Accounts 22/23

[Jimmy]

4 minutes ago, MalletFox said:

That decision still lies with Top! Rudkin and/or Whelan may well become the scapegoat (although I still doubt even this will make out inactive Chairman make any moves), but fundamentally TOP is responsible.

yes and that's why I said he messed up in my previous post, he's trusted the wrong people clearly and unless they are staying he needs to fire at least 1 of them

[EastAnglianFox]

Protests from now surely…..please

 

Get them out now

[MalletFox]

36 minutes ago, HankMarvin said:

The only saving grace is that when the contracts of the majority were signed we were a top 5 club so they probably thought no chance it would happen and agreed to have it it contract 

I worry about it the other way round …. I.e our idiots in charge haven’t included relegation clauses in the player’s contracts because it was incomprehensible it would ever happen!!! It’s more likely that way round than sneaking it into players contracts in my opinion.

[HankMarvin]

10 minutes ago, SecretPro said:

Thus, likely keeping us in the PL and with it at least some extra money.

Staying in the prem wouldn’t have counted for that years losses.

TV money for pl is already factored in.
That will be relevant in next years accounts for this season.

[Gazza M]

"Our financial position is sound" according to TOP. 

[kyleolly]

If we are going to have a 15 point reduction next season we may as well stay in the Championship maybe that was the plan and why we’ve gone to s hit recently Enzo and Top in it together

Edited 2 April by kyleolly

[splinterdream]

30 minutes ago, Lionator said:

I hate Brendan but they could’ve just told him to get gone at any point like Wolves did with the Spanish fella, and actually ran a sustainable business at EPL level. 

I think the point is, the club gambled, and gambled big, and when they realised how bad they messed up, they were trying not to make it worse financially, but they did.

 

This is like somebody playing with monopoly money, it's like they never considered 'what if.....'

 

and thats what you have to do in business. In my little business i've always had a buffer account, a bit of money just in case, like a bloody lockdown for example.

 

If players were being given big figures in wages with no conditions attached, if Rodgers contract didn't say should our league position drop to this, we have the right to fire you without 100% remuneration being paid, but falling to incruments depending on position, then it's gross misconduct by those offering the contracts.

[MalletFox]

1 minute ago, Jimmy said:

yes and that's why I said he messed up in my previous post, he's trusted the wrong people clearly and unless they are staying he needs to fire at least 1 of them

And/or hold his hands up and walk away. The club has been run horrendously for the past 3 years imparticular, and he is accountable for that.

[Silebyfox_89]

45 minutes ago, davieG said:

 

Leicester City: Championship club report £89.7m in losses after Premier League charge
By Andrew Aloia & Nick Mashiter
BBC Sport
Last updated on15 minutes ago15 minutes ago.
From the sectionLeicester
Breaking news
Leiceter City have reported £89.7m loss for 2022-23 season
Leicester City have reported a loss of £89.7m for the 2022-23 season - taking total losses for their last three Premier League campaigns to over £215m.

The Foxes were charged last month for allegedly breaching profit and sustainability rules (PSR) relating to the figures they have now released.

Top-flight rules permit clubs to lose £105m over a rolling three-year period.

It comes despite the Foxes, who were relegated at the end of last season, making a £74.8m profit in player sales.

 

The Championship club's chief executive Susan Whelan said: "After a sustained period of growth and success for the club during the last decade, the 2022-23 season was a significant setback, the consequences of which will be felt for some time.

"We must now focus on rebuilding and seeking to return to and re-establishing ourselves in the Premier League.

"Having achieved finishing positions in the Premier League of fifth, fifth and eighth in the three preceding seasons, our targets and associated budgets for 2022-23 were entirely reasonable.

"However, for a club such as ours, whose sustained sporting achievements have justified the levels of investment required to compete with the most established clubs and pursue our ambition, a season of such significant under-performance on the pitch presents financial challenges, particularly from the perspective of the game's current Profitability and Sustainability rules."

The Foxes raised about £70m by selling French centre-back Wesley Fofana to Chelsea in August 2022 and England midfielder James Maddison completed a £40m move to Tottenham last summer.

But those figures were offset by the sacking of Brendan Rodgers and his coaching staff in April 2023, and a lower-than budgeted league position.

Rodgers voiced his frustration at the Foxes' inability to spend in the 2022 summer transfer window. At the start of the season he predicted Leicester would struggle and needed to target 40 points to survive - they finished 18th and were relegated with 34 points.

Turnover decreased to £177.3m - down from £214.6m the previous year - but chairman Aiyawatt Srivaddhanaprabha cleared the club's outstanding £194m debt to parent company King Power International last February.

The Foxes owed the amount in loans to KPI, which is owned by the Srivaddhanaprabha family, but a debt-to-equity transfer was completed.

"The long-term and ongoing financial security and commitment provided by Khun Aiyawatt, the Srivaddhanaprabha family and King Power International, enables the club to rebuild with certainty and confidence," added Whelan.

 

The release of Leicester's accounts comes 12 days after they were charged by the Premier League for alleged PSR breaches and for failing to submit audited finances.

Leicester will have "add backs", which includes spending on its women's team and the academy, which will bring their losses down in the Premier League's calculations, while they are reporting for 13 months rather than 12.

This was a long-term club decision to bring Leicester's accounting in line with the rest of the business.

The £215.3m loss over three years includes a £33.1m pre-tax loss from the 2020-21 season, in which they lifted the FA Cup, and the club-record loss of £92.5m a year later.

If found guilty of breaking spending rules, which allows clubs to average losses of £35m per season in the Premier League, Leicester could face a points deduction.

As the case, including any appeals, is likely to run beyond the end of this season, it means any sanctions, if applicable, will be enforced next season.

Premier League sides Everton and Nottingham Forest have already been punished with points deductions this season for breaking rules.

Leicester are also the subject of a separate financial probe by the English Football League (EFL), who then followed up the Premier League charge by imposing a registration embargo on the East Midlands club.

The Foxes reacted

The most important take from this article is that it's written by someone who steal toilets😏

[HankMarvin]

Just now, MalletFox said:

I worry about it the other way round …. I.e our idiots in charge haven’t included relegation clauses in the player’s contracts because it was incomprehensible it would ever happen!!! It’s more likely that way round than sneaking it into players contracts in my opinion.

I don’t think it was sneaked I just think players were more likely agree to have it in place due the our standing as pl club at the time.

Percy said there were but how much intel he has now I don’t know.

 

[CloudFox]

This...this looks catastrophic. How on earth are we going to recover from relegation if we have to sell our best players (with clubs knowing we need to sell by 30th June) whether we get promoted, or not?

 

Either way, next season we are likely to have a weaker squad, and no way to replace those important players.

 

What the **** have you done, Top, Whelan and Rudkin? And how dare you put out a statement minimising how much damage it seems you've done to our club?

[Sol thewall Bamba]

Just now, MalletFox said:

And/or hold his hands up and walk away. The club has been run horrendously for the past 3 years imparticular, and he is accountable for that.

Accountability does not exist at this club.

[splinterdream]

Just now, kyleolly said:

If we are going to have a 15 point reduction next season we may as well stay in the Championship maybe that was the plan and why we’ve gone to s hit recently 

no, this just isn't true. we may get relegated straight away but 1 years prem money plus another parachute is better than staying in the championship

[whetstonefox]

I find it staggering that neither Whelan and Rudkin have quit . They are showing no respect to either LCFC or Top.Even if he hadn’t requested their resignations they should still have been offered. 

Edited 2 April by whetstonefox

[TamworthFoxes]

Just now, EastAnglianFox said:

Protests from now surely…..please

 

Get them out now

No chance. 
We are the fanbase that sat and applauded relegation. Majority of our fans  are not bothered what league we are in.

As long as they get to go every week and sit on the same bit of plastic which they 100% own and sit next to the same group of people who they have sat with since 1912.

 

[Mike1983]

Just now, CloudFox said:

This...this looks catastrophic. How on earth are we going to recover from relegation if we have to sell our best players (with clubs knowing we need to sell by 30th June) whether we get promoted, or not?

 

Either way, next season we are likely to have a weaker squad, and no way to replace those important players.

 

What the **** have you done, Top, Whelan and Rudkin? And how dare you put out a statement minimising how much damage it seems you've done to our club?

Catastrophic is putting it mildly. We need to gain promotion this season or we’re done.

[JimmyC74]

1 hour ago, STUHILL said:

How is this compared to Everton and Forest out of interest? 

 

Top isn't going to sack himself, but all those directly below him should be kicked out immediately and not play any role in cleaning this mess up.

Kieran Maguire has essentially said our situation similar to Leeds when it went tits up in the early noughties. So its about as bad as you can get.

[FoxTimmy2]

My mate supports Rotherham and even he believes we’re more fukked than they are. And he’s right.

[dannythefox]

50 minutes ago, honeybradger said:

How reliable is this guy? Are they accounting for wages covered by other teams for our players on loan? Are these wages taking into account the relegation clauses?

He’s the man he knows it all.

[kyleolly]

2 minutes ago, splinterdream said:

no, this just isn't true. we may get relegated straight away but 1 years prem money plus another parachute is better than staying in the championship

How many years do we get the parachute payments for?

[MalletFox]

3 minutes ago, Sol thewall Bamba said:

Accountability does not exist at this club.

Completely agree, unfortunately!

[splinterdream]

Just now, kyleolly said:

How many years do we get the parachute payments for?

isn't it 2 years, starts at 1 figure and reduces in 2nd year then stops in third

[South Shire Fox]

6 minutes ago, kyleolly said:

If we are going to have a 15 point reduction next season we may as well stay in the Championship maybe that was the plan and why we’ve gone to s hit recently Enzo and Top in it together

How would it be better? We will end up like Derby or Sunderland. We need Prem finances coming into the club regardless whether we get smashed next year

Edited 2 April by South Shire Fox

[jammie82uk]

1 hour ago, SecretPro said:

Average wage £90k per week, for this bunch of fannies? **** me.

Hamza is according to a court report on 12k a week so some are on an obscene amount to make 90k the average 

[henry56]

Everton lost half as much in 3 years and were originally docked 10 pts 

Can’t see us getting away with less than

12-15 pts at start of next season . Add to that a transfer embargo and having to sell anyone with any value and 

getting promotion is unlikely to stop a steep decline for our club . 

Absolutely criminal mismanagement . The fans have been badly misled and  let down . Heads must roll.