Saxondale Posted 5 March 2014 Posted 5 March 2014 http://www.insidermedia.com/insider/midlands/109729-exclusive-nottingham-forest-fall-short-new-financial-rules Losses at Nottingham Forest have fallen well outside the new Financial Fair Play (FFP) limits. Rising staff costs of £21m dwarfed the Championship club's falling turnover of £14.4m in the 2012/13 season. In March 2012, league clubs adopted the rules of FFP, which aim to reduce the level of losses being incurred. In 2012/13, FFP allowable losses were £10m which Forest fell well short of with a loss of £17.1m, widening from £11.6m in the previous season. There is no penalty for exceeding the limit this time but if the club fails to reduce the deficit for the current season to £8m or lower then they could be slapped with transfer embargoes and fines. Average league attendance at the City Ground in the year ended 31 May 2013 climbed to 23,082, compared with 21,969 in the 2011/12 season, reflecting the improvement in the team's performance – finishing eighth rather than 19th. This led to a hike in gate receipts and income from football rising 6 per cent to £7.1m. This was offset, however, by a £700,000 reduction in the basic award from the Football League to £1.8m. Overall turnover in the 2012/13 season declined from £14.7m to £14.4m which continued to be eclipsed by the rising staff costs, which were up from £17.6m to £21m – with wages accounting for £18.4m. The balance sheet had been improved considerably, however, and the finances had stabilised following the takeover by the Al-Hasawi family, according to the directors' report accompanying the accounts published to Companies House this morning (5 March 2014). The Al-Hasawis, one of Kuwait's richest families, bought the club in July 2012 following the sudden death of owner Nigel Doughty in February 2012. Doughty funded Forest's losses personally through a loan account, which his estate continued to plough money into after his death to ensure the survival of the club. At the time of the takeover, Doughty's estate was owed £85.3m. Following the acquisition, the Al-Hasawis reduced the short-term debt by capitalising a "significant" element of the loans owed to Doughty's estate. "From the club's perspective the new ownership represented the end of a period of uncertainty and has allowed the club to once again stabilise its finances," the directors said in the latest accounts. After the change of ownership, the club went through a period of restructuring and in February 2013 several key members of staff, including the chief executive, finance director and operations manager, left the club. The Al- Hasawi family and the club's parent company are owed a combined £35.4m in the long term but this is interest free and repayable on demand. Forest would only repay the loans when they were in a position to do so the accounts added.
Dan Posted 5 March 2014 Posted 5 March 2014 lol Yeh, I'm sure they're going to have cut their losses by £7mil this season aren't they. How their fans bought into this clown and have not only accepted this crap, but worshipped him like he's some saviour, is beyond me.
Babylon Posted 5 March 2014 Posted 5 March 2014 lol Yeh, I'm sure they're going to have cut their losses by £7mil this season aren't they. How their fans bought into this clown and have not only accepted this crap, but worshipped him like he's some saviour, is beyond me. Wait for the sudden £20m air conditioning sponsorship to slip through this year. Whilst ours are no less worrying, when you have people in charge who are getting winding up orders for unpaid bills, along with loads of other financial cock ups, you must wonder how exactly you are going to get out of it.
Captain... Posted 5 March 2014 Posted 5 March 2014 To think that the TV and prize money Fulham will get finishing bottom this season is £63m, is 4 times Forest's entire turnover, and this is without including Fulham's gate reciepts and sponsorship deals or parachute payments. The gulf is ridiculous, instead of worrying about FFP they should be ensuring that gold mine at the top is more evenly distributed amongst the league.
breadandcheese Posted 5 March 2014 Posted 5 March 2014 To think that the TV and prize money Fulham will get finishing bottom this season is £63m, is 4 times Forest's entire turnover, and this is without including Fulham's gate reciepts and sponsorship deals or parachute payments. The gulf is ridiculous, instead of worrying about FFP they should be ensuring that gold mine at the top is more evenly distributed amongst the league. It certainly explains why chairmen get trigger happy with managers to stop their team getting relegated from the premier league. Pure desperation.
Dan Posted 5 March 2014 Posted 5 March 2014 Wait for the sudden £20m air conditioning sponsorship to slip through this year. Whilst ours are no less worrying, when you have people in charge who are getting winding up orders for unpaid bills, along with loads of other financial cock ups, you must wonder how exactly you are going to get out of it. The two big differences with us and Forest are; a. what's been spent in 2013/14 b. what's going to come from the season on the pitch And by the looks of things, we're going to trump them on both. To think that the TV and prize money Fulham will get finishing bottom this season is £63m, is 4 times Forest's entire turnover, and this is without including Fulham's gate reciepts and sponsorship deals or parachute payments. The gulf is ridiculous, instead of worrying about FFP they should be ensuring that gold mine at the top is more evenly distributed amongst the league. Said it for a while but the Premier League is a monster. It's a cancer on the game in England and Europe in general. It's become too big for its own good.
Freeman's Wharfer Posted 5 March 2014 Posted 5 March 2014 http://www.insidermedia.com/insider/midlands/109729-exclusive-nottingham-forest-fall-short-new-financial-rules Losses at Nottingham Forest have fallen well outside the new Financial Fair Play (FFP) limits. Rising staff costs of £21m dwarfed the Championship club's falling turnover of £14.4m in the 2012/13 season. In March 2012, league clubs adopted the rules of FFP, which aim to reduce the level of losses being incurred. In 2012/13, FFP allowable losses were £10m which Forest fell well short of with a loss of £17.1m, widening from £11.6m in the previous season. There is no penalty for exceeding the limit this time but if the club fails to reduce the deficit for the current season to £8m or lower then they could be slapped with transfer embargoes and fines. Average league attendance at the City Ground in the year ended 31 May 2013 climbed to 23,082, compared with 21,969 in the 2011/12 season, reflecting the improvement in the team's performance – finishing eighth rather than 19th. This led to a hike in gate receipts and income from football rising 6 per cent to £7.1m. This was offset, however, by a £700,000 reduction in the basic award from the Football League to £1.8m. Overall turnover in the 2012/13 season declined from £14.7m to £14.4m which continued to be eclipsed by the rising staff costs, which were up from £17.6m to £21m – with wages accounting for £18.4m. The balance sheet had been improved considerably, however, and the finances had stabilised following the takeover by the Al-Hasawi family, according to the directors' report accompanying the accounts published to Companies House this morning (5 March 2014). The Al-Hasawis, one of Kuwait's richest families, bought the club in July 2012 following the sudden death of owner Nigel Doughty in February 2012. Doughty funded Forest's losses personally through a loan account, which his estate continued to plough money into after his death to ensure the survival of the club. At the time of the takeover, Doughty's estate was owed £85.3m. Following the acquisition, the Al-Hasawis reduced the short-term debt by capitalising a "significant" element of the loans owed to Doughty's estate. "From the club's perspective the new ownership represented the end of a period of uncertainty and has allowed the club to once again stabilise its finances," the directors said in the latest accounts. After the change of ownership, the club went through a period of restructuring and in February 2013 several key members of staff, including the chief executive, finance director and operations manager, left the club. The Al- Hasawi family and the club's parent company are owed a combined £35.4m in the long term but this is interest free and repayable on demand. Forest would only repay the loans when they were in a position to do so the accounts added. Amazing to think that a large majority of their fan base were giving Doughty crap regarding his level of investment before he died when you read this! Forest do certainly look like a club for whom it could all very easily go so wrong. Whilst this Fawaz chap is clearly pretty rich and loving all of the attention/adulation he also stinks of incompetency and being well and truly under Davies' thumb (5-year contract for Billy earlier this season was ridiculous). If they don't get up this season FFP could really hit them hard and they'll be regretting flying in the face of it this year whilst pretty much every other club has been making cutbacks. Once the novelty of being 'the saviour' has worn off it will be very interesting to see just how true Fawaz's claims about having loved the club ever since he saw them in Kuwait are...
LanguedocFox Posted 5 March 2014 Posted 5 March 2014 Wait for the sudden £20m air conditioning sponsorship to slip through this year. Whilst ours are no less worrying, when you have people in charge who are getting winding up orders for unpaid bills, along with loads of other financial cock ups, you must wonder how exactly you are going to get out of it. Is that true, Babs? If so, it puts into perspective all the gobsh!te you were getting on the LTLF Forum a few weeks ago.
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