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Thread: Who made all the losses?

  1. #1
    Reserves Celdrog's Avatar
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    Who made all the losses?

    Lifted from our forum
    Quote Originally Posted by daily mail
    from today's daily mail.
    FAI won't tolerate budget defaulters
    Hardline approach to finances likely to cause even more problems

    By Mark Gallagher

    IT HAS been an eventful few days around Dalymount Park. After four trophies in two years, Pat Fenlon should have been allowed to make a more edifying exit. Instead, the Bohemians board engaged Dundee United in a Mexican stand-off over compensation and with his chance at moving to a bigger stage receding, it's understood that 'Nutsy' feels let down by the club he has led to two straight league titles.

    As if Bohemians didn't have enough to worry about. Tomorrow, a delegation from the Phibsboro club (of which Fenlon as manager is supposed to be a part) meets with the FAI to set out their budget for the 2010 season.

    This doesn't necessarily mean the association is keeping a closer eye on the champions' finances (every League of Ireland club must get their budget approved), but the meeting will have major implications in whether the Gypsies can claim a third successive title.

    Bohemians, like Cork City, are currently under a transfer embargo after spending most of last season ducking and diving around the 65 per cent salary cost protocol.

    FAI sources confirm that they believe the champions will make it. But barely. 'We are not saying by how much, but we are confident that Bohemians will be under the 65 percent,' says an FAI insider.

    However, the transfer embargo hasn't stopped the champions shaking hands with players. Sligo Rovers talisman Rafael Cretero and Barry Murphy, the Shamrock Rovers goalkeeper, are two understood to be on their way to Dalymount. The deals, though, must get the association's green light tomorrow.

    IT'S THE same for everyone. On November 24 last year, only a few days before the transfer window opened, the FAI sent an email to each club. It informed them that while they would soon be free to sign players, the association reserved the right to refuse the registration of any player if the FAI felt it failed to comply with the budget approved for 2010.

    Hence the lack of horse-trading in the past five weeks. However, there are also signs that clubs are attempting to curtail reckless spending. Initial estimates, based on club management accounts submitted to the FAI, show that total losses for all clubs in the league are roughly €2.7m, the same figure as for 2008, which is remarkable considering the depth of the recession last year.

    Moreover, two Premier Division clubs, neither of whom are Cork City, were responsible for 90 per cent of those losses (one, a prominent Premier Division club, accounted for over 70 per cent of the losses alone). A third Premier Division club also lost a six-figure sum. But when clubs travel to Abbotstown this week, most will do so in a much healthier position than they were in 12 months ago. However, few have been busy in the window.

    St Patrick's Athletic are remarkable simply because they have signed 10 players, running the risk that some of them may not be registered. 'We couldn't wait around forever,' says Pat's commercial director Phil Nolan. 'We released all our players at the end of last season. But we are confident our budget will be approved.'

    However, some clubs have been holding fire. 'If you reach agreement with a player at the moment, you're doing so in a vacuum,' maintains another club official. 'Agreements have been reached and hands have been shook, but nobody is going to unveil players until they are certain of their budget.'

    Bohemians and Cork were supposed to be the first two clubs up as they are under transfer embargo, but the process began last week as Bray Wanderers and Shelbourne requested earlier meetings

    Each club is represented by their chairman, finance officer, general manager and first team manager. If the club is a limited company, there is also a company director present. Each club representative must sign off on the budget.

    OF COURSE, budgets were approved last year and many clubs, most strikingly Cork, disregarded them. 'That will not happen this year,' insists an FAI source. 'If we believe the contract of any player pushes a club over its budget, we will not register him.' The sagas at both Cork City and Derry City did untold damage to the league's credibility (what little of it was left) last year.

    FEARS: Nick Leeson 'I know of two clubs that were negotiating with sponsors at the time of the incident with the bus down in Cork,' Galway United CEO Nick Leeson recalls. 'Then the story hit the airwaves about Cork City players not being able to get to Dublin because their driver hadn't been paid, and the next day there were pictures in the papers with players in the boot of a car.

    'The sponsors came back to both clubs the following week and said they didn't want to get involved and pointed to that incident. Things like that affect every club. If clubs continue to trade recklessly, we won't have a league in a couple of years.'

    Galway, who are confident of settling an outstanding revenue debt, have drastically cut back this year. But so has every club. Sligo Rovers are slashing their playing budget by between 30 to 35 per cent while St Pat's, who are returning to a parttime set-up, have cut first team expenditure by almost 40 per cent.

    'Things like that show we are going in the right direction,' adds a source. 'Most clubs are trying to do things right and that will be reflected in the budgets that get approved.'
    Club A - Lost €1.89m
    Club B - Lost €540k
    Club C - Lost at least €100k
    Club Cork City seemingly excluded from the above.
    Club Derry City - are they B?

    Club C could be Drogs or Dundalk
    Hunky Dorys Park - could be worse, we could be going to Old Trafford every other week

  2. #2
    Reserves Doomofman's Avatar
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    C could always be us... I know we had a reduced budget last season but I could still see us making a loss...

  3. #3
    Like the Fonz. Only a dog. Mr A's Avatar
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    I'd imagine C is Dundalk. They projected such a figure but wouldn't be in the top two.
    #NeverStopNotGivingUp

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    Our owner announced we lost 200k before the season ended altohugh I don't know if our final finish prize money had any bearing on this.

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    Quote Originally Posted by Doomofman View Post
    C could always be us... I know we had a reduced budget last season but I could still see us making a loss...
    dont think it was us we had fats transfer and our european run and our budget cuts

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    Not us anyway our finances are sound....

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    Biased against YOUR club pineapple stu's Avatar
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    There can surely only be one Club A?

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    Coach
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    UCD obviously.
    Yo no soy marinero. Soy capitan.

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    Like the Fonz. Only a dog. Mr A's Avatar
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    Why were Cork excluded I wonder? Lack of accounts perhaps?
    #NeverStopNotGivingUp

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    Seasoned Pro OneRedArmy's Avatar
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    Nonsensical comparisons.

    You need accurate and complete books to get a P&L. Wellvan's liquidator hasn't completed his work, so, on the basis our old board didn't know our debt, not sure how a newspaper does.

    Whilst other clubs aren't as extreme, I still wouldn't place that much weight on audited accounts for a few of them.

  11. #11
    Biased against YOUR club pineapple stu's Avatar
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    Quote Originally Posted by Longfordian View Post
    UCD obviously.
    Nah, the college covered that.

  12. #12
    EnglishSource
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    Quote Originally Posted by Mr A View Post
    Why were Cork excluded I wonder? Lack of accounts perhaps?
    Presumably the journo doesn't want to directly spell out which club it is that lost nearly 2 million quid, but does want to allow readers to speculate which club it is. Cork would have been the obvious guess if they had not been explicitly excluded.

    The club could only be Derry or Bohs IMO. My guess would be Derry purely as I don't think even the FAI would have the brass neck to expect anyone to believe that Bohs lost nearly 2 million quid yet still managed to sneak under the SCP.

  13. #13
    Football hure MariborKev's Avatar
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    Without jumping the conclusion of the administrator, I'd be more than confident we didn't lose €2m in the year.

    Club B looks about right for us I'd reckon.
    Tifo poles, sausage rolls and a few goals.

    The Brandy Blogs, back and blogging the 2010 season

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    Like the Fonz. Only a dog. Mr A's Avatar
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    Yep, it's gotta be:

    A: Bohs
    B: Derry
    C: Dundalk
    #NeverStopNotGivingUp

  15. #15
    Biased against YOUR club pineapple stu's Avatar
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    Quote Originally Posted by article
    the process began last week as Bray Wanderers and Shelbourne requested earlier meetings
    The two clubs rumoured to be on standby for a spot in the Premier. Coincidence? Maybe, maybe not.

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    Reserves HulaHoop's Avatar
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    How can one club make a loss of 1.89 million? That is 36 grand a week. That's not a budget of 36 grand that's a trading loss of 36 grand a week

    How is it possible to make a trading loss of 1.89 million yet still comply with the 65% SCP?

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    Quote Originally Posted by HulaHoop View Post
    How can one club make a loss of 1.89 million? That is 36 grand a week. That's not a budget of 36 grand that's a trading loss of 36 grand a week

    How is it possible to make a trading loss of 1.89 million yet still comply with the 65% SCP?
    pats made losses of 2million 08 season apparently

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    Seasoned Pro OneRedArmy's Avatar
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    Quote Originally Posted by HulaHoop View Post
    How can one club make a loss of 1.89 million? That is 36 grand a week. That's not a budget of 36 grand that's a trading loss of 36 grand a week

    How is it possible to make a trading loss of 1.89 million yet still comply with the 65% SCP?
    Its not a "trading loss". Its a P&L figure that may well bear no remsemblence to a cashflow statement.

    I'm not saying its not accurate, it just isn't the most relevant figure.

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    What about Drogheda? Or Pats, especially if the losses were not specifically football related?

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    If A = B-C x A. What is D?

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