OUFC Accounts 2012

[Snake]

Published today.

[GodalmingYellow]

Eye watering losses.

£6m debts. The club might be worth £2m as a going concern debt free, but nowhere near £6m.

The club is heading for a very hard landing if Lenagan continues to run the club like this.

I hope OxVox are properly prepared, because at the forum, Lenagan didn't even predict figures as bad as these (which begs the question where did he get his numbers from?) and Lenagan pointedly refused to say where his financial limit was for funding club losses.

We must get those losses under control.

Wilder spends too much on insufficiently talented players who get injured too often. Time for a major change in the management and coaching.

I do not want our club to become the next Portsmouth, which is a very real risk.

[Isaac]

I realise I'm being slightly facetious I think it would be quite good to be the next Portsmouth (of today, not the version from a week ago). Given the fans now own both the club and the stadium, this seems like the ideal world scenario for us too.

I would imagine that IL would point the finger of blame at Kelvin Thomas for the losses in this set of accounts although surely as the man supplying the money, he should have known about it.

[OUFC4eva]

Unsustainable and deeply shocking.

OUFC cannot continue like this. Both IL and the club
will crumble under these potentially ruinous losses.

The loss this season must be eye-watering too.
IL has spoken in the Press and Matchday programme
about putting substantial monies in to pay the bills this season.

Just think - failure to pay the substantial quarterly rent and Kassam
could easily put us into Administration let alone the HMRC for unpaid VAT etc.

Unlikely of course but cashflow must be a massive problem.

I think I'd better send my season ticket renewal in.

[Kernow Yellow]

Would anyone care to summarise the accounts? Just how eye-watering are these losses?

Good to see GY posting again btw.

[Snake]

Would anyone care to summarise the accounts? Just how eye-watering are these losses?

Good to see GY posting again btw.

Twenty grand a week.

[ty cobb]

Yes nice to see GY back.

So we’re losing over a million a year? Just what is this going on? My understanding is that we’re about 9th in the wage bill table for the division so it would not appear to be going on wages, unless other clubs are spending far more than us, and incurring bigger losses? Our crowds for that year held up pretty well and season ticket sales were good.
So where is the money going?

BB what are OxVox views on this, at this rate we are going to be back in the position that we were when Kassam took over, albeit with no asset like the Manor and 2 divisions lower. These are awful figures, owners who run up such debts are irresponsible and don’t deserve the support of the supporters group especially as we’re lacking a coherent strategy on the pitch – half the players seem to be off in the summer with no word on what is happening to management team and no prospect of promotion.

I see Wigan could only sell 20,000 tickets to Wembley and Millwall may not sell out of their share of around 30,000 either.
The support this club gets deserves far better to see their club run into the ground like this.

[slappy]

So is there in this £1MM loss (for season 2011/12 by the way):-
A Jim Rosenthal donation a few years back which turned out to be a loan?
Costs of moving training ground?
Costs of setting up the strength and conditioning team and systems?
The overspend on budget, and then the overspend on cover for injuries?
The cost of paying off 'community' debts which had not been accounted for?

Obviously reducing these losses is critical, this has to be achieved by increasing income and cutting costs. The club are saving one director's salary presumably. There must be a big clear out of the higher paid players this Summer to start with. Getting the crowds back up, a new sponsor etc.

Who did we sell in 2011/12? There is a profit on disposal of player's contracts of £102,149. (as the NBV of goodwill disposed of was £10,351, presumably some players were sold for £112,500?)

[OUFC4eva]

A bit more from Stoke City for Dean Whitehead.

[Hog]

How does that work - we didn't sell him to Stoke?

[joepoolman]

How does that work - we didn't sell him to Stoke?

We put a sell on fee in the terms of the transfer to Sunderland, and Sunderland sold him to Stoke.

[YF Dan]

Why are we losing so much money? Here's a guess:

We've used 33 players this season.

Last season, we used 38.

Oh, and the season before, we used 32.

Oh, guess what, the season before, we used 32 as well.

Everytime we sign someone, it costs. For every John Grant, Lee Fowler, Ashley Cain, Marcus Kelly, Ryan Doble, Leigh Franks, Ryan Burge, Richie Barker, John Franks, Danny Philliskirk x2, Christian Montano, Conor Ripley, Dean Morgan, Mehdi Korrouche, Lewis Guy, Mark Wilson, Sean McGinty, Lewis Montrose, Josh Parker, Daniel Boeteng, etc we've paid unneccessary wages, appearance fees, unneccessary costs, petrol, agents fees, signing on fees, backhanders, expenses, accommodation etc etc. Have we ever once really been in danger of not putting a team out? Have we ever really needed an emergency signing?

I appreciate the chairman can say &quotno&quot and should have done on 20|| occasions listed above. But Wilder cannot be exonerated from blame. He has abused our chairman's faith, and in return provided him with three successive seasons of mediocrity, and saddled us with a mountain of debt. Even now, despite providing a budget of £1m a year over what we can afford as a club, he still gets told every Saturday to open his wallet.

I still genuinely believe the promotion winning team - with minor tweaks and a show of faith from the manager - would have been far more successful than the melange of meddling madness we've had since.

[Mooro]

For every John Grant, Lee Fowler, Ashley Cain, Marcus Kelly, Ryan Doble, Leigh Franks, Ryan Burge, Richie Barker, John Franks, Danny Philliskirk x2, Christian Montano, Conor Ripley, Dean Morgan, Mehdi Korrouche, Lewis Guy, Mark Wilson, Sean McGinty, Lewis Montrose, Josh Parker, Daniel Boeteng, etc

OUCH!!

[Joey's Toe]

Dan raises some great points above - not least the list of loanees, which is eye-watering when you see it in black and white like that.

I also strongly agree that the promotion-winning side should have been given longer to compete at Division 4 level before being broken up. Top marks also for &quotmelange of meddling madness&quot (I love liberal lashings of lovely alliteration, me).

Interested by this comment though:

Everytime we sign someone, it costs... [W]e've paid unneccessary... backhanders

Care to back that up?

[Ancient Colin]

For every John Grant, Lee Fowler, Ashley Cain, Marcus Kelly, Ryan Doble, Leigh Franks, Ryan Burge, Richie Barker, John Franks, Danny Philliskirk x2, Christian Montano, Conor Ripley, Dean Morgan, Mehdi Korrouche, Lewis Guy, Mark Wilson, Sean McGinty, Lewis Montrose, Josh Parker, Daniel Boeteng, etc

OUCH!!

All I have to say is &quotBen Futcher&quot