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Birmingham City PLC Accounts released
Birmingham City’s UK parent company Birmingham City PLC (BC PLC) have today released their accounts for the period ending June 2015 to Companies House. The accounts show a profit of £1.336M on a marginally increased turnover of £21.049M.
Before I go any further, please take note I am not a trained accountant; I’ve done my best to understand the figures but if you would like to take a look for yourself they are available from Companies House for £1 – you will need the company number of BC PLC which is 3304408.
The standout figures as I can see them:
- Turnover has increased by £1M on the season before. This is chiefly down to an increase across the board in ticket receipts (£3.997M), Broadcasting (£12.408M) and other commercial income (£4.664M). It’s worth noting once again that ticket receipts equate to only just under 19% of revenue to the club.
- £0. This is the total amount of money paid to directors by the football club last year – some way down from what it has been in past years. Asia Rays Ltd, who have been paid money for leasing an office in past years was paid £0 last year.
- Player wages dropped from £20.057M (approx 100% of turnover) to £14.114M last season – a much healthier and more sustainable 67% of turnover
- BC PLC owe BIH £10.1M in monies provided to the club by the HK parent. BIH have committed £7.2M to BC PLC for the period July 2015 – June 2016 and a further £3.9M is required for the period July 2016 – November 2016. This money has come from the loan made by Trillion Trophy Asia secured on the ground.
- The auditors Edwards have qualified the accounts as they have not seen enough audit evidence that the money from TTA will be forthcoming and as such cannot say BC PLC is a going concern.
Much of this we know already, but I’m interested in a couple of things. Firstly, the wages coming down so heavily last year (due to the oft-reported 5k per week cap) has made Blues a much better proposition financially; the influx of cash from TTA has allowed them to offer new deals above that figure to various players and hopefully will give Gary Rowett the wherewithal to pursue transfer targets in January he wants.
Secondly, it’s interesting how costs have deflated since the makeup of the board changed last year. It’s interesting that no director now picks up a wage – or even pocket expenses – from the club and I think shows that maybe Blues were right to decide that they no longer needed the services of an “acting chairman”; the club haven’t done too badly in his absence.
Tags: Accounts
17 Responses to “Birmingham City PLC Accounts released”
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Hopefully that means BCFC haven’t used any of this £7.2 million as it will be easy to spend ot but so hard to pay it back if this deal to buy the club fails.
Ticket income is still a large amount at 19% and i would argue that it is more than that in terms of what fans spend which will come under commercial income such as food, drink, meals, merchandise, events and box rentals.
It shows fans the club is viable but still has to watch every penny, which is why GR now has a small war chest for January, the only real way to increase income in the SHORT term is increased gates, not to spend a loan which we may well struggle to repay.
We’ve made £1 million in a season yet if we have to repay £7.2 million it would be another milestone round our necks.
Quite impressive.
Even allowing for not paying some members who are contributing to the running of the club, getting he wage bill down to such an extent must be healthy.
I guess one of GR’s challenges in January will be to attract the right players who are willing to accept the capped wage structure.
Panos won’t be working for nothing. I expect he’s employed by BIH
What I like about you AJ, is your objectivity.
Very consistent imo.
However…..this post is an apology, not a hymn of praise to thee :-)
For some time, till about 18 months ago, I did the devil’s advocate for Petter Pannu.
What ‘riled’ me the most was the car park, when the “brave” chanters advanced on Pannu yelling “Where’s the money Gone?” 70-90 on one…very brave !
And Pannu shook his wallet at them. I took that, at the time, as bravery and honesty.
I didn’t realise ~~ as I figure now ~~ that is was Toltal Arrogance.
Speaking to Peasants.
I may have been the last of the Pannu advocates, {devils or not :-)}
But I said it on this blog.
And this is where I should apologise.
P.S.
~~~~ I also thought OJ Simpson was ‘fitted up’~~ there you go.
:-)
Daniel. Thank you for the update. It appears we are ok with no dramatic shocks on the horizon-which ,compared to last two years I will gladly embrace. We plod on with the hope and relative confidence that TTA, E&Y and Panos will see us through. Lastly of course we put all our attention on GR and his staff to get the Xmas week off to a cracker-starting tonight.
Without seeing the accounts is the £7.2m sitting as a current liability with the cash (whatever’s left of it) sitting in a bank account
Bank credits for £7.2m would be the double entry for the loan account
When you look at the debt at some of the Premier League club and the appalling historical debts of the likes of Portsmouth and Leeds and latterly Bolton, we are on a very sound footing and it amazes me that there have been no takers to date apart from the TTA arrangement.
I’m amazed that anyone ever buys a football club. Unless you have a fortune and are willing to donate it to the club, the fans will turn on you.
Did you see the story about the lottery winner who took over Newport County? He put in £1.25m but because he won £45m he was slated by fans for not putting in any more.
A few years ago, an Everton fan chained himself to a goalpost in protest at the board. Bill Kenwright is the chairman and owns a large part of Everton football club. He’s a proper fan. But the club balances the books. And that’s not good enough for some of the fans.
I’ve no doubt the fans of Portsmouth, Leeds and Bolton encouraged their boards and were delighted with the board buying, buying and buying more players until the shit hit the fan. And you only have to read some of these blogs to see that the majority of Bluenoses would do the same.
No way would I own a football club. If you balance the books, the fans will invade the pitch, smash the goalposts and threaten your children. If you don’t balance the books, then financial trouble will eventually catch up and the inevitable slide down the leagues will make you hugely unpopular.
TTA were chosen as best option whilst we weren’t on a sound financial footing. It’s because of them we are
I cant help feeling positive again it is a long long road but we are making progress up it I think
Not an accountant but it seems a relatively healthy situation that has moved in the right direction – turnover up, costs down, clear signposting of monies owed and future funding requirements. There are a few clubs out there who would take that headline situation right now, or when they have been relegated in May.
First year fat cake is out the picture and the club makes a million profit, says it all really
Save £1…Accounts are free to view https://beta.companieshouse.gov.uk/company/00027318/filing-history
kro
Maybe I am missing something. If gate receipts are £4.0m and the average attendance is 16k ish per game (from the Mail).Then with 23 home games the average cost per ticket is less than £11. I certainly pay a great deal more. Could someone explain?
Season tickets, concessions, freebies…
Is 19% a normal percentage for championship clubs? So if I’m right are we only 10 million in Debt. Is there a current list of championship clubs debts?