Albion report £891,000 losses and face £347,000 tax bill from sale of Goldstone

[portslade seagull]

now that were running the stadium on matchdays should
make a slight difference because were not paying
ecodont loads of money for the privelege.
but more to the point the club can't survive at withdean
so bloody hurry up and approve falmer mr twojags

 

[BRIGHT ON Q]

Lets hope we get to Cardiff,if its just for some wonga.

 

[Tom Hark Preston Park]

Still, at least we've got the 2000 extra seats next season. I mean, we DO HAVE the 2000 extra seats next season don't we ?

 

[Icy Gull]

Still, at least we've got the 2000 extra seats next season. I mean, we DO HAVE the 2000 extra seats next season don't we ?

Depends what division we're in.....we won't be needing them in div 2

 

[brighton rock]

how are brighton going to aford to build a new stadium if they carn't even pay the tax man

 

[Yorkie]

Still, at least we've got the 2000 extra seats next season. I mean, we DO HAVE the 2000 extra seats next season don't we ?

No because of the difficulty in getting a third Park & Ride.

This is why we cannot stay at Withdean.

No fairy godfather investor to come in with millions.

Get Falmer or die.

 

[Yorkie]

how are brighton going to aford to build a new stadium if they carn't even pay the tax man

There is a business plan which has been agreed (and no, none of us know what it is yet)

 

[Brovion]

Accountants - Does the CGT provision mean that the actual Trading loss would 'only' have been £544,000?

 

[brighton rock]

There is a business plan which has been agreed (and no, none of us know what it is yet)

good, as you know i want falmer built as much as anyone elce,but many teams go bust after building a new ground which would now mean a 10 point deduction

 

[CAFC Matt]

But won't you make at least a couple of million quid from the play offs

 

[London Irish]

I can't see much surprise here at all - the trading losses going up half a mill has been expected a long time because of the ITV Digital fiasco. Thank heavens it's not bigger!

For me, it is remarkable that we are anywhere near Division 1 given out restricted revenue streams. The board once again deserve huge credit for the unbelievable balancing act they continue to successfully carry out.

If we could just get the ground we deserve, and then the support through the gates that we know is out there throughout Sussex, the business outlook for Albion is much more rosy than most other clubs in Division 1.

As for the money to fund Falmer, it will come from precisely the same sources that build nearly all new stadiums these days, a combination of debt and grants.

 

[Sergi Gotsmanov]

Comapred to Leeds and the like it could be worse.

The good news is that the loss has not come from bad management or pipe dreams but rather not being able to maximise our income.

As for the CGT I would hope that as Arsehole and Bollocksoti were in the chair at the time we would have some legal hold over them to prove some kind of liability.

There must be a wanker tax we could force on them.

If not I say we nick the stock from every Focus store in the south and have a car boot sale!


Isn't it strange even after all these tears the mere mention of these two tossers gets my blood pressure up and evil thoughts racing through my head..........

........nurse quick, my medication...........

 

[beorhthelm]

not an accountant, but the CGT liability is in addition to the losses. It not actually gone, just on the balance sheet as a potential liablity so its available if required. This is just good management, so we dont have to have a whip round in a couple of years time when the tax man is petitioning for a winding up order.

not seen other footbal accounts, but going by what you read in the media £891k doesnt seem too bad. obviously its not great, but managable and thats what matters until we get Falmer

 

[Henfield One]

The Capital Gains Tax (CGT) liability has always been known about and fully disclosed in the Club's past accounts.

However this year the Club has actually provided for the tax liability - rather than just making a note in the accounts about it. Why provide for it now? In simple terms....Because the Revenue only give you a limited time frame to roll over your CG into another capital project - rolling it over into Falmer would defer the tax bill into perpetuity. With the construction of the new stadium not yet started, the time period has lapsed. There are extenuating circumstances (Public Inquiry etc) and the Revenue have probably said that if Prescott does say no to Falmer, the CGT has to be paid.

Those with long memories will recall I clashed with Archer over this very point - because he didn't have a capital project to roll the gain over, I said there would be an immediate CGT bill. He said no there wouldn't be a tax bill because the accountants had said the taxable gain was virtually nil. Creative accounting again? Well of course there was a taxable gain and in 1997/98 the new Board had to move quickly to persuade the Revenue that a project was in the pipeline and the CGT bill was deferred.

Other points:

- The Trading Losses are stated before providing for the CGT.

- Directors' Loans will have increased to finance the Club's losses. Until I see the accounts, I don't know the figures.

London Irish has it spot on - it is a miracle we are on the verge of Division 1 again, given the handicapped financial position the Club is in.

And as to building a new ground - grants, debt, sponsors, private equity finance etc will all be in the Business Plan. None of this would be available for any kind of temporary rented accommodation (ie Withdean). It'll be tough, but Falmer will be built.

Never forget Archer, Stanley & Bellotti for what they did to the Club - it will take decades to erase their legacy of financial incompetence and alleged impropriety.

PS

 

[Eddie the Seagull]

But won't you make at least a couple of million quid from the play offs

You only get £11M if you win the Champions League & on the way topping your groups.

So i think you'll have to get the dry roasted out for Div. 2 playoff prize money.

 

[CAFC Matt]

You only get £11M if you win the Champions League & on the way topping your groups.

So i think you'll have to get the dry roasted out for Div. 2 playoff prize money.

You must get some though. It will cover the loss is what I am saying

 

[albiongirl]

I hope you are right that getting in the play offs will cover these losses.

 

[El Presidente]

Accountants - Does the CGT provision mean that the actual Trading loss would 'only' have been £544,000?

No. The figures quoted are pre-tax losses

 

[El Presidente]

The play-offs will make no difference to the Albions finances as all the play-off money (after deducting expenses) goes to a central pool which is then distributed to the clubs in Division 2.

However, if the club had gambled and brought out a new home kit (as many other clubs have already done) it would have made a decent return as if we get to Cardiff then it would have sold at least 5,000 shirts in my view, which at £40 a pop would have been useful

 

[Lush]

Isn't it strange even after all these tears the mere mention of these two tossers gets my blood pressure up and evil thoughts racing through my head..........

I presume you meant to say years, but you are right in any case.

Tears of anger, frustration, heartbreak. We shall never forget.