2023/24 Financials (The Club made a pre-tax loss of £19.4M for the 12-months to 30 June 2024)

[Pita]

On 03/04/2025 at 09:12, lcfc278 said:

Yes we're getting relegated in the most pathetic way ever, but the board are going to use this experience as a strength in the coming years. 

The board are going to strength ? The board don’t care Top lost interest 

[Claudio Fannieri]

I was thinking about this earlier and it’s laughable how the club were almost congratulating themselves on only losing £19.4m in the last year in the championship like they had really got to grips with the deep rooted issues, then you remember within that loss included £10m compo for our manager that we weren’t planing on losing and having to flog our most effective player for £30m so in reality our operating loss to that point was £59.4m ……..WOW and yet people still defend Rudders, Whelan and Top. 
 

And last summer just to further prove we had learnt from the harsh realities and getting a grip of our expenditure we spunked money and multi year contracts to the likes of BDCR, Ayew, Skipp, Vesty and then went and paid a shit load for Eduaord on loan and he has literally played as many minutes as me. 
 

The level of mismanagement is beyond comprehension and how the ownership haven’t acted and made changes is baffling and is a real red flag to me. 

[coolhandfox]

40 minutes ago, stu said:

Surely depends if the Football League believe they have the authority to dish out a punishment to us on the basis we argued we were not a Premier League club when the breach occurred.

 

The recent Athletic article on the Premier League closing the loopholes we exploited claim that that the Football League are ready to take action when we get relegated.

Whether they legally can remains to be seen, however the point being I don’t think anyone can confidently say the 22/23 breach is done and dusted.

Sheffield United were punished and given sanctioned by the EFL with a 2 point deduction for the start of the EFL 24/25 season when they were still a PL club

 

The EFL could have already started procedings once the appeals panel agreed with our arguments we weren't a PL club at the time of the offence.

 

Why wait?

 

 

[stu]

41 minutes ago, coolhandfox said:

Sheffield United were punished and given sanctioned by the EFL with a 2 point deduction for the start of the EFL 24/25 season when they were still a PL club

 

The EFL could have already started procedings once the appeals panel agreed with our arguments we weren't a PL club at the time of the offence.

 

Why wait?

 

 

I obviously don’t know, but it is a known fact we are in arbitration with the Premier League.
 

Could be the case that the EFL won’t consider  action until that is resolved one way or the other, as it isn’t clear who can enforce any punishment.

 

Either way 22/23 probably isn’t done.

 

EDIT, obviously Sheff United was nothing to do with FFP either. Something to do with not paying transfer fees while they were a Championship club, if I remember correctly.

Edited 16 April by stu
Clarity

[coolhandfox]

18 minutes ago, stu said:

I obviously don’t know, but it is a known fact we are in arbitration with the Premier League.

The PL called for arbitration, why would we enter into arbitration when we won the appeal, there is no logical reason for the club to do so.

 

The statement claim from the PL about arbitration, is about them saving face nothing will come of it

 

18 minutes ago, stu said:

Could be the case that the EFL won’t consider  action until that is resolved one way or the other, as it isn’t clear who can enforce any punishment.

 

Either way 22/23 probably isn’t done.

We will see, I'm pretty sanguine about it.

18 minutes ago, stu said:

EDIT, obviously Sheff United was nothing to do with FFP either. Something to do with not paying transfer fees while they were a Championship club, if I remember correctly.

Never said it was, I was just stating there is precedent of them dealing with things before teams return.

[HankMarvin]

1 hour ago, Claudio Fannieri said:

was thinking about this earlier and it’s laughable how the club were almost congratulating themselves on only losing £19.4m in the last year in the championship like they had really got to grips with the deep rooted issues, then you remember within that loss included £10m compo for our manager that we weren’t planing on losing and having to flog our most effective player for £30m so in reality our operating loss to that point was £59.4m ……..WOW and yet people still defend Rudders, Whelan and Top. 

Maybe they always knew he would be sold, that what allowed the £40m to be spent 

 

There was also the Barnes and Timmy fees that also shape the losses

[Gamble92]

2 hours ago, stu said:

Surely depends if the Football League believe they have the authority to dish out a punishment to us on the basis we argued we were not a Premier League club when the breach occurred.

 

The recent Athletic article on the Premier League closing the loopholes we exploited claim that that the Football League are ready to take action when we get relegated.

Whether they legally can remains to be seen, however the point being I don’t think anyone can confidently say the 22/23 breach is done and dusted.

Financial experts and as a result every journalist reported we were set for a points deduction for this season. 

 

If this one didn't happen then I don't think any scaremongering journalist should be believed. It creates more clicks and subscriptions to say we could be set to breach. 

 

That Borson has been wrong more than I can remember and he isn't anywhere near as credible as Talksport make him out to be. Plus his bias to any clubs who dared to try and sue Man City is painfully obvious. 

[Ron Judkin]

18 minutes ago, HankMarvin said:

Maybe they always knew he would be sold, that what allowed the £40m to be spent 

 

There was also the Barnes and Timmy fees that also shape the losses

Don’t talk about Harvey, it pains me so much watching him absolutely rip it up for Newcastle. I went to the same school as him and know the family, if not for these useless tosspots running this shit show we truly would have gone down at one of Leicester’s greatest. 

[Claudio Fannieri]

10 hours ago, HankMarvin said:

Maybe they always knew he would be sold, that what allowed the £40m to be spent 

 

There was also the Barnes and Timmy fees that also shape the losses

I see your point however KDH was £30m, losing Maresca took it to £40m and that was far from in the plan, which means our losses would/should have been £29.4m. 
 

The point I was making was in reality little was/is being done to cut our cloth, within those losses was negotiated contract clauses that included % wage deductions, however we should at that point have also looked to promote and sign younger players on a lot lower wages, however we still signed players like Coady and Winks and paid them ridiculous wages for both the championship and now this season in the premier league and then repeated the trick with Ayew, BDCR whilst massively paying over the odds for Skipp and a loan for Eduaord. 
 

The club continue to complain that PSR massively hampers our ability to remain competitive and yet continue to make the same mistakes, I have little or no sympathy or confidence in a senior leadership team who repeat the same mistakes whilst failing to take strategic decisions that change the direction of travel, we literally rinse and repeat. 
 

The initial relegation and the supposed internal root and branch review should have seen a tangible shift in how we operate and yet here we are on the cusp of another relegation and still carrying a shed load of deadwood on huge and lengthy contracts. Once is forgivable but this continued mismanagement cannot go on without people being held accountable. 

Edited 17 April by Claudio Fannieri

[lcfc278]

12 hours ago, Pita said:

The board are going to strength ? The board don’t care Top lost interest 

I'd read the accounts statement from Susan again and then my comment.

 

They said that they'd use the experience of being relegated and promoted as a 'strength' for the future. The future being the very next season where we've been relegated again in absolute dire fashion.

[Claudio Fannieri]

8 minutes ago, lcfc278 said:

I'd read the accounts statement from Susan again and then my comment.

 

They said that they'd use the experience of being relegated and promoted as a 'strength' for the future. The future being the very next season where we've been relegated again in absolute dire fashion.

Absolutely and making similar if not worst mistakes in paying way over the odds on fees, wages and lengthy contracts to players like Coady, Winks, Ayew , BDCR and Skipp, then there is Vestys 3 year contract extension and the abomination that is the loan of Eduaord, lessons learnt, my arse. 

[TheGoldenGod]

15 hours ago, Danizen said:

Surely, this just closes the loophole going forward. You can't just change the rules then apply them retrospectively. 

 

We were the last to get away with it similar to how we avoided a points deduction when we went into administration.

 

 

Yes, just common sense really. They can try, they'd get the daylights sued out of them ha!

[Cropwellfox]

Overall loss was £19.4m but do we know what the PSR total was after the various deductions made? I would imagine the EFL will be looking at this very very closely rubbing their hands with glee. 

[KFS]

The EFL are licking their lips 

[coolhandfox]

12 minutes ago, Cropwellfox said:

Overall loss was £19.4m but do we know what the PSR total was after the various deductions made? I would imagine the EFL will be looking at this very very closely rubbing their hands with glee. 

Will normally knock off around 15m odd for healthy deductibles, so you are looking at a tiny lose from a PSR point of view.

Edited 20 April by coolhandfox

[stu]

11 minutes ago, Cropwellfox said:

Overall loss was £19.4m but do we know what the PSR total was after the various deductions made? I would imagine the EFL will be looking at this very very closely rubbing their hands with glee. 

The recent finances don’t matter. We compiled in the season we were in the Championship, so they can’t punish us for that. The transfer embargo was due to the assumption we’d breach, when we didn’t.

 

There maybe yet ramifications from the 22/23 season when we got off on those loopholes, but it still remains to be seen if the EFL has the authority enforce any punishment.

[Fox forever]

4 minutes ago, coolhandfox said:

Will normally knock off around 15m odd for healthy deductibles, so you are looking at a tiny lose from a PSR point of view.

We have already passed PSR for period ending June 24 to which these figures relate. 

[urban.spaceman]

7 minutes ago, KFS said:

The EFL are licking their lips 

Guarantee they won’t succeed. We demonstrated last season how incompetent and corrupt they are and we’ll do it again next season. 

[coolhandfox]

Just now, Fox forever said:

We have already passed PSR for period ending June 24 to which these figures relate. 

Didn't say we did or didn't, someone asked how much we could deduct form the loss reported in the account as part of the  PSR calculation, which is what I answered.

[Lad1966]

We really need to get out of this cycle of rumours of PSR fears. For the last 3/4 years and every transfer windows we been hindered by potential PSR issue. That must have affected our transfer planning. It’s is precisely why we ended with Cooper and his shit signings and why we didn’t invest in January.

We need to get rid of our high earners, invest in our youth and comeback in a stronger financial place.