Short piece in the business section of the Turbine today about Rovers accounts(picture is bigger than the article).
Retained loses have increased to €620,570 from €476,606 in 2009.
Apart from that, nothing else of any real note in the piece.
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Short piece in the business section of the Turbine today about Rovers accounts(picture is bigger than the article).
Retained loses have increased to €620,570 from €476,606 in 2009.
Apart from that, nothing else of any real note in the piece.
Sligo or Shams?
The last time I saw decent LOI coverage in the Turbine was back when St James Gate were in the league. I never read it.
Is that an indian newspaper ?
Yep, they hate the league. Doesn't mean they haven't got their facts right about Rovers accounts
Seeing he isn't from Sligo then it's obviously Shamrock RoversQuote:
Originally Posted by peadar1987
"League of Ireland side Shamrock Rovers had retained losses of E620,570 in it's last financial year, newly files accounts for the club reveal.
The loss for the year to the end of November 2009 widened from E476,606 in the previous year, according to the abridged accounts. Despite a deficit of more than E200,000 in shareholders' funds, the accounts were prepared on a going concern basis.
However a note to the accounts said this "depends upon the company receiving future support from the backs, trade creditors, the Revenue Commissioners and from the shareholders and also a sustainable business plan for the foreseeable future".
The Hoops, which went into examinership five years ago, are owned by 400 fans. It is Ireland's most successful club, winning the league 15 times and the FAI Cup 24times. Rovers are currently joint top of the Airtricity league with St Patrick's Athletic.
Last week the team lost 3-0 on aggregate to Italian giants Juventus in the UEFA Europa League. The first leg, played in Rovers; Tallaght home ground, drem a crowd of 6,000" John Ihle, Sunday Tribune 8-8-10
Can somebody explain what the sentence in bold means
Does this mean that they lost 620k last year or 144k?Quote:
Originally Posted by MariborKev
144k.Quote:
Originally Posted by Schumi
Assets minus liabilities.Quote:
Originally Posted by northwestexile
Haven't seen the article because the Tribune was sold out this afternoon so I'll have to wait until it goes online during the week. Journalists tend to be useless at reading clubs' accounts though so I wouldn't read too much into it.
They're as good as most armchair accounts around here (and thats not a slight on those who work in that profession)Quote:
Originally Posted by Charlie Darwin
Obviously haven't seen them but for Rovers to lose that much in the year they trebled their attendances, and increased income streams in pretty much every area bu multiples of that, it has to be a concern for them
That is the whole article so wouldn't waste E2.50 unless you want the picture that goes with the article that is 3 times the size of the writing. In fairness it is more text about the league than is in the sports section.Quote:
Originally Posted by Charlie Darwin
Charlie gave you the answer there but just to explain further, wikipedia defines retained losses/earnings as "In accounting, retained earnings refers to the portion of net income which is retained by the corporation rather than distributed to its owners as dividends. Similarly, if the corporation takes a loss, then that loss is retained and called variously retained losses, accumulated losses or accumulated deficit. Retained earnings and losses are cumulative from year to year with losses offsetting earnings".Quote:
Originally Posted by Schumi
That's about the same as Dundalk FC lost last season.
Yeah, they were filed a couple of weeks ago with the CRO, so that's presumably what they were looking at. Actually making any sort of intelligent interpretation instead of just regurgitating the figures does seem to be beyond any sort of business journalist though. (Which isn't to challenge your later post that the results are a bit worrying.)Quote:
Originally Posted by Dodge
How are they losing so much money?
I thought they were operating with a profit last season.
I thought the same, is that not the case now?Quote:
Originally Posted by Rasputin
Season and FYE are probably two different things.Quote:
Originally Posted by Rasputin
Nope; November year end. I think it was a Genesis Report recommendation that all clubs should change their accounts to that.
Even if it was, unless they found a big bag of money with their name on it somewhere it wouldn't change much.Quote:
Originally Posted by mrtndvn
I suspect most people to be surprised to hear that the 'model club' with the highest attendances are running with an increasing year-on-year deficit.
It really does show how unsustainable financially things are in the league.
I would be very surprised Steve, but I'd like a look at the accounts before I believed it.Quote:
Originally Posted by dcfcsteve
Au contraire Steve, if you did a regression of attendence to loss over the last two decades, you'd find a very strong correlation between the clubs with the largest attendences and the largest losses.Quote:
Originally Posted by dcfcsteve
Its like those steak houses in Texas that let you eat free if you eat a 72oz steak. If you don't eat it you pay a small fortune. Large ego'ed lads generally take up the challenge, and fail, whilst more sensible women realise they could never manage it and have a 6oz girls cut.
That analogy sounded better in my head, but the point stands: there is a very strong link between increased revenue leading to increased losses. LoI clubs almost inevitably grow themselves out of business (until they get bailed out in one shape or form).
the 400k they got for the juventus game would wipe that out wouldn't it?
so youre saying that Rovers are playing for high steaks?Quote:
Originally Posted by OneRedArmy
*grabs coat*
Depnds when they get it and whether they've incurred any more "day to day" losses this year. They had the Real Madrid game last yearQuote:
Originally Posted by galwayjames
I suppose technically Platinum 1 had the Madrid game last year; I'd imagine the Juve game was worth much more to Rovers directly than the Real game (plus UEFA bonuses for two rounds in Europe, etc)
Don't believe everything you readQuote:
Originally Posted by galwayjames
The Juventus game would have incurred a massive amount of costs too; not just for the away leg (arranged at short notice) but at home too (rent, security etc)Quote:
Originally Posted by pineapple stu
It really does bring into the lime light the administrators of the league and how they operate. Given all that's gone on in this league the last few years to take the eye off the ball now is completely demoralising. Heres the question ... do they know what is actually happening? If they do then i hope they are freaked out over this because couldn't be described as the best way forward. Is anyone answerable for this?Quote:
Originally Posted by dcfcsteve
Surely someone in the FAI is culpable for this? Or is 'more of the same' what we have to expect in the future? If so, when can we expect the league to be run correctly?
If this really is the case and i were a member of the 400 club, having entrusted the running of the club to the current board while paying i dont know how much of my money over the last few years, i'd be looking for the people responsible to step aside immediately and without incident and hand the controls over to someone who'll make a better hand of it.
Can we believe anything we've heard from the club over the last while? Seriously, is it all noise and dream with no substance behind it?
Town made a profit last year. :D
It's a "rare" sight when a LOI club makes a profit to be fair but your example is "bull" ;)Quote:
Originally Posted by SkStu
http://tribewithted.mlblogs.com/shoc...man-700490.jpgQuote:
Originally Posted by A face
Jaysus Face have a sit down man, where's the fire?!
Those figures aren't too shabby at all. :confused:*
*I apologise if you were being sarcastic as opposed to hysterical.
Well you haven't heard what the members have heard, and as long as they're told the story, and they're happy with it then I cna't see how anyone else can be angr about itQuote:
Originally Posted by A face
I'd probably wait to see the actual accounts before demanding the board step down.
If they spend more than they bring in then they are seriously shabbyQuote:
Originally Posted by Lim till i die
I know i'm going over the top, but i do want to labour the point i'm making. Dont get me wrong, i loved the rags to riches story, LOI vagrants come good, moses and their little piece of heaven, walt disney stuff, it was up there with Bambi and the rest of them .... i lapped it up, but its a crock. I am ticked off man, i'm not going to hide it but if those figures are real then i'm not going to listen to one more bit of pontificating for Rovers or the FAIQuote:
Originally Posted by Lim till i die
Quote:
Originally Posted by Dodge
I know that lads, i was careful to say 'If the figures are true' (or words to that effect) but are you not ticked off of having to listen to people, mostly the powers that be using 'the model club' as a get out clause, going on about how great Rovers are.Quote:
Originally Posted by Charlie Darwin
And i geniunely think that if clubs dont go down the route of Rovers (and do not over spend) then the league wont progress.
Quote:
Originally Posted by A face
Name me 4 of the 22 clubs that don't consisently spend more than they bring in??
100k on a turnover of what, say, 2 million*, isn't exactly Cork City1 levels of lunacy
Quote:
I know i'm going over the top, but i do want to labour the point i'm making. Dont get me wrong, i loved the rags to riches story, LOI vagrants come good, moses and their little piece of heaven, walt disney stuff, it was up there with Bambi and the rest of them .... i lapped it up, but its a crock. I am ticked off man,
You're definitely being sarcastic here, or are having some kind of seizure!! :D
"You don't understand. The League coulda had class. The League coulda been a contender. The League coulda been someone Charley, instead of a bum, which is what The League is , let's face it. The League is a bum. It was you, Charley."
Quote:
i'm not going to listen to one more bit of pontificating for Rovers or the FAI
The last "Model Club" was Galway United. :bulgy:
I'd be worried for you if you've been listening to any of it to be honest.
*This figure is plucked completely out of my aras and is open to correction.
We ended last season with an operating profit, 6 figure one at that.
The 400 club has been subsumed into the Rovers member's club, the 400 club no longer exists. :)Quote:
Originally Posted by A face
A few weeks of paying Boco's wages will soon undo that.Quote:
Originally Posted by Rasputin
I presume you're not paying him two grand a week this time?
Think you want to look at changing your location there, dfx-. ;)