Just got hold of the accounts for 2009

 

Loss of ?13.2m compared to loss of ?8.1m for 2008

 

Group Turnover ?59.3m slightly up

 

Football Operations Turnover ?51.3m (up 3%)

 

Gate receipts down ?5.2m

 

Corporate hospitality ?1.8m down 22%

 

Attendances 22,845 (increase of 8%)

 

?49 season ticket for children increase ST kids numbers by 53%

 

Average ticket price ?11.29 (?13.63 last year)

 

Players bought ?5,079,067 players sold ?9,648,730

 

 

Of note, and I'm not an accountant

 

"Going concern

 

In ensuring that the group has sufficient liquid resources to meet its liabilities as they fall due, the directors have reviewed in detail the business's cash flow projections....they show a shortfall in the current level of facilities. However, the directors are currently in discussions with lenders regarding the potential securitisation of future guaranteed broadcast revenues"

 

Duckworth pay ?483,000 (up from ?376,000)

 

More to follow

Basically this is partly good news for our future - as long as Eddie stays around!! It looks like the club is shifting its lending needs from banks and other financial institutions (down to ?39.4M from ?46M) to Eddie...

 

I'm not so sure they are.

 

I think Moonshift Investments is a Bermudan based company which is owned by the Bank of Bermuda.

 

Davies clearly as a financial involvement with Moonshift - but I think the bottom line is that the ?60 million worth of credit is basically coming from another bank (Bank of Bermuda) and not Eddie's own pocket.

Eddie Davis owns Moonshift Investments and Strix: both of which are administered by the Bermuda Trust Company.

The BTC is owned by the Bank of Bermuda: Moonshift & Strix are owned by Eddie.

 

The club also paid Moonshift ?2.3m last year "in respect of a player success fee" ie the Anelka sale.

ED provided the ?7.9m to buy Anelka and received ?10.2m back from the sale: the club made ?4.6m. That leads me to guess that ED will provide finances for player ourchases on the proviso he gets 1/3 of any future profit.

 

The club also paid Moonshift ?623,000 in respect of arrangement fees.

Anyone know who is the best paid player at BWFC and how much he is on ?

Eddie Davis owns Moonshift Investments and Strix: both of which are administered by the Bermuda Trust Company.

The BTC is owned by the Bank of Bermuda: Moonshift & Strix are owned by Eddie.

 

The club also paid Moonshift ?2.3m last year "in respect of a player success fee" ie the Anelka sale.

ED provided the ?7.9m to buy Anelka and received ?10.2m back from the sale: the club made ?4.6m. That leads me to guess that ED will provide finances for player ourchases on the proviso he gets 1/3 of any future profit.

 

The club also paid Moonshift ?623,000 in respect of arrangement fees.

 

Thanks for that Traf.

 

I still imagine though that the source of the ?60 million credit line is from the Bank of Bermuda though, with Eddie the middle man so to speak (guaranteeing the loan).

Anyone know who is the best paid player at BWFC and how much he is on ?

 

No, but I'd guess at Jussi on around ?40,000 a week.

Eddie Davis owns Moonshift Investments and Strix: both of which are administered by the Bermuda Trust Company.

The BTC is owned by the Bank of Bermuda: Moonshift & Strix are owned by Eddie.

 

The club also paid Moonshift ?2.3m last year "in respect of a player success fee" ie the Anelka sale.

ED provided the ?7.9m to buy Anelka and received ?10.2m back from the sale: the club made ?4.6m. That leads me to guess that ED will provide finances for player ourchases on the proviso he gets 1/3 of any future profit.

 

The club also paid Moonshift ?623,000 in respect of arrangement fees.

 

Very informative , so did he also stump up the cash for Elmander ? & if he did & we sold him for lets say ?3 mill (tops) who takes the hit the club or Eddie ?

Very Interesting reading - hopefully it puts alot of perspective on the "Davies and Gartisde should put their hands in their pockets" brigade clearly even with a tremendous increase in TV revenues a couple of years back our business is still not a going concern without the financial backing of Eddie Davies -he's effectively underwriting short/medium term credit facilities to get transfers done, taking a cut on profits of future transfers where appropriate and charging what would appear to be reasonable facility charges. So huge thanks has to go to him in my book we clearly would not have the players we have now or have had without him and to a lesser extent Gartside from an every day running point of view and if he's defered payment of his wages from previous years presumably to help cash flow then again fair play.

 

Summed up in one phrase "hand to mouth" and that's the way it will always be until a Saudi billionaire comes knocking - if we get relegated we'll cut the cloth accordingly.

Very informative , so did he also stump up the cash for Elmander ? & if he did & we sold him for lets say ?3 mill (tops) who takes the hit the club or Eddie ?

 

Good point, furthermore, can he put him to work in a kettle factory or something? At least he'll get some use out of him.

Also fairplay to the club for listening to fans and reducing the cost of admission, especially taking into account the measly 5 million that admission fees genarate, it would have been easy for the club to take a view that 15,000 paying ?30 per games games is better than 20,000 paying ?20 per game.

The overall cost per game has been reduced mainly by the reduction in child prices and the larger proportion of children to adult tickets.

 

Most adults are still paying the same, if not more than they have in the past.

Thanks for that Traf.

 

I still imagine though that the source of the ?60 million credit line is from the Bank of Bermuda though, with Eddie the middle man so to speak (guaranteeing the loan).

 

 

It all boils down to the same thing - Eddie Davies, be it with his off-shore investment in the Bank of Bermuda or his guarantee of the loan, continues to bank roll BWFC at an ever increasing level.

 

If he gets some return on his investment by sharing the profits on the players his money helped to buy, then so be it. His "bonus"is more than justified, what the Board members of the Operating Company have done to justify their's is a different matter all together.

All clubs are the same.

 

Everton have got 12 "substantial" loans currently, and have just re-mortgaged and borrowed money against a non-depreciating asset....whatever that is!!!

 

I would guess, in Everton's case, that it could be the current value of the land on which goodson Park is built. I don't know if there are people who lend money on the chance that; sooner or later; Everton will be moving away from their current ground.

Read today that Hull are ?27 million in debt and have a ?40 million wage bill.

 

They've gone from a club solvent prior to getting into the Prem to one that is really struggling financially all in the space of 2 years.

 

Is it a case of chasing the dream. ?

 

Fair play to BWFC/Eddie Davies we have been in the prem for the last 8 years and managed to keep our debt more or less the same.

 

However if were to get relegated that would be a different matter.

Maybe we're not quite as bad as some other clubs......

 

 

"A ?15m bond on Liverpool FC has been issued for Roma as that amount remains outstanding on the Aquilani deal. Three ?5m intallments are due Jan 2010, June 2010 and Jan 2011. After several attempts it has been confirmed that no bank will guarantee it due to their current form on the field. They have had to resort to issuing an Insurance backed bond, a very risky way to aquire finance, mainly as 2 out of the 3 payments will fall beyond the period of guarantee, this means that they are insuring the bond against Champions League receipts"

 

The reason why this has caused a stir?

 

The last time a premier league club applied for a Insurance backed bond - Leeds United and the Rio Ferdinand transfer

 

Not sure if its true but just been sent to me by a Scouse mate........

Fair play to BWFC/Eddie Davies we have been in the prem for the last 8 years and managed to keep our debt more or less the same.

 

I wouldnt call about ?20m "more or less the same"

maybe we shouldn't show fcuking ambition then

I wouldnt call about ?20m "more or less the same"

 

 

The debt when we gained promotion to the Prem last time around was ?30 mill . so its actually doubled i since then.

 

Being so long in the top league now means that we are struggling to compete with the likes of Stoke in the transfer market

 

precisely because they have'nt got our level of debt (yet)

The debt when we gained promotion to the Prem last time around was ?30 mill . so its actually doubled i since then.

 

Being so long in the top league now means that we are struggling to compete with the likes of Stoke in the transfer market

 

precisely because they have'nt got our level of debt (yet)

 

Or because Stoke's owner(s) is/are more wealthy than ours.

I can't see how both Gartside and Duckworth warrant substantial pay increases when the club 'they' run has failed to turn over a profit.

 

Ask yourself, if you owned a business and profits were down by a considerable margin, would you up your pay putting the business into further debit?

 

Or because Stoke's owner(s) is/are more wealthy than ours.

 

 

Maybe but sooner or later all the middle order clubs in the Prem who operate without a'sugar daddy' will rack up a dangerous amount of debt.

 

Obviously we are in a catch 22 situation the longer we stay in the bigger our debt gets , on the other hand relegation would be a disaster financially as we

 

could never service the debt without the ?30 mill sky money .

 

I think Eddie Davies has kept us afloat with his input , but the growing debt is now 30-40% of his wealth so sooner or later Eddie will have to bail out .

Maybe but sooner or later all the middle order clubs in the Prem who operate without a'sugar daddy' will rack up a dangerous amount of debt.

 

Obviously we are in a catch 22 situation the longer we stay in the bigger our debt gets , on the other hand relegation would be a disaster financially as we

 

could never service the debt without the ?30 mill sky money .

 

I think Eddie Davies has kept us afloat with his input , but the growing debt is now 30-40% of his wealth so sooner or later Eddie will have to bail out .

 

Its about time the prem stepped in and introduced a wage cap, so some of the best footballer would leave but the game cant carry on the way its going

Its about time the prem stepped in and introduced a wage cap, so some of the best footballer would leave but the game cant carry on the way its going

 

To be honest, it may've started happened anyway the day Real Madrid offered an obscene wage for that long necked nobber Ronaldo & United said, right well fuck off then. Here's hoping.

I can't see how both Gartside and Duckworth warrant substantial pay increases when the club 'they' run has failed to turn over a profit.

 

Ask yourself, if you owned a business and profits were down by a considerable margin, would you up your pay putting the business into further debit?

 

 

 

My point early Happy. What have they done in running of the club to warrant the bonus and pay increases. The club is kept afloat from the man above them - be it his money or guarantees to the banks, and the playing side of the club has remained in the Premiership by the management and players below them. The Operational results of the club are a disaster and surely that is what Gartside's and Duckworth's pay increases and bonus is based on.

 

 

 

I wish I could get a 59% bonus irrelevent of the financial performance of the Company I worked for.

 

Its a good question to ask Mr Duckworth at the AGM.

My point early Happy. What have they done in running of the club to warrant the bonus and pay increases. The club is kept afloat from the man above them - be it his money or guarantees to the banks, and the playing side of the club has remained in the Premiership by the management and players below them. The Operational results of the club are a disaster and surely that is what Gartside's and Duckworth's pay increases and bonus is based on.

 

 

 

I wish I could get a 59% bonus irrelevent of the financial performance of the Company I worked for.

 

Its a good question to ask Mr Duckworth at the AGM.

 

I would imagine Eddie Davies is happy with the running of the club otherwise he would not sanction these payments and would get rid of the pair of them, therefore one could conclude that they are doing a good job.

Sorted: Pinks playing at the ground next summer. Job well done to Mr Gartsides team getting her there.