Credit where it’s due, when you have players like Cisse and Ben Arfa making all the headlines, it’s possibly very easy to forget that our five game winning run has been achieved by conceding precisely one goal.

It may also be easy to forget that this has been achieved with a back four made up of mainly bargain basement transfers.

For whatever reason, no matter how well the team does, some players will always be deemed as not good enough for the shirt , but credit needs to be given to Simpson, Williamson and Perch.

While our stars do the business at one end, they have done an equally fine job at the other. Now you may well believe that these players (along with Ryan Taylor and Guthrie) are not Champions League standard, and you may well be right, but seeing as the combined transfer fees of these five lads comes to less than the wages we have paid Alan Smith for his services, surely no one can argue that they haven’t  been excellent value for money.

If only for their  commitment to the cause alone,  Danny, Mike and James will do for me any day, instead of the likes of Babayaro, Marcelino and Boumsong.

22 comments
newcastle7
newcastle7

No one has taken corporation tax or player amortisiation into account.I expect the tax bill to be at least six million and costs to have risen by at least four million so just wait till the full accounts are published before speculating.Our friends from down the road have lost over sixty million over the last three years and the last I saw had a forty million overdraft so they are living on borrowed time.

Look at the good points the commercial revenue is up from Wonga and Puma the average attendance is above fifty thousand and the only debt is interest free.We are in a great position to move forward andbuy players so think everyone should be well pleased with an excellent set of accounts instead of putting the boot in.Portsmouth,Leeds and Coventry fans would agree with me.

alreet
alreet

He will hive it off as player medical bills. The fitting of the bigg ass tv. Prospective expenditure that never happened or agents fees that dont exist.

The guy is a filthy greedy snake that cant get enough queens heads to sit on and feel bigger.

The world again can see what we need but jabba and wing slag wont produce the readies to actually make our club even respectfull.

radgiegadgie
radgiegadgie

@alreet oh, there are agents fees alright.  Agents make Mash look like a philanthropist


hopefully someone will get hold of the accounts when they are filed and then we will know where this 28m has been charged (may not have actually left the club, no one mentioned how much cash is in the bank, could all be provisions)

DownUnderMag
DownUnderMag

Some worrying points:


1) mystery on the operating cost increase with no explanation forthcoming

2) interest free loan and free advertising for SD....surely it's one or the other??  

3) record profits and yet no sign of the loan ever being paid off

4) this doesn't account for MYM, Santon or other outgoings this season which more than accounts for the money spent in the summer...and yet no sign of any further additions in January and fans left guessing as to the clubs summer directions once again.


When are the media going to wise up and start asking the tough questions to this oaf who owns this club and is slowly sucking the life out of it?

Rollyp
Rollyp

Also, I see from the BBC report that they continue to refer to the Ashley loan as interest free when Charnley referred to this at a fans forum meeting as being why the S... D..... advertising is free. Just wish reporters etc would just keep up.

AndyMac1
AndyMac1

It's hidden in the details before tax. £18m after tax is about £24m before ? There is no way this club only made £24m pre tax profit. MASH Holdings ?

NUFC Tips
NUFC Tips

The proft figure is confusing, but not surpising.  We all know the type of person Mike Ashley is.

Accountants are magicians nowadays, not just at NUFC, not just in football, pretty much in every business.  It'll stay that way until the government start toughening up and getting stricter with what is and isn't allowed, and with the punishments handed out to those who are a little too creative with their accounts.

radgiegadgie
radgiegadgie

@NUFC Tips There is only so much you can do and so much your auditors will let you get away with.


28m quid is a lot and you can't just put that down as undisclosed costs or a provision for some unspecified liability you may incur in the future.  Anyway, if you reduce your profit, the other side has to hit the balance sheet somewhere unless the cash physically leaves the business.


Even if there was a management fee from the holding company, I would think it would have to be reasonable otherwise it would be looked at by the tax authorities.


Accounts have to show a "true and fair view", I assume they are externally audited and if they are, you can bend the rules but not burst them which hiding 20% of your revenue in profits would do.


Without seeing the accounts though, it's hard to say but, what I can say, 28m is not something you can "magic" away.

radgiegadgie
radgiegadgie

My guess is player amortization, fair enough, they are all crap and worthless bar Perez and Janmaat who signed after these accounts anyway.

Heggers
Heggers

Give us our £28.5m back!

Brian Standen
Brian Standen

Anyone who can add 1 + 1 can see this just does not make sense, there seems to be a 28.5 million ambiguity!

Could this extra expense be the owner paying himself a wage? I would not rule anything out

Corkyjohn
Corkyjohn

Maybe we paid for all the warehouse workers ashley made redundant....the man is corrupt

LeazesEnder
LeazesEnder

The sums don't add up a £28.5m rise in operating costs..... thats a bit vague..... a process of deduction then..


  1. ....We can rule out players and wages... that went down!.... and player trading produced profits
  2. ....We can rule out ground improvements, there weren't any apart from the ghastly floodlights.
  3. ....Training ground, he sold off land for housing and no new work on the facility has started yet.
  4. ....Catering... is tended out to Sodexo
  5. ... Land lease from freemen.... doesn't change
  6. ....Electricity and power...nope (are they hooked to Geo-thermal yet?)
  7. ....Matchday staff.... (students still on £35 per day) no change.
  8. ....Security/, bodyguard/ to confiscate leaflets from Sack Pardew Campaign/ Kyle Utterton - a few grand?
  9. ....Get well soon card for Jonas = £0.00
  10. ....Maintenance/ that bloke with the crowbar wasn't needed this year.
  11. ....New TV = free

Nope thats me done!

ManicMagpie
ManicMagpie

Op costs are indeed much higher than might have been expected. Wages probably up a few millions - full year costs of Jan 2013 additions Debuchy, Mbiwa, Gouffran, Sissoko, Haidara, plus loan fees/wages for Remy and de Jong. Would also have increased player amortisation costs as transfer fees paid for these players are written off over their contract periods Maybe also opportunity taken to write down early other player values given events after the close of the financial year - Ben Arfa, Santon, Mbiwa? Will be clearer when the numbers appear at Companies House in next few days

toon tony
toon tony

That new TV must have cost a canny packet. !!!!

Conman
Conman

It has to be in the operating costs where it's been 'lost'. Until the full details have been registered, we can all guess. But when they are, we'll see the monies heading off to third parties that are held by fcb.

Everyone knows that the costs have all been rid of using third parties to cut overheads. This should have the effect of dropping operating expenditure. Not adding to it.

We wait and see......

NUFC Tips
NUFC Tips

@Conman "...we'll see the monies heading off to third parties that are held by fcb."

I think you've hit the nail on the head.  As you say, it's just a guess at this stage, but that's the most plausible explanation.

Peter Moustachley
Peter Moustachley

Bogus profits as we all expected, we're all just waiting to see how he's hidden the profits this time, it must be getting harder for him, they're even saving on media refreshments for the love of God!!

magpie9
magpie9

Ashley gets paid one million quid a word for each of his statements to fans telling what is going on

Polarboy
Polarboy

Is anybody really surprised, this story had already been written in everyone's head to about the same accuracy. 

Phildene
Phildene

Mike Ashleys pocket aka Mashholdings -simples