nestegg wrote:
Hi Martin.
Forget arguments about planets mate. This is a serious matter.
Cash generation - concessions, cash receipts at turnstiles (inc away fans), door to door Big One collections, shop sales, cash season ticket sales etc etc - can easily add up to far > £400K per season. Where did it all go?
Creditors due over 1 year include YW, HE, ISC etc ..... and that's only 3, and we understand they total over £200K. Unless you have prove to the contrary we have no reason to believe that (other than a loan given by the RFL of a few hundred K) that nobody put money into BB17 and Chalmers had zilch equity to put in, and we are not aware of any director loans. We may be wrong, but we very much doubt it. We may not be accountants like your goodself, but we can at least agree that it smells ... and it smells fishy.
We are happy to receive further abuse (we're used it by now lol), but it would be interesting to dig a bit deeper - your day to day accounting knowledge is appreciated MW.
If BB17 is still in existence come the first Championship game of next season we will gladly eat our collective hats.
Creditors due over one year after the BALANCE SHEET DATE. If YW HE ISC are in there, then they are not F***ING due for lets see. 31st January 2019 plus a year....???...???...
ah, 31st January 2020. November, December, January. A
minimum of three months before due.
Yes, I agree that there is scope for cash to disappear, but £400k seems excessive given the monitoring by the RFL:
Clubs must notify the Rugby Football League of any event that has a material impact on its Budget
and must demonstrate performance against budget in half year and full year returns. If a Club is not achieving its budget during a Season the Rugby Football League has the right to impose a signing embargo.
Year one AC was putting money in. Year two he was putting money in. so year three he takes £400k in cash out? whatever we both think of the RFL, the monitoring puts pressure on declaration of all receipts, to stay on budget, because costs are easy to add but income so difficult, just read this forum on who wants to be a fan. You can do the cash thing around the fringes if there is no scrutiny but no, £400k in a year is a urine extraction.
Most receipts will be direct BACS (RFL distribution, Chalmers/his backer, sponsors etc), BACS from whichever card acquirer used, cheques, and only then cash. OK I have only worked in manufacturing wholesale and just recently pure retail, never for a sports club, but I do not believe that Sports is that significantly different to the extent of £400k in cash missing in a year. Chalmers would need a 40 footer to lug that amount away.
Please, learn a bit about business, let alone accounts, and I will start taking you seriously, if there is s**t there it needs to come out, but you are camouflaging any such possibility with your blanket rubbish.
Just a thought, but is someone setting you up with all this junk?
After the first insolvency I did an analysis, of the bulls accounts of course but more importantly of the dynamics of the socio-economic environment in Bradford that affected the Bulls. I concluded they were all working against the club to produce fewer fans. Ok maybe you would hit a bit of a good patch club wise, but it would never get near the golden days. therefore without a sugar daddy we would never get anywhere near that success. My opinion remains the same, bolstered by the facts: three owners, £3.7m paid into the business by them, and here we are. What amazes me is that nobody including you has learnt anything from that history.
If you do have a consortium behind you, my recommendation is to set up a club called Bradford Rabbulls or similar, with a serious emphasis on developing local young players, and work your way up from whatever division you start in. Then when the next Bulls insolvency event occurs, you will be there in place to seize the opportunity.
