For The Kieran Maguire Wannabes....

https://www.watfordfc.com/storage/163534/Accounts_30_06_2023.pdf

latest accounts for you to digest!

No idea what any of it really means, if you do feel free to explain!

 

Without millions of income from player sales every year we're phucced.

Our current squad is worthless.

QED, we're phucced.

 

Interesting read, so from glance player sales placed us in profit but without we would have been circa 25m loss?
Also interesting to read the note that states that promotion is the goal in the 2024/2025 season . . Another Duxburry classic comment that will likely come back to haunt him

 

We’ve partly transitioned to electric lawnmowers at the stadium. That’s the standout for me.

 

On page 19 it says we spent £21m on 'purchase of intangible assets'.
Has he ever played a game? How much did Bayat make on that deal??

 

Not so much a ‘comment’ as a ‘cut and paste’ from previous accounts.

 

Wasn’t Kieran Maguire in Westlife?

 

For anyone really doubting why we’ve really kept Val for so long:



We were still on the hook for nearly £2m in severance last season, still, at least it’s down from nearly £8m the season before.

 

Will be interesting to see the cost of firing the Manga squad in next year’s numbers. What great owners we have.

 

I still marvel at how we spent £8m in severance in our last PL season, utterly mental. Add the £6m wasted on Okoye and imagine what £14m injected into the match day squad could’ve done for our survival prospects instead.

 

...and just under £8m for 2022.......it's a disgrace how this club has been allowed to run.

 

I’m sure @We hate 48 will be along at some point to give their findings, but it would be good to get a view on the debt free in 12 months claim, it still seems very high from what I can see:

 

Kieran posted this today.

 

Lol

 

That is staggering.

 

Yep...people really have to wake up to what is going on at our club and how badly it is being run.

 

Yes but what about comparative lawnmower costs?

 

So by debt free in a year, what they really meant was debt free in 15 years?

 

Yes....all the usual gullible suspects bought into the debt free tag, but it was obvious we wouldn't be. I predicted we'd still be over £100m in debt by July 2024 and it looks as though that will be the case. Not sure why so many supporters are blinded to reality. Probably why Gino chose the club as the fanbase is incredibly trusting and naive.

The trend is going in the right direction though, and I'm sure much will be made of that. But to what cost? We've got a team who are realistically bottom 8 with very few saleable assets. We've no longer got the Pedro types to bail us out. We've only got Andrews, Asprilla, Louza and Kone as players we could make some money on. After that we struggle. So, we've probably got enough in terms of selling next season to make ends meet for another season, but Gino has really run us into the ground. The evidence is there for all to see if you care to look.

But Duxbury still earns £955k per annum....it's utterly insane.

 

Don't forget it was just external debt. Still looks highly unlikely to be achieved but the debt to Gino was never part of that promise.

 

You mean decade yeah?

 

Making shocking business decisions when you’re successful is bad enough - doing it when you’re in crisis (like facing relegation) … I’m speechless (polite words anyway).

Harvard Business School must be so proud.

 

Highest paid director (Duxbury) salary since 2014

 

Liked for the data collection.

What’s that old saying?
If you pay peanuts, you get monkeys.

This ain’t peanuts.

 

£6.5m.
Gave himself a nice 25% rise after the cup final then? Wasn't that the year of unpaid bonuses?!

 

Summary (my guesswork included on players names)

• Revenue, aside from parachute money (TV income) and player sales was £18m-of which attendance income was £7m and commercial £8m
• Wages £48m (excluding that £2m severance money)
• Debt interest £6m -"Gino's" loan has interest charged but not paid-it accrues
• Player purchases £11m (assume Kone, Bayo and Hoedt in the main)-£21m out in cashflow terms-presume stage payments on previous purchases
• Admin costs £25m (down from £44m!)
• All helped by player sales-presumably Pedro (as June 23), Dennis, Kamara, Cucho, Samir and Masina-to achieve a profit

Money owed

First thing to say is £76m was owed in transfer fees-so we could either wait for the clubs to pay us or borrow from Maquarie bank to get the cash sooner so the bank gets the payment when made.

• £53m owed in transfer fees-probably not in Duxburys definition of debt but its got to be paid out-includes £19m to Udinese
• £51m to Hornets Investment Ltd (in turn lent to them by Gino's Luxembourg entity)
• £31m in other creditors-no breakdown but under accountancy definitions this could include " borrowings" in respect of transfer fees due-it depends on what mechanism was used to obtain cash up front from a third party
• £63m 3rd party-presumably Maquarie. given £54m has to be paid within a year this is probably secured against a mix of (a) parachute money for season 23/24 as we gave fresh security to Maquarie in Feb 23 for this purpose and (b) transfer fees due-Masina, Pereya etc
• So debt definition £114m -in reality £198m but it is reasonable to assume £94m has a secured repayment source so leaving only the loan to Gino and transfer fees payable at the end of June this year.

Look forward to June 24 y/e

Even more guess work but working on the assumption no lender is going to fund anything other than guaranteed sources of income like TV money or transfer fees we havent got anything left to mortgage other than when we sell a player.

We have sold Sarr and Kabasele plus this seasons gate money and commercial -say £40m including EFL TV money.
Using Capology as a proxy for current wages they said £15m. Add admin expenses-guess £15m (down from £25m last season) and transfer fees due-guess another £15m being say half of the £34m (excluding Udinese) we owe. Then interest say £5m. Total £50m

A deficit or maybe break even in cash terms as we took out some leases on the portacabins and heating system at London Colney and its my guess work on numbers above. I have also assumed the Pedro cash was received in full up front as we haven't taken out a loan against any future payments.

With no surpise to anyone we could well achieve the "no external debt" at 30/6/24 but in cashflow terms as @Relegation Certs eloquently put it we have nothing left to invest in players or anything else unless either Gino or another investor puts more in or we sell Kone, Asprilla and Louza.

 

Yes...that's correct. Massive pay increases from 2014 to 2020, then he's pretty much maintained that high threshold during our demise. He's being rewarded for failure. He is the CEO and Chairman. I know Gino is the owner, but in any other business he would be gone a long time ago for the results and the downturn in a company such as we're seeing currently. I can't believe this question has never been raised at any of the fan forums. Why is the highest paid director still maintaining a Premier League salary?

 

Dennis wasn't sold till late August so does that count in the next accounts as I see you mention June 23

 

Re: the £114m debt, that's an improvement of sorts of where we were year end 2022 isn't it?

 

Dennis was told in August 2022. Yes, I know, time flies as you get older!

 

Told what?

 

That's like saying Ted Bundy killed 4 people last year, but only 3 this, so his lust for serial killing is reducing.

 

The June 23 related to Pedro-Dennis was sold in August 22 so will be in these accounts which run from 1st July 22 to 30/6/23. So i think the early deal for Pedro suited BHA and us so it would be in these accounts to 30th June 23