Accounts for 2019/20 season

[pork pie fox]

Sounds like a fair chunk of this comes from a timing issue of when the figures are recognised:


“The interruption of the 2019/20 season in March significantly affected both costs and revenue during the final three months of the season, as well as the financial period in which they are accounted. Principal costs such as the majority of the Club’s contribution to the Premier League’s broadcaster rebate, were borne in the accounts before the year-end, while the extension of the season’s conclusion has meant almost a quarter of Premier League revenues, prize money and sponsorship revenue will be not recognised as income until the 2020/21 financial year.

Such timing variances contributed to a decrease in turnover to £150M (from £178.4M in 2019).”

LCFC Financial Results 2019/20

Leicester City Football Club today announces its financial results for the year-ending 31 May 2020 – the first published measurement of the impact of COVID-19 on the Club’s finances.

www.lcfc.com

 

[Brown Nose]

“£63m profit on player sales”, not £63m for him.

That must refer to how much Hull got from the deal then.

 

[pork pie fox]

I particularly liked this bit:

“The Club did not utilise the government’s Job Retention Scheme, retained all permanent staff and, from its own funds, continued to pay the wages of all casual matchday and non-matchday personnel to the financial year-end, despite matches being suspended between March and May. Much of the Club’s available human resource was deployed as part of a COVID-19 community response, offering personal, operational and financial support to the people and organisations in Leicester most affected by the pandemic.”

 

[mabrah]

Yes, I must admit that made me feel a bit smugly proud I suppose - not that it had anything to do with me.

 

[bocadillo]

Anybody got any idea why the Premier League had to pay back some of our money to the TV companies? More matches were shown than ever have been in the past. The TV companies.(with the exception of the BBC) must have made a pile out of it.

 

[Blue Maniac]

Anybody got any idea why the Premier League had to pay back some of our money to the TV companies? More matches were shown than ever have been in the past. The TV companies.(with the exception of the BBC) must have made a pile out of it.

Wasn’t there something in the contract that said the season had to be completed by a certain date?

 

[SJN-Fox]

Possibly because they didn’t charge viewers for them. ???

 

[M17TT C]

Wasn’t there something in the contract that said the season had to be completed by a certain date?

Yep it was this, the broadcasters have the PL over a barrell.

I don't think they even had to pay an extra for all the additional games shown this year.

 

[Brown Nose]

 

[pork pie fox]

So next year’s accounts will have 10 more Premier League matches’ income counted in it?

 

[fitz]

Am i correct in thinking FFP is a bir out of the window this season?

 

[Blue Maniac]

Am i correct in thinking FFP is a bir out of the window this season?

It’s fine, Man City got away with cheating by naming their own appeal panel, sure we’ll get the same treatment

 

[tedfoxxx]

It’s fine, Man City got away with cheating by naming their own appeal panel, sure we’ll get the same treatment

Lol great bunch of lads, the citizens.

 

[mabrah]

Am i correct in thinking FFP is a bir out of the window this season?

You'd imagine so wouldn't you. I'm sure the accountant is working on a macro for the spreadsheet as we speak.

 

[M17TT C]

I think this just shows how ridiculously well everyone at the club has performed.

Basically, we've generated only a bit more money than the shittest teams in the league yet we are mixing it up with the teams that bring in 2-3 times as much which is quite remarkable really.

 

[fitz]

It’s fine, Man City got away with cheating by naming their own appeal panel, sure we’ll get the same treatment

The whole FFP thing and man city is a joke. What I'm in no way implying is if it's the case that the covid seasons don't really count then it'd be a good time for recognising as much bad news in the accounts as possible.

 

[mabrah]

What I'm in no way implying is if it's the case that the covid seasons don't really count then it'd be a good time for recognising as much bad news in the accounts as possible.

I like your thinking. You're not a corporate tax accountant are you?

 

[fitz]

I like your thinking. You're not a corporate tax accountant are you?

I am an accountant. Fortunately not for a plc or anything where motives for adjustments/methods would make me uncomfortable. I'd take any P&L with a pinch of salt at the best of times. Covid and the potential for no punishments for breaking fairplay rules for this and the next accounts could paint an even less reliable picture than normal. A bit like when a new CEO takes over towards the end of a disappointing year and the following year's accounts show a 2% increase in sales but profit is up 40% or something because he's a magician (and not just when it comes to self promotion).

As i suggest though, highly unlikely these things would happen.

 

[FOX Franks]

how the **** do we pull in less revenue than Palace?!

 

[Blue Maniac]

how the **** do we pull in less revenue than Palace?!

I have no answer for this.