Financial Results – Page 18

Kroenke and Arsenal fans at odds

October 27, 2012 by WG

The annual meeting of Arsenal got quite heated after a vigorous exchange of views between majority shareholder Stan Kroenke and the Arsenal Supporters’ Trust which represents small shareholders. Arsenal chief executive Ivan Gazidis was forced to intervene to calm things down.

Kroenke, who owns about 67 per cent of the club, refused to give a long-term commitment that he would not take money out of the club through dividend payments. He failed to give a direct answer, stating ‘This club is run through the board,. I have always been respectful of that.’

Finances of Canaries transformed

October 20, 2012 by WG

Norwich City have faced grave financial problems twice over the last twenty years, but their latest accounts show how their fortunes have been transformed since they have been in the Premier League. They now have every prospect of becoming debt free.

Swans make big profit in Premiership

October 16, 2012 by WG

The financial benefits of being in the Premiership are demonstrated by the profit after tax of £14.6m on a turnover of £65.2m achieved by Swansea City in their first year in the top flight. This in spite of the fact that operating costs, particularly wages, doubled following promotion. However, in their promotion year the Swans made a net loss of £8.3m.

Arsenal rely on transfer dealings

September 26, 2012 by WG

Arsenal’s latest accounts which will be made public tomorrow are expected to confirm how much the club is reliant on the transfer market to make a profit. A profit of around £45m is expected, largely generated from the sales of Cesc Fabregas and Samir Nasri.

The players’ sales raised about £54m in the summer of last year which offset an operating football loss before transfers for the year to May 2012. This loss reflects the impact of a high wage bill and relatively modest commercial income.

Celtic relaxed about loss and debt

September 19, 2012 by WG

Celtic are relaxed about a small profit turning into a loss of more than £7m and debt increasing by £2m.

The club’s preliminary results for the year ending 30 June showed a decline in turnover to £51,34m, an increase in operating expenses of £1.93m and an overall loss of £7.37m. The level of debt has risen from £0.53m in June 2011 to £2.77m in June 2012.

Revenue and profits fall at United

September 18, 2012 by WG

The consequences of an early exit from the Champions League are demonstrated by Manchester United’s latest accounts which show a fall in revenue and profits for the year ended 30 June 2012.

Auditors raise doubts over Sky Blue accounts

June 29, 2012 by WG

The auditors of Coventry City Football Club, BDO, have raised doubts over the club’s accounts. They said there was a ‘fundamental uncertainty’ over a series of key issues. Auditor Julian Rye stated in his report, ‘These conditions …

Auditors unhappy with Blues accounts

June 13, 2012 by WG

The auditors (BDO) that signed off the latest annual accounts of Birmingham City have questioned whether the club gave them all the required details. The accountancy group said it was ‘sceptical as to whether we have received all the relevant information’ from the directors of Birmingham City PLC.

Further delays in Blues accounts

May 18, 2012 by WG

Birmingham City’s accounts were supposed to be released by close of business today on the Hong Kong stock exchange after three earlier delays. However, they will now not be available until the end of the month.

United hit by Champions League setback

May 18, 2012 by WG

Liverpool FC have made it clear that Kenny Dalglish would not have survived even if he had won the FA Cup, taking two cup trophies. Not only has the FA Cup declined in prestige, it also generates relatively little cash for the war compared with Champions League qualification.