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Author Topic: 2018/9 Financial Results  (Read 1050 times)
Oaksey Moonraker

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« on: Wednesday, March 4, 2020, 08:06:22 »

Did anyone else see Kieran Maguire the football finance expert published a summary of the accounts.


Swindon Town lost nearly 1.7 million in 2018/19 taking total losses to almost 13 million #STFC https://t.co/6FJ23TC2yl

Swindon total borrowings ⬇️ 800k mainly due to repayments to Lee Power #STFC https://t.co/sbFPTWM8fd
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JanAirplaneMan

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« Reply #1 on: Wednesday, March 4, 2020, 09:53:38 »

Yes I saw.. Basically power took 800k out of the club last year to reduce the debt to him that the club owe him. But the club is basically loosing money without power putting money in.
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horlock07

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« Reply #2 on: Wednesday, March 4, 2020, 10:55:15 »

Yes I saw.. Basically power took 800k out of the club last year to reduce the debt to him that the club owe him. But the club is basically loosing money without power putting money in.

Bloody Power!  Roll Eyes

Do any of our accountanty colleagues have anything to say about these results, they are outside my area of expertise and whilst Kieran Maguire does some good stuff he also has an unfortunate habit of rushing stuff out without proofing or checking his working?

Full doc is linked here. https://beta.companieshouse.gov.uk/company/00053100/filing-history
« Last Edit: Wednesday, March 4, 2020, 10:58:06 by horlock07 » Logged
Sippo
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« Reply #3 on: Wednesday, March 4, 2020, 11:10:10 »

Is there any club, especially non premiership, that isn't in debt? Is 13 million that bad?
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If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
pauld

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« Reply #4 on: Wednesday, March 4, 2020, 11:25:47 »

Is there any club, especially non premiership, that isn't in debt? Is 13 million that bad?
No, especially as it's largely "soft debt" i.e. owed to the owner (I think some of it is nominally still owed to Black) rather than 3rd parties. The point being it's owed to people who will want to cash in if/when the club is sold but aren't going to be chasing for immediate payment/putting the club into admin a la HMRC.
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RobertT

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« Reply #5 on: Wednesday, March 4, 2020, 16:48:55 »

Bloody Power!  Roll Eyes

Do any of our accountanty colleagues have anything to say about these results, they are outside my area of expertise and whilst Kieran Maguire does some good stuff he also has an unfortunate habit of rushing stuff out without proofing or checking his working?

Full doc is linked here. https://beta.companieshouse.gov.uk/company/00053100/filing-history


In summary:

We received a significant chunk of money in that financial year, hence the Debtors number tumbling, which would likely be transfer fees being received for previous sales.

That money was used to pay back Power - 2.2m.

Power then reinvested 1.4m of new money into the club, creating a newer loan I imagine with a longer due date.

5m is due over one year from now, of which 2.4m is directly due to Power.  There is a 1.8m debenture but not secured, which could be the money Black would be owed upon a sale.

It's not 13m in debt - it's 6.7m - we've lost 13m over the years but 6m of that is covered by equity investments, not loans.  Nobody is owed anything for that - an owner of the shares would no doubt want paying off when and if the club changes hands.  We lost 1.7m in the financial year in question - some of that ha caused an increase in short term debts due, just trading dates, and some has increased the long term debt - covered by Power.

Overall, they are not great, they haven't been for a few years, but they have been much worse in the past.  At the moment we are covering the losses with equity and long term loans to the owner and other persons (who we cannot see).
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STFC_Manc

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« Reply #6 on: Wednesday, March 4, 2020, 18:33:50 »

It's next to impossible to actually get much meaningful from the accounts.  You can't see what is causing the losses, as they don't provide any details.
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