General Accounts are up

[Essexyellows]

I`m not worried that the accounts are un-audited and don`t include a profit loss account. Mostly because its not my train set.

Anyone that keeps a football club treading water with signs of being able to swim has my admiration.

 

[Shosho]

https://twitter.com/x/status/1237378072174907393

 

[Twiggy85]

https://twitter.com/x/status/1237378091275689990

 

[SwissYellow]

£11m of loans ..... now thats a scary one that could be called in at any moment.

 

[Paul Cannell]

Is this 2.5 times more debt than under Slippery?

 

[Leedsexile]

I`m not worried that the accounts are un-audited and don`t include a profit loss account. Mostly because its not my train set.

Anyone that keeps a football club treading water with signs of being able to swim has my admiration.

It isn’t my train set either, but I’m a very keen passenger!

 

[RyanioBirdio]

Is this 2.5 times more debt than under Slippery?

Think so. Must be why the hot dogs stopped.

 

[Scotchegg]

£11m of loans ..... now thats a scary one that could be called in at any moment.

The only way that these loans could be satisfied would be the effectively kill the club. There are no assets beyond the players, so realistically the loans could never be repaid.

However, if Oxford suddenly went on a journey to the PL, and Dickie was suddenly worth £50m, then Tiger could then take back what he had put in.

I'm no expert in accounts, but I would guess that this is common practice to protect investment even if the likelihood of it ever being repaid was minimal.

 

[OUFCGav]

£11m of loans ..... now thats a scary one that could be called in at any moment.

Of course the likelihood if they did that is they would get pretty much nothing back. The issue is more that how long can he keep funding them if we don't have better years selling players.

 

[holdsteady]

£11m of loans ..... now thats a scary one that could be called in at any moment.

As long as you are servicing loans that’s unlikely isn’t it? As instead of getting paid back with interest you are likely to get sod all.

 

[ttg17]

£11m of loans ..... now thats a scary one that could be called in at any moment.

That jumped out to me as well. I'm no expert in this stuff, but presumably all it takes is for some of Mr Thanakarjanasuth's (think I spelt that right) other business dealings to fall through and for him to be a bit strapped for cash to call in those loans and destroy the club.

For those saying that's not how it works, that is reassuring, but isn't this exactly the situation that e.g. Portsmouth had before they went totally bankrupt? And the whole reason FFP was brought in in the first place? Not a leading question, genuinely interested, if anyone has the answer.

 

[Scotchegg]

So overall debts are £17.3m of which £2.6m was the fee owed to DE which has since been repaid. So that potentially brings the debt down to £14.7m of which £11m is in the form of loans to Tiger. IF, and I get this is very much unknown, but IF Tiger never called in these loans, then the level of debt to other creditors is £3.7m. I know that is still a huge amount for a club losing money, but much more bearable considering where we've been before.

 

[NottsYellow]

The overall debts of Ipswich Town, at June 2018, are £83M.

 

[Steve Gilbert]

This highlights maybe why we hear rumours that the club can't afford to get promoted right now. It could potentially kill the club unless we stuck with what we have and accept to be the wiping boys for a season but what manager and professional player want that?

I think now is the time to hear from Tiger or Zaki about what the long term plan actually is because these losses can't carry on. I understand there are losses in there such as the training ground/Eales paid off which are 1 offs but it is still substantial moneys that is having to be funded by Tiger & Co.

I guess now we understand why KR says there are still questions that need to be answered with regards to funds to invest in the squad and where the club can go.

In reality we either go on a journey to the championship which will be costly or we learn to become a sustainable club that uses a player trading model (Brentford) which keeps the club ticking along and enjoy league 1.

I got shouted down in the past for saying going up to championship might not be for the best for the long term future for the club and saying we are a solid league 1 side but these accounts might put some perspective on the situation.

 

[Golden Dr Otto]

First questions for Oxvox:

1. Why have the accounts not been audited, particularly given the general concerns on day to day management and weak signals with regards HMRC?
2. Why is the profit and loss not being disclosed? At a time when the fans have supported the board and been asked to show trust repeatedly, this does not come across as reassuring or reciprocal.
3. Why the significant delta in losses and overall club debt in comparison to prior years in this division? What percentage of that is player salary increase, what percentage is purchase increase and what falls under “other costs”?
4. What are the directors remunerating themselves?

 

[Steve Gilbert]

First questions for Oxvox:

1. Why have the accounts not been audited, particularly given the general concerns on day to day management and weak signals with regards HMRC?
2. Why is the profit and loss not being disclosed? At a time when the fans have supported the board and been asked to show trust repeatedly, this does not come across as reassuring or reciprocal.
3. Why the significant delta in losses and overall club debt in comparison to prior years in this division? What percentage of that is player salary increase, what percentage is purchase increase and what falls under “other costs”?
4. What are the directors remunerating themselves?

This isn't a dig at OxVox but I actually forgot they were still around due to the silence from them. I certainly think we need to hear from them on these latest accounts.

 

[WokinghamYellow]

That jumped out to me as well. I'm no expert in this stuff, but presumably all it takes is for some of Mr Thanakarjanasuth's (think I spelt that right) other business dealings to fall through and for him to be a bit strapped for cash to call in those loans and destroy the club .

Or get caught banging the secretary of another club in the city and having to pay the mrs off means he cant afford to run the club anymore? [emoji102]

 

[Oxymoron]

That jumped out to me as well. I'm no expert in this stuff, but presumably all it takes is for some of Mr Thanakarjanasuth's (think I spelt that right) other business dealings to fall through and for him to be a bit strapped for cash to call in those loans and destroy the club.

If Tiger needed some readies to support his business empire outside of Oxford, he won't get much from the football club......

 

[QR]

I am willing to accept selling players to balance the books but that is not what we had been told by the board.

With £17m debt then even after adding back in the sales we're not balancing the books. So maybe it is what we were told.

 

[warksox]

First questions for Oxvox:

1. Why have the accounts not been audited, particularly given the general concerns on day to day management and weak signals with regards HMRC?
2. Why is the profit and loss not being disclosed? At a time when the fans have supported the board and been asked to show trust repeatedly, this does not come across as reassuring or reciprocal.
3. Why the significant delta in losses and overall club debt in comparison to prior years in this division? What percentage of that is player salary increase, what percentage is purchase increase and what falls under “other costs”?
4. What are the directors remunerating themselves?

Probably because as a small private limited company, OUFC are under no legal obligation to have accounts audited nor are they obliged to publish a P&L statement.