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Pessimistic old git mate. He's sat there waiting for the financials so he can pick them apart and have another moan.Seriously? You can't think of one other reason?
Not something to do with a new broadcast revenue deal, perhaps?
Thank you greavsie, good pickup £3.2mill relates to Donestic Cup (inclusive of CC & FA cups). Trying to sleep over here in Oz.Year end accs
1.Player book value 122.3mill (2013 73.2mill)
2. Average wage cost 2014 264k (2013 261k)
3. Europa League prizemoney & gate 9.2mill (2013 10.4mill)
4. Capital Cup prizemoney & gate 3.2mill (2013 0.9mill)
Hi Shawry, thanks for that useful info. But I don't think I did make a mistake re Net Assets. I'm quoting straight from the accounts. Unfortunately they don't seem to allow for Copy and Paste.Thank you greavsie, good pickup £3.2mill relates to Donestic Cup (inclusive of CC & FA cups). Trying to sleep over here in Oz.
Otherwise you stated values Net Assets incorrectly. can't get explanation now will do later.
1. Player values are treated as intangible assets
2. Player assets capitalised based on their contract value and or purchase value.
3. This carrying amount is reduced over the life of the contract. Eg say lamela brought for 30mill and has 5yr contract - amortisation is 6mill per yr.
4. Assume after 3yrs is sold - his carrying val is 12mill. Then say he is sold for 15mill, then THFC records a profit of 3mill.
I can explain in depth more if required.
From looking at SC, it appears that the massive increase in net asset values comes from the profit we made (£65m) and the £40m raised from Macon, which I believe effectively/mainly wiped out our net debt.One stand out figure in the accounts for me is our net assets have risen to a staggering £183m, that's up an incredible £105m from the previous year. Indeed for years our net assets have fluctuated between £70-81m, and now this incredible rise.
Some £50m is related to increase in player value I think, but the rest, mmm, I don't know.
Good morning (aussie time),Well the detail accounts for the year ended 30th June, 2014 posted on OS.
Just a few highlights.
1. 40 mill of capital raised to Macon Inc pref shares as a related company (Levy and who ?) Guess the 40 mill assisted in paying down debt.
2. Profit before tax 80mill (2013 3.7mill) of which football trading 56.9mill (2013 0.96mill)
3. Profit after tax 65.3mill (2013 1.5mill)
4. Football trading (predominately football players) gain on sale of players 104mill (2013 26.3mill) Amortisation of players 39.8mill (2013 26.8mill) plus Write down of player value 10.2mill (2013 nil).
5. Player contract writedown of 10.2mill specifically relates to 3 players (not mentioned by name) to a carrying value of 44.9mill – smells like balance of Paulinho, Soldado, Lamela for not achieving contract milestones.
6. Wages increased by 4.5% to 100.4mill and employee numbers increased 3.3% to 380.
7. Directors payments 3.6mill of which though unnamed presumably Daniel Levy 2.166mill.
8. Redundancy and onerous employment contracts 4.66mill (2103 0.61mill) – i presume most of this would relate to AVB, Sherwood and friend settlements.
Hi Greavsie, see prior post plus belowFrom looking at SC, it appears that the massive increase in net asset values comes from the profit we made (£65m) and the £40m raised from Macon, which I believe effectively/mainly wiped out our net debt.
It's just Enic - it was covered in last years statementI am more interested in what rights the £40mill pref shares attract - eg divs when stadium built ? , what voting powers etc. who is MACON INC (aside from saying common ownership -,Levy, Lewis).
£40m is the maximum investment an owner can make in any season before breaking FFP iirc.http://www.tottenhamhotspur.com/news/financial-results-shareholder-and-stadium-update-020414/
In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course.
Mate, you don't like the club, you don't like the manager, you don't like the fans - half the players, you don't like people on message boards, you want the Lane demolished. This is the reason you are getting nothing out of it. You've fallen out of love.Hi Shawry, thanks for the two posts and your many valuable insights. I'm sure I'd love to talk to some of you on OzSpurs including MackayLad.
For me, the now sadly deceased Dave Mackay, was Spurs greatest-ever player.
I've often regretted the fact that my family didn't take the opportunity of the '£10 bargain emigration offers' in the early 60s, as it seems to me OZ is one of the greatest places to live in the world. Though I would have missed going to the Lane of course.
Back to the accounts, I couldn't agree more about the importance of the actual ful accounts rather than 'abridged versions'. Hence my irritation, not to say anger at the club for not flagging these up in the news section of the OS. When I think of the flim flam that gets posted there compared to what is one of the most important documents a club can post in a year ....
I can see your POV on this Joe.Mate, you don't like the club, you don't like the manager, you don't like the fans - half the players, you don't like people on message boards, you want the Lane demolished. This is the reason you are getting nothing out of it. You've fallen out of love.
I love the Lane, it's a proper football stadium.I can see your POV on this Joe.
But just for the record, I still, in a way, love Spurs the club, but I most definitely do NOT love ENIC. Sometimes for shorthand I'll say 'club' when really I mean ENIC.
Of course what constitutes the 'club' is a difficult philosophical point. To use a modern business term, the club has many stakeholders, some parts I like, some parts I don't etc.
For example, the reason I joined here is because of the fantastic 1882 movement, which I think is brilliant. So clearly I like some of the fans.
Re the Lane being demolished, pretty much everyone wants that surely, as the way forward is a new stadium.
I actually think it's a reluctant acceptance that this is the way it's going.Re the Lane being demolished, pretty much everyone wants that surely, as the way forward is a new stadium.
Yeah thanks to both you two showing interest in the accs. Me I marvel at Levy how he manufactures when results are published generally after he has January trfs and also sticky moments - whether it be Harry Redknapp issues and more recently Archway issues.Cheers Blanchflower, like Shawry you've been a mine of useful info on this topic