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- Forest accounts
- Forest accounts - Ltfc39 29/3/2024, 9:06:47
- Re: Forest accounts - MG 29/3/2024, 11:07:24
- Re: Forest accounts - Philthehatter 29/3/2024, 10:36:44
- Re: Forest accounts - Ltfc39 29/3/2024, 11:39:30
- Re: Forest accounts - Ltfc39 29/3/2024, 11:39:30
- Re: Forest accounts - ELH 29/3/2024, 9:53:07
- Re: Forest accounts - Ltfc39 29/3/2024, 11:40:55
- Re: Forest accounts - Ltfc39 29/3/2024, 11:40:55
- Re: Forest accounts - Herts Hatter 29/3/2024, 9:35:51
- Re: Forest accounts - Ltfc39 29/3/2024, 11:42:19
- Re: Forest accounts - m 29/3/2024, 10:24:49
- Re: Forest accounts - Herts Hatter 29/3/2024, 11:00:48
- Re: Forest accounts - bbb 29/3/2024, 17:05:18
- Re: Forest accounts - bbb 29/3/2024, 17:05:18
- Re: Forest accounts - Herts Hatter 29/3/2024, 11:00:48
- Re: Forest accounts - Ltfc39 29/3/2024, 11:42:19
- Re: Forest accounts - Appeal committee 29/3/2024, 9:20:26
https://twitter.com/KieranMaguire/status/1773605907307344062
Revenue £155m up 420%
Wages £147m up 147%
Underlying loss £62m up 20%
Employee costs £145m
Player purchases £170m
Player sales £5m
Creditors due in the next accounting period £159m of which £46m are due in transfer payments
Creditors due after the next accounting period £120m
Owner debt increased to £23m
Forest’s total losses over the years now £185m
This is exactly the reason why PSR is in place - for basketcases like this.
Also, another snippet in the accounts - seems like the auditors requested more information than usual to confirm that the business is viable as a going concern. The club is heavily indebted, and they asked the beneficial owner to provide a letter confirming they have no intent to recall the loans in the next 12 month reporting period. Regardless of promotion or relegation, there is an ongoing funding requirement (admittedly, this isn't any different from LTFC over the last 10 years).
Weirdly, at YE, Forest only had £92,000 in the bank. And the previous year only £6,000. This is highly unusual. Even in the NL years, LTFC generally had ~£1M of available capital at YE.
My biggest beef with Forest at the moment, is the continuing belief that they are doing nothing wrong. The reality is that they've been a basketcase for years and they've been pushing the boundaries throughout. It isn't just YE June 2023 that this has been a problem:
Profit for the year:
2023: -£67.2M
2022: -£45.6M
2021: -£15.5M
2020: -£15.9M
2019: -£25.1M
Last 5 year cumulative losses: £169.3M.
I would also note that in the year that they were promoted to the Premier League, the last time that LTFC were in direct competition, total expenditure was close to £80M (that's eighty million). Turnover plus player sales came to about £34M.
Forest's board have more front than Brighton the way they're trying to argue this.
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