QuoteSligo or Shams?
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.
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 ?
Ahhh
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 RoversOriginally 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
Last edited by northwestexile; 08/08/2010 at 2:54 PM.
"It's not the despair; I can handle the despair. It's the hope I can't stand." John Cleese on supporting a LOI club.
Can somebody explain what the sentence in bold means
"It's not the despair; I can handle the despair. It's the hope I can't stand." John Cleese on supporting a LOI club.
Does this mean that they lost 620k last year or 144k?
We're not arrogant, we're just better.
144k.
Assets minus liabilities.
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.
Last edited by Charlie Darwin; 08/08/2010 at 3:05 PM.
They're as good as most armchair accounts around here (and thats not a slight on those who work in that profession)
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
54,321 sold - wws will never die - ***
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New blog if anyone's interested - http://loihistory.wordpress.com/
LOI section on balls.ie - http://balls.ie/league-of-ireland/
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.
"It's not the despair; I can handle the despair. It's the hope I can't stand." John Cleese on supporting a LOI club.
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".
That's about the same as Dundalk FC lost last season.
Neale Fenn on retiring: 'I think once you finish you might as well finish rather than making all sorts of comebacks.'
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.)
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?
The SFAI are the governing body for grassroots football in Ireland, not the FAI. Its success or the lack of is all down to them.
Season and FYE are probably two different things.
MD
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.
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.
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