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bdc · 08-07-2010, 23:37

Without going to far into the accounts discussion Cashy is correct in what he is saying, Pierce will not produce a set of accounts unless they are fully happy with everything they have seen. I would imagine they will need to go back a good few years to make sure that everything previous that has been reported actually stacks up. I dont know if the accounts will have been independently audited therefore this may be part of the issue as well ie, not being signed off properly previously.

As far the quote about a new package being introduced two years ago from what I can gauge this may not be correct. The reason I dont think this is correct is due to the fact that Pierce are trying to put a picture of the accounts together due to there being so many holes in the accounts. Therefore how can you have correct up to date information if that is currently being investigated by accountants? There is also the fact there was no control over cashflow which helped to contribute the winding up order so if they had the information available they would've realised that they owed £300k in tax and would put money towards that as a preferred creditor through contingency planning and put off trade creditors due to a reduced risk of further action. This would've also helped to create a contingency plan for cashflow to know when they needed to keep a pot of money for the summer and for rainy days. If the system was in place two years ago then they obviously weren't using it correctly!

I would also question the statement the other day about being to break even without needing help from Ilyas as stated by Rob Heys. The club is not self-sufficient and it is naive to expect the club to overnight become profitable. The club needs a sound business plan to get the club to start increasing revenue and keeping costs stable to help reduce losses obtained year on year. There are obvious tweaks that can be made to increase profitability such as gaining a ground sponsor and increasing usage of the executive boxes on matchdays. This would in turn bring in a better cashflow for the club and keep HMRC happier!

As for the ownership issue I personally dont think DON will ever takeover the club I just wish that Ilyas was still involved and therefore we would be kept informed of developments at the club, whether good or bad. It is quite annoying that we only ever seem to read quotes about things that are meant to happen but are never actually put into practice. There are a number of serious issues affecting the club and there really seems to be a lack of action being taken, including Coley's contract, the stadium not being up to league standard, the transfer embargo and outstanding accounts for last year.

It may sound like I am ranting but it is just how I see the current situation!

08-07-2010, 23:37	#108
bdc Full Member Join Date: Jul 2009 Posts: 434 Liked: 69 times Rep Power: 76	Re: Transfer embargo Without going to far into the accounts discussion Cashy is correct in what he is saying, Pierce will not produce a set of accounts unless they are fully happy with everything they have seen. I would imagine they will need to go back a good few years to make sure that everything previous that has been reported actually stacks up. I dont know if the accounts will have been independently audited therefore this may be part of the issue as well ie, not being signed off properly previously. As far the quote about a new package being introduced two years ago from what I can gauge this may not be correct. The reason I dont think this is correct is due to the fact that Pierce are trying to put a picture of the accounts together due to there being so many holes in the accounts. Therefore how can you have correct up to date information if that is currently being investigated by accountants? There is also the fact there was no control over cashflow which helped to contribute the winding up order so if they had the information available they would've realised that they owed £300k in tax and would put money towards that as a preferred creditor through contingency planning and put off trade creditors due to a reduced risk of further action. This would've also helped to create a contingency plan for cashflow to know when they needed to keep a pot of money for the summer and for rainy days. If the system was in place two years ago then they obviously weren't using it correctly! I would also question the statement the other day about being to break even without needing help from Ilyas as stated by Rob Heys. The club is not self-sufficient and it is naive to expect the club to overnight become profitable. The club needs a sound business plan to get the club to start increasing revenue and keeping costs stable to help reduce losses obtained year on year. There are obvious tweaks that can be made to increase profitability such as gaining a ground sponsor and increasing usage of the executive boxes on matchdays. This would in turn bring in a better cashflow for the club and keep HMRC happier! As for the ownership issue I personally dont think DON will ever takeover the club I just wish that Ilyas was still involved and therefore we would be kept informed of developments at the club, whether good or bad. It is quite annoying that we only ever seem to read quotes about things that are meant to happen but are never actually put into practice. There are a number of serious issues affecting the club and there really seems to be a lack of action being taken, including Coley's contract, the stadium not being up to league standard, the transfer embargo and outstanding accounts for last year. It may sound like I am ranting but it is just how I see the current situation! Last edited by bdc; 08-07-2010 at 23:47.