New Accounts

[Babylon]

From Fox Blogger on Twitter...

Leicester City accounts to 31/05/11 reveal a loss of £15.2m for the year (2010 loss £7.5m).

The club accounts confirm lcfc spent over £10m in transfer fees alone during the 2011 summer transfer window.

lcfc accounts also note that from 01/06/11 to 20/02/12 a total of £25.6m in additional funding has come from its parent company.

The accounts say this £25.6m "was used to invest substantially in the playing squad"

£4m has been spent on the training ground, new club shop, the pitch, new IT systems and the two big screens at the KP stadium.

Leicester City's staff costs to turnover ratio is 95.5%. Financial fair play rules for 2012/13 not yet finalised, but this isn't good.

Key quote. Owners have pledged "continued financial support for the foreseeable future."

 

[Mawsley]

Rather than plan for the unforeseen future.

Brilliant.

 

[Babylon]

Rather than plan for the unforeseen future.

Brilliant.

You're right of course, but I wouldn't read too much into that line really. That's pretty standard at the bottom of a set of accounts where the company has made a large loss.

 

[Babylon]

Another bit in the accounts:

"Accounts state the club owes approx £28m to its parent company, Asia Football Investments."

 

[Mawsley]

It's all going to end in tears.

Totally unsustainable, an unpayable debt - and getting bigger due to the unrealistic demands of fans and the egos of the owners.

 

[Lako42]

"Accounts state the club owes approx £28m to its parent company, Asia Football Investments."

That is Mill's reported weekly wage, we just need to be rid of the useless fecker and we can pay the slimy dog lickers back.

 

[4-4-2]

If I read it right - the club is £46m in debt.

 

[Lako42]

If I read it right - the club is £46m in debt.

Could seriously do with a 10 game winning streak me thinks

 

[SaintSteven]

Thanks to Fox Blogger for the details from Twitter, but are the full accounts available anywhere? I can't see them on the club's website.

 

[SJN-Fox]

That is Mill's reported weekly wage, we just need to be rid of the useless fecker and we can pay the slimy dog lickers back.

Who is Mill?

 

[Lako42]

 

[SJN-Fox]

Not sure he'd be much better off the bench than Howard to be honest.

 

[Real Sharapova]

Thanks to Fox Blogger for the details from Twitter, but are the full accounts available anywhere? I can't see them on the club's website.

They won't be.:icon_bigg They should be filed at Companies House, where you can get a copy via their website ( I believe there is a small charge for this ).

 

[Izzet 6]

Not great, we need promotion soon.

 

[Biffa Bacon]

Promotion won't sort the accounts out, more money would be spent to try and stay up. City have gambled and lost too much too often, it'll take a miracle or a benefactor to stop the club having serious issues sometime in the future.

 

[Lako42]

I'm quite sure if the club got to the Premier League and took the approach that Norwich/Swansea have then we would be seeing healthy bank accounts before too long, this however is not very likely to happen here, we won't be appeased unless we see £5m+ signings coming in.

 

[Miles Away]

Go big or go home.

 

[Mawsley]

Go big or go home.

And do your boyfriends often oblige?

 

[M17TT C]

I'm surprised some people need accounts to tell them that we are royally fooked financially - was always going to happen from day one when new owners came in and if we don't get promoted instantly.

If we are in a similar league position to this next season at this time I wouldn't be surprised to see us in a similar position to Portsmouth now.

 

[PFKAKTF FOX]

We are absolutely fecked the only hope is Pearson can continue to ship out the big earners and carry on bringing young hungry players into the club and somehow try to steady the ship but at the same time secure promotion, otherwise admin within 18 months.