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Annual Accounts:Club's financial results for 2015-16

Discussion in 'Sunderland' started by Brian Storm, Apr 28, 2017.

  1. Brian Storm

    Brian Storm Well-Known Member

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    Annual Accounts:Club's financial results for 2015-16

    Sunderland AFC Limited has filed its annual accounts for the year ending July 31, 2016. The figures highlight the period from August 01, 2015 through to July 31, 2016.

    During this period, which featured a 17th place finish in the Premier League, the club had a turnover of £108 million. This represents an increase of £7 million on the 2014-15 figures and shows a small operating profit of £1.5 million. These figures do not include player amortisation and trading costs however, which saw a commitment to gross transfer fees of £38.3 million during the 2016 summer window.

    The period saw a reduction of £23 million in the club’s net debt, from £133.2 million, to £110.4 million.

    The figures also highlight the continued commitment from the owner to fund significant shortfalls within the club’s finances on an ongoing basis.

    Speaking about the results, chairman Ellis Short said: “We acknowledge that our financial performance must improve significantly.

    “It is not something that can be fixed overnight, however we have taken the first steps towards making the positive changes necessary by restructuring the club at senior level, including the appointment of CEO Martin Bain last summer.

    “Implementing these changes was done with the aim of giving us the best platform from which to proactively address the issues we face both on and off the field and that will be our focus moving forward.”

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    https://www.safc.com/news/club-news/2017/april/financial-results
    Morbid, but as I predicted Short is clearly directing his attention to the debt. He's trying to get the club in a position where he can sell the thing.

    Again, this club can't be fixed in the dug out.



     
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  2. red&white wanderer

    red&white wanderer Well-Known Member

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    Good post which doesn't make comfortable reading.
    He is taking off field recovery action and by going down and the restructuring our on field shape may be part of his financial plan - I'm not too happy with this but needs must .
    Problem : is Moyes the man to lead our recovery - not shown this yet but he may be rejuvenated in the feeder league.
     
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  3. Brian Storm

    Brian Storm Well-Known Member

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    He's going to strip us bare to reduce the debt so he can sell us. The recovery would be gradual not immediately. Promotion isn't necessary until year 3 when the para payments run out. With lower costs in the championship this money will make us more healthy. So there's no need to sack Moyes at the moment, because it wouldn't financially beneficial. Moyes will only be sacked if a 2nd relegation looks likely. How we do on the pitch year one won't matter much to Short so long as not at risk of going down again. That's why Moyes hasn't been sacked imo and won't be unless absolutely necessary.

    Fact is it's got so bad Short now needs this relegation.
     
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  4. Burly Hurley

    Burly Hurley Well-Known Member

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    @Bri does that debt figure include what Short put into the club that he'd be looking to get back?

    I can't remember what those loan figures were but I've got a debt figure in my head of around £170m????
     
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  5. Brian Storm

    Brian Storm Well-Known Member

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    Not sure. The accounts should be on the Company House website soon so someone savey will be out with an article explaining everything. Knowing we have a debt to a bank not affiliated with Short, I'd have thought that 30m was paid off that particular debt. They call it in in 2019 so I think that will be the priority.
     
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  6. monty987

    monty987 Well-Known Member

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    the average wage in the championship is over £4,000 a week. the av prem wage is £22,000 a week. So some players will feel the difference next season. We need a big squad as well 46 games to worry about, league cup 1st round as well I reckon.
     
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  7. red&white wanderer

    red&white wanderer Well-Known Member

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    in
    I haven't got my head round the financial figures as much as you but I agree with this view - I cope by being more positive than too realistic. Realistically having free entry for U23 v Porto does showe the club in a better light or is it a cynical ploy to get us onside ?
    Anyway good post :emoticon-0148-yes:
     
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