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Accounts Delayed Again
News has emerged from Hong Kong that the overdue accounts from BIH have been delayed once again.
The announcement states that the accounts now have been delayed until July 31st, with the annual report to be dispatched by August 15th.
Whilst this isn’t brilliant news at all as Blues cannot sign any players until the accounts have been published, I think it’s important for now that Blues fans concentrate on the football until the playoffs have been concluded.
edit 13:45 27 April
Peter Pannu has issued a statement here
Tags: BIH, Carson Yeung, China, HK
50 Responses to “Accounts Delayed Again”
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Are there any possible reprecusions because of the continual delay in publishing our accounts,?
Apart from the obvious one of hamstrunging our ability to restructure of playing staff in the close seaon,>??.
The transfer embargo remains in place.
If we get promoted it could be interesting.
well this was expected, why would they announce until after the play offs are done and dusted.
Almajir, agree with your sentiments that the fans must not derail the playoffs, but this is absolutely shocking news and guarantees our relegation should we succeed in the play offs. It basically means that we will not be able to partake in the close season signing period. It looks like a disaster whether we are promoted or if we stay in the Championship and makes me wander is there any point in being promoted given this news??
with the loan players going back – and not allowed to sign players… this is shocking news.
I wonder who will play in Goal next season!!!!!!
My top tip is buy the season ticket – using a credit card (or not bother to renew) – protect your investment.
So would it be right in saying that with the transfer embargo, no players in, and more important no players out, ie Foster returns, and no selling of our other small assets, Redmond / Davis / Butland / Mutch and I guess Zigic would have to stay too.
The transfer embargo is only that we cannot register new players.
Nothing stopping us selling them.
v annoying. We must be in serious trouble if they are delaying the accounts that long. Championship will start a week after this date so no time to add to the squad. If we get promoted, CH will need to be a miracle worker again as i am sure we will lose some players in the next couple of months. V Unhappy
What are you lot taliking about???
This is excellent news. If we were due to announce our results in the middle of the play-offs (not sure, but I think we were) and they happen to state (as we all think they will) that our current financial position would mean we would have to go into administration……. Well a fat lot of good that would to our play off chances! The players could do without the distraction in my opinion.
To me, it is just sensible to delay the accounts until we know what our income stream is next year.
Hopefully, we will be £40m better off! ;-D KRO
While I don’t agree this is excellent news, you’re spot on about the likely rationale behind not publishing, i.e. it would be suicidal.
I think we all suspect Blues’ financials are in a parlous state and the increased money the Premiership brings may be the only thing that keeps us from administration.
That said, I dread to think what’ll happen if we don’t get promoted…
The statement says – “no later than………”. So technically they can release them anytime they want – not actually on the 31st July. Please don’t become “tabloid” in your reporting ;) .
They were to be released no later than the end of October, the end of January and the end of April.
I think we have to take the July 31 date as the date they should come out.
So (in theory) doesn’t that mean they cant be released the minute after we win the play off final?
In that case, no distraction and no transfer embargo…..
p.s. im NOT actually stating that we will win the play off final :-D
They could be, yes
Rihanna could also accept my invitation out for a date and I might just win the lottery tomorrow.
One thing people havent mentioned yet – the delay may be because of the pending Carson Yeung’s court case and assets being frozen. Tbh – if we were going into administration you would take the 10 point hit now so we start afresh next year. I dont think you have a lot of choice going into administration if you are broke because you are desperate and have no choice. Also, if you are flat broke you dont sign anybody even on loan. The delay is to wait and see if we get promoted to soften the blow.
That’s not the point is it? You are assuming they will not be released until then. Technically they could be released at any time. Typical Tabloid spin ;) You can panic, I am going to clap happily in my corner….
Whilst it is disappointing this latest delay dont get cynical mate it doesnt suit you!
The 31st July date was set by BIH, it is not a court deadline, so why would BIH state 31st July if they intend to report earlier? As far as I am concenred the goalposts have been reset to 31st July anyone who thinks they will be any earlier are not following events!
I can’t help but think that we’re already greased-up and on the slide, it’s just a case of how hard we can press against the side walls to prevent our progress down hill. The last-chance bet of the play-off’s seems CY’s best hope at saving this but if it fails I think we could be in Glasgow Rangers / Portsmouth territory.
And you know what, I think it’d be for the best. I’m getting a bit fed up and would actually just rather know where we stand. Too much smoke and mirrors going on for my liking.
KRO
‘anyone who thinks they will be any earlier are not following events!’
so you think the date set SHOULD be the day after the play off final?? How about being a bit more sensible and assuming that the results will be released at some point between the 2 dates?
Do you think Carson and Pannu and co. actually WANT to get relegated?
Seriously, the panick on this board! Chill out you lot and use some logic
Alex, the best result would have been to release the accounts by the “latest” due date which was this week, then we could all have looked forward to Saturday and the play offs. Why would the club self impose a date which if it turns out to be the eventual reporting date would ensure the transfer embargo sticks throughout the close season, effectively immersing the club into a state of hopelessness whether we are promoted or not? Panic is a natural reaction resulting from fear and one of man’s greatest fears, is fear of the unknown!
Accounts need to state that they are prepared assuming that the company is a going concern.
I guess that this will only be the case if Blues get promoted. i.e. if we don’t get promoted, we’re not a going concern. Read into that what you will.
almajir
Can you confirm, the Embargo means NO players IN, and NO players OUT ?
See previous comment.
It means we cannot register new players.
Means we can’t sign players BUT we can sell them
I get what your saying. Let me address some issues, which will point to why im not worried;
1.) Fear of the unknown – True, it is the worst kind of fear. But, I have heard many a tale of woe this year… none of which have turned out to be true, or at least had any negative impact (consider where we are compared to where we expected to be)
2.) The release date of figures – One thing I am fairly certain about is, if we dont have a confimed future forecast of Premiership income, then we are no longer a viable going concern and we will go into administration. With this is mind, why release the figures now? Im not 100% sure about the timing of this but this may cause us to be deducted points and hence remove the possibility of promotion?? What will certainly happen is that it will be a massive distraction to the players.
3.) If we do get promoted, then I suspect that date is in order for the board to revise its forecast. I would doubt they would intentionally reduce their chances of maximum returns from the premiership by waiting until that date to release the figures. I would expect it to be somewhere between confirmed promotion and 31st July.
I know I have stated that I am not panicking, whilst also saying that I fully expect administration if we do not go up, which you may think strange. But that is just one of those things you cant do anything about, so why worry? I just think we will have to take -10 points on the chin
But if that’s all true, why not just say we’ll have the accounts by end of May — by then we’ll know where we are next year. Why the delay till end July?
Sorry, just seen you answered my query above, thanks mate for clearing that up, now I am just a little bit more depressed………
So how long can a firm keep delaying accounts for? And what about this year’s accounts – will they be delayed too?
Almajir,
did you really ask Rihanna out cos if you did, I’ll back off. I don’t want to tread on anyones toes here.
I think this is the key question. We need answers now!
This is very worrying and does suggest that the news may be even worse than we fear. I may be misinterpreting this, but by delaying until July 31st, the fixtures will already be out and should we find ourselves in the Premiership, it will be too late to deny us our place if we enter administration.
My feeling is that they are looking for the cash windfall to get us back out of administration, and that the owners are not bothered about competing next year. we’d start the season on minus 10, with a reduced squad consisting of young players and the remnants of this years squad. We wouldn’t be able to sign players, but would probably sell at every opportunity. Not as bad as Portsmouth, but grim viewing all the same.
Although the news is not what we wanted HSBC have fortunately got more involved in March to look after their interests via the clubs assets. When they start making noises we really have got financial problems.
The footballing side is the real worry. If it is a hold all the way until the end of July (2012??) then it will only be outgoing traffic and regretably it could include our prized asset the manager.
Bluenose John,;, You have let in the light, there mate,!! We have forgotten about HSBC, they surely are holding the purse-strings,?. If they are not shouting the odds,?. There is hope yet, fingers crossed
Just read Pannu’s comments on the Club website and hate to say it, but they are utter jargonal tosh!
Pannu has updated the situation on the official blues site if you need to update this blog
About ten minutes ahead of you…
What Pannu seems to have clarified in the statement is that the owners/board are either incompetent, insolvent or crooks, or any combination of all three you care to choose. If you look up “shambles” in the dictionary there should be a picture of the board.
so does that mean we can’t re-sign players out of contact e.g. Murphy etc?
We have delayed the accounts yet again to see where we will be next year. It makes all the difference. Also, Carson has a pending court case – his assets are frozen and we probably dont want the prosecution investigating our accounts? If you go into administration – you have no choice. We would be there by now if we were flat broke. You dont sign anybody even on loan if you are that desperate! Chill. If we were going into administration it would be better to take the 10 point hit now when we have no threat of relegation and start afresh next season. The board have been canny – they signed players before the transfer embargo started. What do you expect from a club hamstrung by their owner charged? Pannu and CH have worked miracles to get us here with no safety blanket of an owner with unfrozen assets.
Relax!
Scenario 1:
Blues WIN the play-offs, thereby securing ongoing funding. They publish two years accounts with Companies House and Football League end of May, Transfer embago is then lifted and Ch is plotting a doable assault on the EPL.
Scenario 2:
Blues don’t lift the trophy next month, Accounts further delayed until CY Trial outcome. Another £15k fine to Companies House, embargo remains in place.and two or three big players sold to aid cashflow (e.g. Zigic, Foster and Redmond). CH goes again in the Championship with a small but still strong squad.
Scenario 3:
BIHL sells its stake in BCFC. New owners give CH the support he deserves.
If we gain promotion then Blues won’t be £40m (or even £90m as I believe is the correct figure) better off (and these figures are before costs so ‘better off’ is not a true expression) but BIH will be. If they don’t publish accounts until 31st July then we can’t sign players, which would be disastrous whichever division the Club is in. The delay is very bad news following bad news following worrying news. The best hope which we have is that the shareholders in BIH have a mind to sell up, whether pressured by HSBC or not. If they had been so minded then the best time for them to do so would be after promotion to the Premiership, should that be achieved. There is about a six-week window following promotion for achieving the best price but the lack of finalised accounts makes due diligence (a nasty shiver passed through me at this reminder of McBerk) by purchasers much more difficult. A Prem club is more saleable than a Championship club. If we are in the Prem and BIH are in charge then few, if any, quality players will be bought and they will be content for us to be relegated at the end of the season with whatever abysmal record is produced. Unsold and a month into the season with four or six losses from that amount of games returns the Club to a low grade investment. So, if they don’t sell then as much of the Prem cash as possible will be sent back to HK to reduce BIH shareholders deficit on their overvalued purchase, as has been the case so far. Have no doubt, this further delay does not have a sunny side. The only course of action is for no one to buy season tickets and for the stadium to be empty for matches. Fans can show their allegiance to the Blues rather than the absent owners and Chief Executive by going to the ground and standing outside. If that was done by 20,000 people then it would have a huge impact. The lack of support for an inadequate team would make no difference to the eventuality of relegation. What it could well do is to get us our club back, in whatever state, which many people over the season have given the impression that they would be happy with.
Its simple delay the accounts until we know where we will be next season! I dont really think things will be resolved until the outcome of the court case is known. The board knows all too well that you cant have an embargo in close season
Typical BIHL Hong Kong politics really ..unsurprising and frustrating at the same time.
Shows how much Carson’s HK lot think of the fans really ..but probably a blassing in disguise really, as there probably a mess due to relegation last year!
I presume the accounts will be issued earlier if we win promotion.
Otherwise, if they are unhappy reading, delay them until the end of July and take any possible points deduction next season.
Seems simple.
Yet more uncertainty.
Looking at the BIHL statement, who are their ‘subsidiaries who need more time in finalising their financial statements and preparing the financial results of the group’??
What on earth is going on in that many months after the original due date, there is still so much that is up in the air??
PP makes a contradictory statement in that ‘they [the accounts] were filed to the HKSE some time ago’. Someone somewhere is simply is making a concerted effort to brush and fudge the issue something rotten.
Just as we are looking to make a real fist of a really enjoyable (on the pitch at least) season, the shenanigans seem to start again in the midst of an important period for the club.
It would seem that no individual within BIHL is willing to provide the guarantees that CY had done up until his assets were frozen and thus there is nobody to underwrite the club’s future liabilities, and getting the EPL / Sky money is central to the club continuing to function. It would seem that even though the accounts figures for the last financial year are known and accepted by those in places that need the information and details, they would need to include sources for future expenditure which currently is simply not in place.
I sincerely hope that CH does not lose patience with the board over the team’s progression and no other club comes knocking and trying to exploit the situation. We have the nucleus of a good team that will be able to hold its own regardless of what league we are participating in next season – although I truly hope it is the EPL.
Maybe, just maybe, by achieving promotion it will act as a lever to forcing someone in BIHL to act in getting the accounts published ASAP by giving the necessary assurances, which in turn will enable our manager to try and strengthen the team as he sees fit. Perhaps there will not be much funds available, but he might be given the brief of raising his own through sales, and with Foster and possibly Zigic going, there will be some room to manoeuvre.
There is much to still be very positive about and what truly heartens the Bluenose is, watching a manager and team that actually seem to take pride in themselves and the club that they play/work for.
Lets all hope that they are given the time and space to reach their potential and give us plenty of thrills and moments to savour.
Getting back to tomorrow, Blues to cause an upset and beat Reading – even without some first – teamers who may be rested.
If we do get to the ‘Top Table’ will CY have to retake the ‘Fit and Proper Persons Test’?
“TECHNICALITIES” ??????????????????????????????????????????/
Just when i was feeling pretty good about the weekend,prospect of Blues clinching forth place, and west brom putting another nail in the coffin of the **** down the road, BANG here we go again Reality Check , Pannu spoils it.
Peter Pannu’s comments mean absolutely nothing!! Its total nonsense and tells us nothing new. Waste of space!!
The rat I smelt at he beginning of the Season appears to have feasted on produce from the fishmongers…..because it smells very fishy to me!