EFL Statement - Club has no obligation to submit and agree business plan

[Guest Chocolate Teapot]

Just now, coolhandfox said:

If you have something to hide as you say why would you submit projection that see you fail? 

I presume you can't lie on a projection because it'll be in some way audited.

[Tommy G]

1 minute ago, DJ Barry Hammond said:

Those accounts are due and get sent off for auditing before being published I believe - so the figures will be known across certain circles in and outside the club.

They are due at the end of March. Outside the club the only people that will know are the auditors 

[Guest Chocolate Teapot]

Just now, CosbehFox said:

Hence KDH Brighton bid but I was told I was being daft 

CosbehFox > John Percy.

[ealingfox]

The authorities have never forgiven us for breaking up the cartel in 15/16 and will stop at nothing until we're destroyed.

[Tommy Fresh]

2 minutes ago, CosbehFox said:

Hence KDH Brighton bid but I was told I was being daft 

If we were so desperate to sell why would we hold out for more?

[Fear Of The Fox]

1 hour ago, Stinkenzo said:

Somebody explain this to me in Ice Hockey terms 

Delayed offside. 

[HUNTA84]

Based on this, wouldn't most clubs that get relegated from the premier league be in breach? If the EFL then require a business plan from the relegated clubs because they propose they're going to be in breach, wouldn't the responses from those relegated clubs be exactly the same... somewhere along the lines of, we will sell players to cover this breach, unless we get promoted at the first time of asking, then it doesn't apply.

[CosbehFox]

Just now, Tommy Fresh said:

If we were so desperate to sell why would we hold out for more?

Fcuk knows. The right hand doesn’t know what the left hand is doing most of the time at LCFC - and that’s not a joke 

[Corky]

3 minutes ago, CosbehFox said:

Hence KDH Brighton bid but I was told I was being daft 

If we have to, I cannot see us selling players for large fees before the end of June. Clubs will know our situation.

[coolhandfox]

6 minutes ago, Chocolate Teapot said:

I presume you can't lie on a projection because it'll be in some way audited.

It's a projection, in other words an estimate, so you can easily change and flex it.

 

From the EFL website:

 

Financial Records

EFL Clubs are also required to submit certain financial records to the CFRU at certain points of the year.

These submissions include annual accounts (and in the case of the Championship, interim accounts) and future financial information forecasts (or “FFI”). FFI information helps the CFRU understand a Club’s spending plans and how it plans to fund its activity.

 

I would suggested we have refused to do that bit in bold.

Edited 6 March 2024 by coolhandfox

[Tielemans63]

There seems to be a lot of smoke, which usually means one thing....

[MattFox]

Last few years of King Powers ownership has been a complete shambles as I said the other day

 

Not sure how it’s deniable now

[BertFill]

1 hour ago, Hitesh said:

1 hour ago, Dames said:

We needed new owners yesterday.

This still wouldn't have solved the problem. Our expenditure far outweighs revenue and nothing much new owners could do to solve for that

Even assuming they were good new owners, which they probably wouldn't be, despite the assumption of some on here that any new owners would automatically be an improvement.

[leicesterseddon]

59 minutes ago, Stevosevic said:

Why are we so broke? Genuine question.

 

Purely because we committed to a high wage bill over the last few years? 

Because our revenues aren’t enough to justify our wage bill, which has come down since relegation but still high.

 

Our wage bill was 7th highest in the country last year!

 

We’re not “broke” (arguably) - we just don’t have the income to support the our relatively high wage bill.

 

For better or ill, this is ultimately the point of the rules - to link wages to revenue.

Edited 6 March 2024 by leicesterseddon

[CosbehFox]

1 minute ago, Corky said:

If we have to, I cannot see us selling players for large fees before the end of June. Clubs will know our situation.

Which is why Brighton attempted a low ball or if there even was a bid in an attempt to build interest 
 

Suspect club prioritised getting promoted first over player sales. Because a failure to get promoted sees probably (with this news) three years of FFP failure 

Edited 6 March 2024 by CosbehFox

[Stevosevic]

Sounds like it will be a long season if we manage to go up  

[Guest Umbungo78]

[Jordan]

Just one thing for us all to keep in mind: Our 21/22 accounts had a £92.5m loss for just that season. City will be permitted losses of up to £83m over this 3-year period.

While not every pound of that 21/22 loss will count towards the P&S thresholds, that year’s reports should be enough to suggest we’re going to need some magically good news in our 22/23 financial results, the concern the EFL showed from their sneak peek into this probably means we’re in some sort of trouble.

[goose2010]

Right ok so if found guilly what happens ? 

 

Points deduction? And it goes away ? 

 

 

[JimmyC74]

4 minutes ago, Corky said:

If we have to, I cannot see us selling players for large fees before the end of June. Clubs will know our situation.

Exactly this.

[HankMarvin]

Kieron Maquire said we needed to cut 100m/110m as wages were 180m towards end of last year

[Lambert09]

2 minutes ago, Stevosevic said:

Sounds like it will be a long season if we manage to go up  

I’d snap your hand off for that now though.

 

Go up, consolidate, rely on loans, give youngsters a chance and hope for a miracle. Or drop down in a much better financial situation and rebuild…. seems ridiculous as this was supposed to be the rebuild platform but looks like we’ve messed it all up again. 

[StanSP]

Club doing the equivalent of 'play like this and we'll be fine'.

[Foxdiamond]

Football rather reflects the country. Skewed so the rich get richer and the others know your place 

[Lionator]

1 minute ago, HankMarvin said:

Kieron Maquire said we needed to cut 100m/110m as wages were 180m towards end of last year

Rodgers and Rudkin should be in prison, honestly.