board. Step 2, create dissension within the board while simultaneously working to undermine the confidence of FoH subscribers in the leadership of FoH. Step 3, try to get place men onto the board of FoH, and from there control of the FoH representatives on the Hearts board. 
 

Is this paranoid? Or could be a useful way of preventing the Hearts board becoming inward looking and self serving at some point in the decades to come?

This may be what you hope will happen, but it's as delusional as any Hibs posters ramblings on .net.

 

[Niemi’s gloves]

1 minute ago, Malinga the Swinga said:

This may be what you hope will happen, but it's as delusional as any Hibs posters ramblings on .net.

 

I think you’ve completely misunderstood where I’m coming from. I’m a convinced supporter of FoH and optimistic that fan ownership will work in the medium and long term. I’m concerned about any possible threats to that from rogue would-be owners (but at the same time aware of the possibility that the board of a fan-owned club could become moribund and self serving). 

[Big Slim Stylee]

22 minutes ago, Niemi’s gloves said:

I think you’ve completely misunderstood where I’m coming from. I’m a convinced supporter of FoH and optimistic that fan ownership will work in the medium and long term. I’m concerned about any possible threats to that from rogue would-be owners (but at the same time aware of the possibility that the board of a fan-owned club could become moribund and self serving). 

No you were right the first time. Entirely paranoid.

[Niemi’s gloves]

25 minutes ago, Big Slim Stylee said:

No you were right the first time. Entirely paranoid.

Well you may be right but think about this. If in 10 or 20 years time we are where we want to be - a club with a substantial turnover, no significant debt and considerable on-field success - then we will inevitably attract interest from those who put  their own interests first and see Hearts as an opportunity to exploit. Think Manchester United and the Glazers. 
 

Or else don’t bother thinking and stick to snappy one-liners for a cheap laugh. 

[Footballfirst]

Going back to the possibility of Hearts moving to a new training centre, I think that the current lease commitment for use of the Oriam is stated in the accounts under Note 29.

 

 

So in the current year 2021/22 we are due to pay £301k, over years 2022/23, 2023/24, 2024/25 & 2025/26 a total of £1.296m (avg. £324k a year), then £349k in the final year 2026/27.  The annual increase in rental is just under 3%. That would set a target of moving out in the summer of 2027, unless the lease is extended.

 

The note suggest that the lease is non cancellable so there would be little point in moving out before 2027. Acquisition and obtaining planning permission for a new site would probably take at least a year, leaving a maximum of five years to develop the site and build whatever facilities are deemed necessary (pitches, floodlights, dressing rooms, weights, rehab, offices, kitchen, laundry etc).

 

[johnking123]

Will give us time to find land and save the cash through FOH. Would cost us anything from 6 to 10 million I would guess.

[stuart500]

1 hour ago, jock _turd said:

This is a gem but there are so many

 

 Originally Posted by JohnMcM 

Doesn’t make any difference to us does it?

The difference it makes to all Scottish Clubs is that they are taking points and trophies from other clubs due to being funded by something other than the cash they are generating through the main activities of the business. They are the 3rd best funded club in Scotland by some margin at the moment. Hibs can only dream of having an extra $5m p.a. given to them from one person for nothing in return.

If the only benefit of the analysis and discussion of their accounts is to give us an excuse as to why they are taking points off us and stealing trophies, then it’s a discussion worth having.

What an utter shower of hypocrites these clowns are.

 

They were perfectly happy to receive significant extra funding from the likes of Tom Hart and Tom Farmer over the years. They had a massive financial advantage over us in the 70's especially, when we were a financial basket case. Needless to say this bought them an unprecedented level of success against us which they have never been able to repeat.

 

They were also creaming themselves senseless when bought over by dodgy Ron. We were apparently "spewing" that some rich guy was going to buy them all sorts of success whilst we were skint.

 

Oh how quickly it's all changed and I don't think they can handle it. Maybe serves them right for their despicable act of bank "robbery" for which they have absolutely no shame. 

 

As I said. Hypocrites.

[1971fozzy]

4 hours ago, iantjambo said:

And Lewis Stevenson until 2023. They’re dishing out early Christmas presents big time this week

 

and they are delighted 🤣🤣🤣

[benny]

44 minutes ago, Niemi’s gloves said:

Well you may be right but think about this. If in 10 or 20 years time we are where we want to be - a club with a substantial turnover, no significant debt and considerable on-field success - then we will inevitably attract interest from those who put  their own interests first and see Hearts as an opportunity to exploit. Think Manchester United and the Glazers. 
 

Or else don’t bother thinking and stick to snappy one-liners for a cheap laugh. 

The Glaziers have backed their managers with a huge amount of money for players.

Okay the take money out of the club but the do provide funds for players.

[Jambo-Fox]

4 hours ago, Francis Albert said:

I thought we had paid off Ann's loan plus interest before the share transfer. Do we still owe her money or is this just because the accounts don't cover the period up till the share transfer? Or has she made a further loan? How and why does the right for Bidco to appoint a director to the club board arise? Same question as to the right of Ann under the Articles of Association of the club to remain Chairman until 30/08/23.

In fairness if anybody owns 20%+ of any organisation it’s not unreasonable for them to expect a voice / vote in the boardroom!

[Niemi’s gloves]

4 hours ago, Francis Albert said:

I thought we had paid off Ann's loan plus interest before the share transfer. Do we still owe her money or is this just because the accounts don't cover the period up till the share transfer? Or has she made a further loan? How and why does the right for Bidco to appoint a director to the club board arise? Same question as to the right of Ann under the Articles of Association of the club to remain Chairman until 30/08/23.

Yes, Ann is still owed just under £3.1m - see note 19 to the accounts. This reflects two sets of lending to the club which have now been consolidated into one, which is repayable in monthly amounts starting no later than November 2022 and extending over no more than two years. There is interest payable. 
 

Personally I have no real problem with this - it is money that she lent to the club when  it was needed (and coincidentally at a time when she was taking a lot of flak from some fans). Unlike JA’s money, it was never a donation.

Edited November 17, 2021 by Niemi’s gloves

[kingantti1874]

11 hours ago, Footballfirst said:

Going back to the possibility of Hearts moving to a new training centre, I think that the current lease commitment for use of the Oriam is stated in the accounts under Note 29.

 

 

So in the current year 2021/22 we are due to pay £301k, over years 2022/23, 2023/24, 2024/25 & 2025/26 a total of £1.296m (avg. £324k a year), then £349k in the final year 2026/27.  The annual increase in rental is just under 3%. That would set a target of moving out in the summer of 2027, unless the lease is extended.

 

The note suggest that the lease is non cancellable so there would be little point in moving out before 2027. Acquisition and obtaining planning permission for a new site would probably take at least a year, leaving a maximum of five years to develop the site and build whatever facilities are deemed necessary (pitches, floodlights, dressing rooms, weights, rehab, offices, kitchen, laundry etc).

 

Dont think it’s worth it if we can secure another long term lease at a good price.. will cost more to run a facility than to rent it I’d think

[Lfhearts]

11 hours ago, Footballfirst said:

Going back to the possibility of Hearts moving to a new training centre, I think that the current lease commitment for use of the Oriam is stated in the accounts under Note 29.

 

 

So in the current year 2021/22 we are due to pay £301k, over years 2022/23, 2023/24, 2024/25 & 2025/26 a total of £1.296m (avg. £324k a year), then £349k in the final year 2026/27.  The annual increase in rental is just under 3%. That would set a target of moving out in the summer of 2027, unless the lease is extended.

 

The note suggest that the lease is non cancellable so there would be little point in moving out before 2027. Acquisition and obtaining planning permission for a new site would probably take at least a year, leaving a maximum of five years to develop the site and build whatever facilities are deemed necessary (pitches, floodlights, dressing rooms, weights, rehab, offices, kitchen, laundry etc).

 

All leases can be broken more or less, depends on terms of the lease which has never reared its head ie it's confidential and not registered.

[Disco Dave]

4 hours ago, kingantti1874 said:

Dont think it’s worth it if we can secure another long term lease at a good price.. will cost more to run a facility than to rent it I’d think

Presumably we pay rental and running costs just now though.  Renting is effectively paying someone else's mortgage for an asset that you will never own.

[jamboinglasgow]

17 minutes ago, Disco Dave said:

Presumably we pay rental and running costs just now though.  Renting is effectively paying someone else's mortgage for an asset that you will never own.

 

You also have more freedom to do what you want with the building and pitches. It could be that Hearts have requested changes at Riccarton in the past only for it to take forever to be considered and if accepted carried out.)

 

Also wouldn't surprise me with the clubs remit of community help that a new training ground can help a lot better to achieve that

[3fingersreid]

15 hours ago, stuart500 said:

What an utter shower of hypocrites these clowns are.

 

They were perfectly happy to receive significant extra funding from the likes of Tom Hart and Tom Farmer over the years. They had a massive financial advantage over us in the 70's especially, when we were a financial basket case. Needless to say this bought them an unprecedented level of success against us which they have never been able to repeat.

 

They were also creaming themselves senseless when bought over by dodgy Ron. We were apparently "spewing" that some rich guy was going to buy them all sorts of success whilst we were skint.

 

Oh how quickly it's all changed and I don't think they can handle it. Maybe serves them right for their despicable act of bank "robbery" for which they have absolutely no shame. 

 

As I said. Hypocrites.

If there’s a vote for post of the year this must be included 👏🏻👏🏻👏🏻

[whodanny]

You know what's nice ?  My modest monthly donation to FOH is part of this much bigger movement, that is helping our club to thrive, that's a great feeling. I'll raise a glass to Heart of Midlothian, the Foundation and all the brilliant Jambos who contribute in any way they can to this club. HHGH.!

[Craig_]

3 minutes ago, whodanny said:

You know what's nice ?  My modest monthly donation to FOH is part of this much bigger movement, that is helping our club to thrive, that's a great feeling. I'll raise a glass to Heart of Midlothian, the Foundation and all the brilliant Jambos who contribute in any way they can to this club. HHGH.!

 

Yes, absolutely. And I think it's fair to say that the commitment which us fans have made was probably instrumental in attracting benefactors to the club in the first place.

[Craig Young]

Hear hear! 

[whodanny]

8 minutes ago, Craig_ said:

 

Yes, absolutely. And I think it's fair to say that the commitment which us fans have made was probably instrumental in attracting benefactors to the club in the first place.

Yep, positive action rewarded by positive action.

[Francis Albert]

22 hours ago, Footballfirst said:

In addition to the original loan (repaid in Jan 2020), Bidco/AB provided "short term" two loans primarily to meet day to day spending needs. One attracted market rate interest, one was interest free. 

 

The accounts explain how they have been consolidated and will be repaid.

 

The total short-term facilities owed to Bidco (1874) Limited at 30 June 2021 amounted to £2,095k (2020 - £2,095k). These facilities were provided on an interest free basis from inception in June 2018 through to 30 June 2020.
 

Post year end, the short-term facilities along with the directors £1m loan facility noted above, were renegotiated into a Consolidated Loan Agreement between Bidco (1874) Limited and Heart of Midlothian plc with effect from 30 August 2021. Interest on this consolidated loan is at the market rate and accrued from 1 July 2020. The Consolidated Loan Agreement specifies monthly loan repayments commencing no later than 1 November 2022 and running for a period of no more than 24 months. The consolidated loan is secured by a standard security over Tynecastle Stadium and a floating charge over the assets of the
company.

 

 

Thanks. Obviously not been paying attention!

[Francis Albert]

18 hours ago, Niemi’s gloves said:

Yes, Ann is still owed just under £3.1m - see note 19 to the accounts. This reflects two sets of lending to the club which have now been consolidated into one, which is repayable in monthly amounts starting no later than November 2022 and extending over no more than two years. There is interest payable. 
 

Personally I have no real problem with this - it is money that she lent to the club when  it was needed (and coincidentally at a time when she was taking a lot of flak from some fans). Unlike JA’s money, it was never a donation.

No problem with it. Sorry just wasn't aware that we still owed her money.

 

[Francis Albert]

19 hours ago, Jambo-Fox said:

In fairness if anybody owns 20%+ of any organisation it’s not unreasonable for them to expect a voice / vote in the boardroom!

In fairness Ann got her shares (about 17 per cent I think) during the admin process dirt cheap. Ian Murray in his book described it as akin to a smash and grab raid. She paid a tiny fraction per share compared to what FOH (we) paid. Thanks to others her share of the club is worth much more than she paid for them on paper at least and in reality if the shares are ever marketable. I think if they come with a seat on the club board as you suggest they would sell for much more than she paid for them. 

[FarmerTweedy]

22 hours ago, jock _turd said:

This is a gem but there are so many

 

 Originally Posted by JohnMcM 

Doesn’t make any difference to us does it?

The difference it makes to all Scottish Clubs is that they are taking points and trophies from other clubs due to being funded by something other than the cash they are generating through the main activities of the business. They are the 3rd best funded club in Scotland by some margin at the moment. Hibs can only dream of having an extra $5m p.a. given to them from one person for nothing in return.

If the only benefit of the analysis and discussion of their accounts is to give us an excuse as to why they are taking points off us and stealing trophies, then it’s a discussion worth having.

If we're cheating, or in any way gaining an unfair advantage, through the benefactor and FoH contributions that we're receiving, they're cheating too through their HSL contributions. Granted those are on an absolutely tiny scale compared to ours, but it must still be cheating, which is a strange admission for them to be making!

[FarmerTweedy]

22 hours ago, Niemi’s gloves said:

I’m slightly disturbed by this. I have no objection to Ann retaining a role for some time to come. But as far as I understand this, it gives the right to nominate a director to Bidco, which is presumably a vehicle that could be sold - with or without Ann’s residual (15%?) shareholding in Hearts. It has never bothered me that Ann acquired that holding: it seemed of no real value as long as FoH holds 75% of Hearts and given that there are no dividends. But it now seems that a mechanism has been found to create an asset which might be of potential value to a buyer. 
 

So this is how a potential takeover of Hearts might work. Step 1, acquire the Bidco holding and a place on the board. Step 2, create dissension within the board while simultaneously working to undermine the confidence of FoH subscribers in the leadership of FoH. Step 3, try to get place men onto the board of FoH, and from there control of the FoH representatives on the Hearts board. 
 

Is this paranoid? Or could be a useful way of preventing the Hearts board becoming inward looking and self serving at some point in the decades to come?

I think it's a little paranoid to worry about this happening, but at the end of the day, as FoH own over 75% of shares in the club, it is surely possible that a big enough group of people could sign up as members of FoH then agree to sell the shareholding to anyone else, on any terms they like! I think 90% of voters in an FoH vote would need to approve it, so there would need to be tens of thousands of them in the group, but I think it's possible! 

 

I don't see how the Budge/Bidco seat on the club board really makes a difference there.

[kingantti1874]

5 hours ago, Disco Dave said:

Presumably we pay rental and running costs just now though.  Renting is effectively paying someone else's mortgage for an asset that you will never own.

yeah I understand.. but I’m this case we won’t be able to build anything close to the oriam, and there is little benefit to ownership.. 

 

would need to see the maths

[SUTOL]

7 minutes ago, kingantti1874 said:

yeah I understand.. but I’m this case we won’t be able to build anything close to the oriam, and there is little benefit to ownership.. 

 

would need to see the maths

 

 

It would be interesting to know how much other clubs spend on their training facilities. But I don't think any show it as an individual expense in their accounts. 

 

I suppose it may be possible to try and work it out from Aberdeen's, looking at their acc's before and after they started using their new facility.

[RobNox]

It will be interesting to compare our results with our neighbours when they eventually publish their accounts.  I notice that they didn't publish their 2020 accounts until late March of this year.

They made a loss of £1.2m in 2020.  Also worthy of note is that they had cash in the bank of £5.3m as at 30/60/20, but this had fallen to £2.6m by 31/12/20 due mainly to the impact of Covid.  That impact of course carried on for the remainder of last season, so their cash reserves will have been further depleted until 2021/22 ST revenues started coming in.

 

Maybe that's why Ron was seemingly so upset at not managing to sell any of their so called big money players.

[Lone Striker]

7 hours ago, RobNox said:

It will be interesting to compare our results with our neighbours when they eventually publish their accounts.  I notice that they didn't publish their 2020 accounts until late March of this year.

They made a loss of £1.2m in 2020.  Also worthy of note is that they had cash in the bank of £5.3m as at 30/60/20, but this had fallen to £2.6m by 31/12/20 due mainly to the impact of Covid.  That impact of course carried on for the remainder of last season, so their cash reserves will have been further depleted until 2021/22 ST revenues started coming in.

 

Maybe that's why Ron was seemingly so upset at not managing to sell any of their so called big money players.

Indeed.   And if their actual loss has been turned into a notional profit thanks to a mystery benefactor, it will be interesting to find out who it is.   

[jr ewing]

On 17/11/2021 at 21:09, johnking123 said:

Will give us time to find land and save the cash through FOH. Would cost us anything from 6 to 10 million I would guess.

Cheaper to extend the lease. 

[stevie1874]

Just noticed Aberdeen have posted a 5.19m loss 

[jamboinglasgow]

I see Aberdeen have just published their  financial results for the same period

 

https://www.afc.co.uk/2021/11/20/annual-accounts-reveal-full-impact-of-the-pandemic/

 

They made a loss of £5.19m. Their turnover dropped from £14.33m to £11.07m (wages dropped only from £9.77M to £9.36m meaning wage to turnover rose from 68% to 85%.)

 

Makes you realise how well we did last season financially, while we were helped out by the large donation from the benefactors, in what was an exceptional season of Covid and being in the Championship we were run a lot better.

 

Add in the fact that Aberdeen sold players for £5m last season, makes their accounts look even worse

[Hungry hippo]

13 minutes ago, jamboinglasgow said:

I see Aberdeen have just published their  financial results for the same period

 

https://www.afc.co.uk/2021/11/20/annual-accounts-reveal-full-impact-of-the-pandemic/

 

They made a loss of £5.19m. Their turnover dropped from £14.33m to £11.07m (wages dropped only from £9.77M to £9.36m meaning wage to turnover rose from 68% to 85%.)

 

Makes you realise how well we did last season financially, while we were helped out by the large donation from the benefactors, in what was an exceptional season of Covid and being in the Championship we were run a lot better.

 

Add in the fact that Aberdeen sold players for £5m last season, makes their accounts look even worse

 

Unless I'm reading the accounts incorrectly they only made £641k from player sales in the financial year. I'm fully expecting someone to correct me so apologies in advance if I'm wrong.