101846 (1)Joe Kinnear has done sterling work in terms of keeping Newcastle United in the headlines.

It has been admirable to see his application and dedication to the black and white cause, he has really given us all so much that it is hard to know how to thank him.

Continuing our Kinnear adventure, Joe has now decided to head off on holiday despite the season just being around the corner.

However, he has helped put the club in great shape to face this season’s massive challenges.

Currently Newcastle have no Chief Executive/Managing Director, the manager has gone AWOL ever since JFK’s appointment and United have signed precisely none of the players that Joe Kinnear has claimed/hinted were going to arrive.

So what is Joe getting up to on his holidays?

Cast your vote as we attempt to guess Joe Kinnear’s next move.

9 comments
CraigThomson
CraigThomson

It is amazing how many qualified accountants NUFC seem to have. The fact that reputable & respectable independent auditors have signed off the accounts as legitimate or else they are responsible bypasses most of our fanbase.

LeazesEnder
LeazesEnder

 ...nor has the owner taken any other monies from the Club....


...He has however taken free advertising and diverted shirt sales to his own outlet denying the club its own revenue streams... money he tries to reclaim through dividends at his AGM (it only has to work once).


Denying the club its own potential spending power to the tune of about £15 million per season, roughly in line with the figure the Halls and Shepherds were extracting.

IntravenusMP
IntravenusMP

@LeazesEnder No, the club still take the profits for the shirts, they just don't have the costs of fulfilment, 

1957
1957

He seems to have taken the free advertising instead of an interest payment on his loan. What we can't be sure of is the interest rate the club could have got at the time of the loan or what commercial income was missed out on, but taking your figure of £15m as about right and a commercial loan rate of between 8 and 11% in 2008 / 09 he is probably denying the club of between £1m and £3m per year.

The Halls and Shepherd and their families though could even teach Ashley a thing or two about extracting the maximum profit from the football club. Excluding any salary, dubious consultancy fees, or dividends our loss making club paid him, Hall alone made a Wonga level of profit on his original investment and was in addition paid 12% interest on any loans he and his wife made.

They all make money from us, some directly some by using us to promote their other interests.

NUFC9
NUFC9

Turnover up by £34m (new TV deal plus £8m commercial revenue increase).  No players bought.  No loan repaid.  Cabaye sold for £20m  but profit only up by £8.8m.


Where has the money all gone?


I can only guess there's been some creative accounting on player amortisation/depreciation.

Adam_B
Adam_B

@NUFC9  exactly, where has all the money gone?

NUFC9
NUFC9

Actually, having thought about it: Whatever the books say, we got £30m extra TV money plus the Cabaye fee and didn't spend either. 


If we declare it as profit, we pay tax on it. 

If we make it disappear on paper by writing down the value of our existing players or other book keeping tricks, we still have the money but it's no longer profit so we don't pay tax on it.


Whether we really made £19m or £190m profit I'm not sure it makes much difference.  Either way we'll only reinvest the bare minimum on players to make sure we achieve a top 17 finish.

Oliver Lam
Oliver Lam

why would I read anything "official" from NUFC? I know I'm being lied to.