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 Post subject: Obi - accountant's input required
PostPosted: Mon May 21, 2018 1:05 pm 
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Newcastle admit they took a "financial gamble" to win promotion back to the Premier League, with their wage bill in the 2016-17 season the highest in Football League history.

New figures show they paid wages of £112.2m, almost double the Championship's other promoted clubs, Brighton and Huddersfield, combined.

The club lost £90.9m that year.

The Magpies said the approach was "only possible" because of the "financial support" of owner Mike Ashley.

Under manager Rafael Benitez, Newcastle won the Championship in 2017 to gain promotion back to the Premier League at the first attempt, and finished 10th on their return to the top flight this season.

High profile players such as Moussa Sissoko, Georginio Wijnaldum and Florian Thauvin left after the club's relegation in 2016 but over £50m was spent on 12 players the following season in the Championship.

"An immediate return to the Premier League was vital to restore the financial stability and future prospects of the club," managing director Lee Charnley said.

"With the support and backing of the owner we took what was, in essence, a financial gamble on securing immediate promotion."

The £112.2m figure of wages and salaries includes "promotion bonuses and onerous contract provisions" but was £37.5m higher than in the previous season in the Premier League.

The overall operating loss of £90.9m compares to a profit of £0.9m the previous season in the Premier League.


There surely must be some dirty accounting tricks at work in support of puff pieces like this one :angry-tappingfoot:


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 Post subject: Re: Obi - accountant's input required
PostPosted: Mon May 21, 2018 1:52 pm 
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Looks like bullshit, smells like bullshit, probably isn't lmao

I only saw a snapshot of the P&L, not the full accounts but believe it's to do with onerous contract provision:

Quote:
An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it (AASB 137 paragraph 10).


Have they done it to pull the wool over Rafa's eyes? Our eyes? Club's we might be buying from, to let them think we're not as wealthy as they might think? Certainly doesn't help with his £400m valuation does it.

Latter years then just improve :confusion-shrug:



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 Post subject: Re: Obi - accountant's input required
PostPosted: Tue May 22, 2018 1:25 am 
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Why does it take so long to release figures for a previous financial year?



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 Post subject: Re: Obi - accountant's input required
PostPosted: Tue May 22, 2018 9:32 am 
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Can be anything from having shit systems and being massively unorganised so not being in a position to file them early, to wanting to sit on them and release them when suits the business.

They all go in the public domain and competitors and other businesses scrutinise them.



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 Post subject: Re: Obi - accountant's input required
PostPosted: Tue May 22, 2018 9:42 am 
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That Chris Holt on twitter who's always on about the financial stuff reckons £21mil of the wage increase is paying up those onerous contracts and another £10mil is promotion bonuses :confusion-shrug:

He is also predicting a net spend of over £70mil. Can't see that myself like.



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 Post subject: Re: Obi - accountant's input required
PostPosted: Tue May 22, 2018 10:26 am 
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He's got Big in his twitter handle therefore a bellend, he also knows fuck all about finance, he just puts numbers in spreadsheets and tries to spot patterns.

If anyone is seriously that arsed there should be some explanation in the accounts, seriously who cares?

If Rafa gets "every penny" and can recycle the squad, the financials matter not one iota.



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 Post subject: Re: Obi - accountant's input required
PostPosted: Tue May 22, 2018 11:22 am 
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1 Malooga 4 Lugas wrote:
He's got Big in his twitter handle therefore a bellend


lmao I unfollowed him ages ago, can't remember why now.

Well it'll not be long before we find out which way the wind blows regarding transfers with the new short window. I'm more worried about the club being arsey over releasing funds while Benitez stalls on the contract. That would be just like them.



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 Post subject: Re: Obi - accountant's input required
PostPosted: Tue May 22, 2018 12:56 pm 
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Rafa staying til at least 2019 was the news yesterday which the Chronicle put a positive spin on.

How's it positive? That's his current contract. OK, so he isn't leaving this summer then, I don't think any of us felt he would...



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 Post subject: Re: Obi - accountant's input required
PostPosted: Tue May 22, 2018 3:26 pm 
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lmao I unfollowed him ages ago, can't remember why now.

Well it'll not be long before we find out which way the wind blows regarding transfers with the new short window. I'm more worried about the club being arsey over releasing funds while Benitez stalls on the contract. That would be just like them.


Probably because you subconsciously knew if they've got Big in their handle, they're blatantly a dickhead.

I've never followed him but like that daft cunt James Colwill he kept on appearing on my timeline.

Second guessing Ashley is a thankless task, like that PR statement after the Chelsea game that Bishop knocked up in 5 minutes and he knew nothing about it, people discussing it still now, he knew fuck all about it.



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 Post subject: Re: Obi - accountant's input required
PostPosted: Wed May 23, 2018 1:29 pm 
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A closer inspection of Newcastle United's 2016-17 financial accounts has revealed the club spent nearly £1.3m at sportswear and equipment store Sports Direct, and at owner Mike Ashley's other companies.

The retail store is already a heavy presence at St James' Park - the stadium is emblazoned with its name and was even rebranded, albeit for a brief period, the Sports Direct Arena.

So, perhaps it comes as no surprise that Ashley continues to strengthen the bond between his club and his retail empire.

But what could £1.3m buy you at Sports Direct?

1.3m branded giant mugs or
372,492 Dunlop Union Jack umbrellas or
520,000 Sports Direct plastic water bottles
866,666 Sports Direct bags for life
Ashley also kept it in the family when it came to matchday hospitality with £77,951 spent on his nearest and dearest.


If we round up that's £1.4m accounted for lmao


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 Post subject: Re: Obi - accountant's input required
PostPosted: Thu May 24, 2018 9:57 am 
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The accounts are available and it was £22m onerous contracts & bonuses of £9.9m.

See the excellent @KieranMaguire who explains it so even Big Chris Holt would understand (as usual he didn't it seems).



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