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description=Posts about Debts written by John Beech;

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e and more debt no one can reasonably disagree with view in the debate that has broken out in the last couple of days since the announcement of the decision to do a u turn 3 or to use the language you might expect from someone engaged in a strategic marketing alliance following a comprehensive review of wider supporter feedback via email letters media coverage and polls run via the official supporters club and media wales and as a consequence of the above commitment cardiff city football club will also reactivate rebranding proposals with a view to exploiting and maximising its brand and commercial revenues in international markets attitudes seem to have become polarised into two camps on the one hand what is happening is a faustian pact which involves selling the soul of the club on the other the club s survival depends on a business plan that will result in untold wealth pouring in from new fans in the far east as is so often the case it is difficult to engage in debate regarding the relative merits of these two views because they are based on different meanings of the word club 4 the present attempt at debate assumes that these are two mutually exclusive and opposed views and that there are no other possibilities no room for overlap and no possibility of compromise that certainly seems to be the view of the malaysian investors which raises a number of issues in itself it suggests that the future of the club hangs on the fickleness of future supporters in the far east who a would support a club in a red shirt but not one in a blue shirt and that b providing the club s shirt is red and has a dragon on it they will support in sufficient numbers to pay off the rest of the langston debt reinvigorate the club s fortunes in both senses of the word and allow the investors to see a return on their investment as to a i think this is simplistic and over stated as to b i can understand the malaysian investors looking to the marketing success of manchester united but they might better have a word with balram chainrai or those behind the k k shonan management corporation 5 erstwhile saviours of plymouth argyle what is happening at cardiff is little short of seeing owners who view a club as a commodity which can have some brand value spray painted onto it to make it stand out from the rest a simple question to dato chan tien ghee if the key to your success lies in owning a red club why didn t you buy a red one if the answer is simply well peter hadn t got a red one in his briefcase to show us god preserve us others have tried this drastic rebranding with some commercial success an obvious example is that of sv austria salzburg which red bull bought and rebranded as fc red bull salzburg in 2005 complete with change in club colours and logo the new club has enjoyed considerable success since the takeover but the old club had also and that is where the comparison begins to break down red bull bought an already successful club and turned it into an even more successful one but in doing so they alienated fans to such an extent they started a new club which they called sv austria salzburg and which has already climbed wimbledon and fc united of manchester style from the seventh tier of the austrian football pyramid to the third tier i ll leave my final thought to the sv austria salzburg fans who are reported as having raised this banner in the past few days share this share on facebook opens in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in cashflow debts fans investors marketing merchandising ownership stadium strategy tagged cashflow debts fans investors marketing merchandising ownership stadium strategy 5 comments why i shall be especially grumpy this saturday afternoon posted by john beech on april 3 2012 football clubs in poor financial health a headline on the bbc news website has just screamed 1 apparently many clubs are continuing to spend too much principally on players wages as they always have done what surely not well ok the said headline was in the business section of the bbc website rather than their sports section begbies traynor who over the years have been administrators of chester city kingstonian lincoln city huddersfield town northwich victoria wrexham farnborough town crawley town scarborough bournemouth halifax town southampton and now port vale have just completed a survey looking at the finances of football league clubs beneath the trite headline there was some detail of interest of 68 teams surveyed in those divisions 13 have signs of distress such as serious court actions against them including winding up petitions late filing of accounts and serious negative balances on their balance sheets that 19 compares to just 1 in the wider economy the firm said in particular the financially distressed clubs include three in the championship six in league one and four in league two obviously the survey had been completed under conditions of confidentiality so we can only speculate on which these thirteen clubs might be that are under short term financial pressure a temptation which i will resist at least publically there are also the clubs which to me have potentially longer term pressures because they operate on business models which may not be sustainable two which have caught my eye with their recent publication of financial results are one likely to be relegated to the championship wigan and one about to be promoted out of the football league southampton at wigan 2 turnover was reported as up 16 on the previous year although this it was conceded was mainly due to the increased premier league broadcasting rights contract worryingly though net losses had risen from 4m to 7 2m wigan fans might take some comfort from the fact that net debt including bank borrowings and loans from david whelan and his family remained virtually unchanged at 72 2m compared with 72 6m in the previous year since the year end 48m of debt was converted to equity which significantly reduces the club s long term liabilities chief executive jonathan jackson commented this position would not have been possible without the continued financial support of chairman david whelan the post year end conversion of debt to equity has significantly strengthened the club s financial position and has to a very significant extent written off the debt owed to mr whelan the club cannot continue to make losses every year and we are continuing to shape all aspects of the club to ensure the long term future remains positive both on and off the pitch perhaps just a hint there that mr whelan s pockets are not bottomless it was he who has called for control on players wages 3 it was wigan that managed to hit a wages revenues ratio of an utterly unsustainable 208 3 in 2004 05 posting passim meanwhile over at southampton another debt for equity conversion was reported last thursday 4 the estate of former owner markus liebherr had invested 33m over two seasons but had now converted these loans into shares my reason for putting single quotes around invested is that i do not see loans as investments if i had pushed my credit cards to their spending limits would i talk in terms of mastercard and visa investing heavily in me this conversion certainly takes the financial pressure off a club which last season made a net loss of 11m in gaining promotion from league 1 the liebherr family seem to be in that rare group of benefactors which includes steve gibson at middlesbrough those prepared to dig into their pockets deep and for the long term at middlesbrough the club is now free from debt owed to external providers 5 looking along the south coast from the perspective of a long suffering pompey fan but who is number 1 a football fan rather than a club fan a club in deep deep trouble not least because it is still paying some players premier league wages as it faces the drop my eye caught on the wages revenues ratio at southampton a very high 93 this counter evidence in the discourse over the financial strengths and weakness of clubs is hardly typical while few clubs correction no english clubs are as financially distressed as portsmouth the begbies traynor report paints a more typical picture as portsmouth head for southampton this saturday to be entertained as the media like to phrase it i ll not be building my hopes up for a surprise pompey victory the earlier derby this season may have been a draw but portsmouth now have a depleted squad forced upon them by their financial circumstances and as one might well argue not before time no i ll be quietly fuming on the absurdity that the outcome on the pitch will have been determined ultimately by the lottery of how rich and how committed your club s benefactor has been it may be a football match but it certainly is being played in a context of competitive balance one club has been the subject of heavy financial doping and is paying the price and one is the subject of financial doping but has so far kept the habit under control one is a savage indictment of the failings of the benefactor model and the other is fortunate enough to be able to say ok so far if any good at all is to come out of the basket case circumstances portsmouth finds itself in it will be through a new and more sustainable financial model which is why i fully support the community share offer from the pompey supporters trust post commercial era football has totally lost it way clubs have become the playthings of sugar daddies and have as in the cases of portsmouth and southampton sugar daddies with no local connection ownership has become a lottery and fans have been betrayed as a consequence football governance looks as it will receive only light touch reform but that is insufficient to set it back on a road where the results of games are determined in a context of competitive balance financial fair play whatever the extent to which it will actually prove successful is a no brainer and fan ownership is the only way to ensure clubs are a part of the community whose name they are happy and proud to identify themselves by this posting is for the moment open to comments but please bear in mind that this is not a fans forum it is a personal blog which is happy to encourage serious debate trolls will have their comments deleted as will those who favour the so called banter of scummers and skates share this share on facebook opens in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in benefactors community debts financial doping governance insolvency ownership wages tagged benefactors community debts financial doping governance insolvency ownership wages 5 comments the tax man cometh posted by john beech on february 23 2012 there can be no doubt that the abbreviation hmrc is one which has hit pretty well every football fan s radar screen recently there have been the two big administrations at portsmouth and rangers bubbling away in the background is not only the issue of whether clubs use of employment benefit trusts constitutes tax evasion and is hence illegal or merely tax avoidance perfectly legal but also hmrc s challenge to the legality of the football creditors rule which has seen it take substantial hits in its revenues since the crown lost its preferential creditor status in 2003 which resulted in football creditors coming higher in the pecking order when things went pear shaped at present clubs in administration face an obstructive hmrc when seeking to enter a cva which would see hmrc being paid anything less than 100p in the pound has the general approach of hmrc to football clubs changed over time it states its position pretty consistently as it did thus with respect to rangers we can t discuss specific cases for legal reasons but tax that has been deducted at source from the wages of players and support staff such as ground keepers and physios must be paid over to hmrc any business that fails to meet that basic legal requirement puts the survival of the business at risk so just what is hmrc s track record over time in pursuing football clubs i ve been researching its propensity to present a winding up petition against a football club and how it s changed in terms of frequency over the period since 1960 some of the outcomes are unsurprising but others may be a little surprising the full data set is available here and i will endeavour to keep this list up to date it covers all english and welsh clubs but not scottish clubs and has been developed by searching the london gazette database here are some thoughts on what i found hmrc and its predecessors the inland revenue who were responsible for collecting direct taxes such as income tax including paye and national insurance contributions and hm customs excise who were responsible for collecting indirect taxes notably vat merged to form hmrc in april 2005 seem to have shown little favour towards league clubs and even less to non league clubs in total since 1960 they have presented a total of 181 winding up petitions against league clubs on 58 occasions and against non league clubs on 123 occasions the frequency has varied considerably there were only two petitions presented in the 1960s whereas in the peak decade to date the 1990s 62 were presented images can be enlarged by clicking on them a year by year plot of petitions since 1990 reveal a more nuanced pattern after a burst of activity in 2002 hmrc seem to have eased off presenting petitions until taking up the challenge again seriously in 2009 with a greater proportion of league clubs being the object of hmrc s interest my impression from the list of clubs involved is that there is something of a north south divide with a disproportionate number of southern clubs in the list hmrc has complained of serial offenders and there is some evidence of this bournemouth were on the receiving end of 5 petitions between 1995 and 1997 chester city received 6 between 1986 and 2009 crawley town received 6 between 1973 and 2010 doncaster rovers received 4 between 1988 and 1994 hartlepool united received 7 between 1982 and 1993 hull city received 6 between 1992 and 2000 margate received 4 between 2001 and 2010 northwich victoria received 4 between 1983 and 2008 southend united received 4 between 2000 and 2011 and stockport county received 4 between 1975 and 1999 looking at just the list of winding up petitions of course tells only part of the story the size of the debt to the tax man has grown astronomically when accrington stanley withdrew from the football league in 1962 the club owed the tax man roughly 4 500 portsmouth owed hmrc approximately 11 million when they sought the protection of administration in 2010 the interesting question is why did hmrc hold back in the period up to 2009 and allow such large debts to grow it s not as if they have a track record in the longer term of being tolerant with football clubs one petition in ...