Sky Blues accounts filed at last
The accounts of Coventry City’s owners Otium Entertainment have been filed at last following threats of prosecution by Companies House. The accounts of two associated companies have yet to be filed.
Article Taxonomy: Financial Results
Articles on football club company financial results – interim or full-year.
More pillaging than the Vikings at Rangers?
A critical analyis of the audited accounts at Rangers suggest that they reveal a level of pillaging comparable to that carried out by the Vikings (although presumably not with the same level of violence or with gold encrusted swords). It’s all a bit duller these days and executed by men in grey suits not wearing helmets.
New concerns about Rangers finances
New concerns have been raised about the finances of Rangers and fans have expressed a fear that the club could enter administration again. The club has been losing around £1m a month and although there is still £11m in cash, that amount could be quickly eroded.
Arsenal profits down, but plenty of cash in hand
Arsenal saw pre-tax profits drop 81.7 per cent in the 12 months to the end of last season, yet the club remains in a strong financial position due to rising revenues and falling debt.
Earnings before tax were down to £6.7m in the year to 31 May, down from £36.6m. The club pulled in a reduced profit from player sales – £47m, down from £65.5m – while wages climbed 7.7 per cent to £154.5m.
Decoding United’s accounts
All the attention of football commentators this morning is on yesterday’s 4-1 defeat of Manchester United by Manchester City at the Etihad and what it means for David Moyes. Replacing Sir Alex Ferguson and taking over the reigning champions was always going to be a difficult challenge.
Attempt to reassure Blackburn fans
Blackburn Rovers managing director Derek Shaw has attempted to reassure fans after recent financial results showed heavy losses at the club. The club was also revealed to have very high levels of payments to agents. He said that he would take time to get the club’s finances in line with those of other Championship clubs.
Record revenues may lead to new United share issue
Manchester United are considering a new share issue after announcing record income and a revenue forecast for this season of between £420m and £430m.
This assumes somewhat modestly that the club will finish 3rd in the Premiership and reach the quarter finals of the Champions League and domestic cup competitions. Exceeding these targets, particularly in the Champions League, could lead to significantly higher revenues.
Huge loss at Blackburn Rovers
Blackburn Rovers have reported a £27m pre-tax loss last year. Accounts for the year to March show the business also had net liabilities of £26.3m at the end of the year. Strictly speaking, the accounts relate to parent company Venky’s London Limited, but that is responsible for all the financial activity of the club.
The newly-filed figures reveal revenues at the Championship club were £35.6m, down from £80.4m in an 18-month accounting period to March 2012 when it reported a profit of £35,000.
Burnley face financial challenges
The recent BDO report emphaised the particular challenges that face Championship clubs, even those who have spent a year in the Premier League like Burnley. A number of clubs in the Championship are either benefitting from the enhanced parachute payments or have a benefactor owner (or both in the case of QPR).
Profits up, debts down at Real Madrid
How could Real Madrid afford to pay so much for Gareth Bale? Part of the answer is that they are one of the few global brands in football and purchasing Bale at what many thought was an excessive price was a way of asserting that status. Remember that Real Madrid were the first sports club to achieve annual revenues of more than €500m.