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Post by QPR Report on Jun 28, 2009 17:13:35 GMT
I think that's a true statement.
Although I understand some things are not meant to bother us. Or that we shouldn't be concerned about.
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Post by QPR Report on Jun 28, 2009 17:21:47 GMT
Although to be honest, I don't understand. If our debt was 18 million. And we lost 6 million. How come it just become 20 million?
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ingham
Dave Sexton
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Post by ingham on Jun 28, 2009 18:12:08 GMT
Because it was £25 million.
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Post by londonranger on Jun 28, 2009 18:15:48 GMT
Thanks Ingham. Mike maybe we can give Nico a callup and see if he can also expostulate. But back to Ingham,sir, how are they able to undo the math.and why?
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Post by QPR Report on Jun 28, 2009 18:23:00 GMT
Of course some of the expenses are one time only: The redevelopment of (parts of) the ground; etc, etc.
But can't help believing that our owners (we sound like pets: "Our owners") would have hoped to have done better given the amount of money spent. To reiterate what I've said more than once: We have indeed spent a lot. (Just look at those wage increases on the chart in the report)
Not sure why we're INCREASING the number of off the field staff.
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ingham
Dave Sexton
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Post by ingham on Jun 28, 2009 18:45:12 GMT
Looks like the Board have now lost £31 million of the Club's money, and helped themselves to the Club's only asset, the Ground, worth £25 million.
Total, £56 million.
Most of it, £41 million, since Paladini arrived.
Wonder why they haven't said so, in black and white, and in print?
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Post by QPR Report on Jun 28, 2009 18:47:00 GMT
Could you lay this out. How you get this sum?
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ingham
Dave Sexton
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Post by ingham on Jun 28, 2009 19:44:41 GMT
In the last set of accounts, the Club was in debt to the tune of £25 million. If they've lost a further £6 million, the debt has gone up to £31 million. I merely mention it.
And, according to the Accountants, what was keeping the Club solvent was the value of the Ground. If the Accountants were able to sign the Club off as a going concern - and they did - the Ground was worth at leat £25 million.
And although Briatore & Co have paid off ABC, Briatore said that THEY now own the Ground.
So, according to the last set of Accounts, and Briatore's explanation of the ABC deal, the Club has lost an asset worth £25 million. It has also lost £16 million in accumulated annual losses since Paladini arrived. On top of the £15 million already lost by his predecessors.
£56 million in total.
Talented doesn't begin to describe them.
On the official site, when Briatore & Co took over, it said:
(a) attendances averaged 20,000 (b) debt was £13 million.
So there's your £19 million. £13 million plus £6 million.
Unfortunately, the following spring, the Accounts were published showing that debt ALREADY stood at £25 million, not £13 million, before they took over.
The year, if you remember, that Paladini insisted Club losses would be very low, nothing like £4 million as journalists were saying.
Naturally, Paladini told the truth. He lost nothing like £4 million. It was just under £5 million.
But we are in the Champions League.
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Post by QPR Report on Jun 28, 2009 20:16:35 GMT
Hmmm! I'll have to go back and find that (or if you have a link)
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Post by londonranger on Jun 28, 2009 20:28:14 GMT
Thanks Ingham. Appreciated and so happy you are on our board.
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Post by QPR Report on Jun 28, 2009 20:34:19 GMT
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Post by QPR Report on Jun 28, 2009 20:38:42 GMT
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Post by ddddyyyy on Jun 29, 2009 1:07:49 GMT
I agree with QPR Report
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ingham
Dave Sexton
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Post by ingham on Jun 29, 2009 7:42:47 GMT
The accounts you've found on Boardroom Blues are the previous set, QPRReport, 2005-2006. I have the 2006-7 ones somewhere but the bare bones - from memory - was £25 million debt, a loss of just under £5 million, and the Accountants just barely signing the Club off as a going concern. Boardroom Blues - somewhere, I'll look it up if you can't find it - gave the figure for the most recent valuation of the Ground, and the name of the estate agent who provided it.
The 2006-7 accounts also referred, rather curiously, to a sum of £2 million, which, if it was debt, would mean the Club was bankrupt and the accounts couldn't be signed off.
The Accountants made only the vaguest reference to this sum. Maybe I missed something, maybe they didn't know much about it, maybe they didn't want to say.
But your £6 million was there, too. In a note, at the end of the Accounts, on spending since the accounting date.
A figure of £6 million spent on ...... players.
Naturally I laughed. When can we expect them to arrive?
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Post by Markqpr on Jun 29, 2009 7:55:17 GMT
When can we expect them to arrive? They are all on a coach stuck in Bath.
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Post by londonranger on Jun 29, 2009 13:29:42 GMT
It really is alarming.
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Post by cpr on Jun 29, 2009 14:29:49 GMT
I think my head exploded.
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Post by QPR Report on Jun 29, 2009 14:34:56 GMT
Ask yourself: Does Flavio (or Amit) look worried?
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Post by Macmoish on Jun 29, 2010 6:57:28 GMT
I wrote the above, a year ago...Who would have believed....
A year later, a 19 million pound loss (and that's a year behind, so presumably another multi-million loss will be reported in early 2011 for the year we've just finished.)
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ingham
Dave Sexton
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Post by ingham on Jun 29, 2010 13:13:27 GMT
The really alarming thing is how much is tied up in the shares.
At United, there was zero debt, they were famous for it. Indeed, in Thompson's time, only two Clubs had no debt. United - and QPR.
But Glazer had to pay them £650 million to get his hands on the Club. And there was only ever one place that was coming from.
Everyone blames Glazer. But it was the outgoing shareholders who pocketed the loot.
What is hard to justify is that these vast debts have arisen - especially at the big Clubs - when there is more money pouring into the game than ever.
What happens when the boom is over. The lolly diminishes, or disappears. But the debts remain.
One day, speculation must end, and a reckoning must be made.
And yes, it is truly incomprehensible that they lost £19 million - and the rest - to create a side which has managed, what is it, 4 successive relegation struggles.
To avoid the drop to the THIRD tier.
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Post by Macmoish on Jun 29, 2011 6:36:37 GMT
Bump Started this thread two years ago...Add two more years of big losses....Add a third year of undoubted losses which won't show till the next accounts come out in May 2012.... Now we've got this Premiership "Payoff" - and the question what will happen now. Another thread, two years ago, discussing the losses/accounts qprreport.proboards.com/index.cgi?board=general&action=display&thread=4685
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