Look, Im not saying the loss is insignificant. What Im saying is the bit about doubt in the club as a 'going concern' is put on all accounts where a loss is recorded.
*Kop’s debs have increased by £77.5m to £359.7m, due to spending on players and the new stadium.
* Kop has also been saddled with a new £58.2m debt, which is owed to its own parent company Kop Football (Cayman) Limited, also owned by Hicks and Gillett.
These are the accounts up to July 2008 so I've a feeling that increase is the one that relates to the refinancing from January 2008.
__________________ "I won't come on tv and speak or write about anything and say words only half the people listening understand. In our language there's a similarity, words that are spelt differently but mean the same thing. Words that mean the same thing and the big men use these words, knowing full well that maybe only 10% of the people listening will understand. Well we don't. We speak the language that everybody understands. Instead of me saying somebody was avaricious, I'd say he was bloody greedy."
The Clowns will say these are just numbers and nothing to be worried about, and continue with some other business jargon/garbage but the fact remains - these are seriously worrying times. The sooner these wankbags fuck off back to ice hockey and baseball, the better for all concerned.
I bet the Arab who just bought Notts County has got more money than these 2 cunts put together.
George... Tom... kindly fuck off please. In fact there's nothing kind about it - nastily get arse raped fuck off
__________________
Quote:
Between your faith and my Glock 9mm - i'll take my Glock"
Look, Im not saying the loss is insignificant. What Im saying is the bit about doubt in the club as a 'going concern' is put on all accounts where a loss is recorded.
Is not true.
I work for one of the big four accounting firms, a rival of KPMG.
KPMG are not the accountants for Liverpool fc ltd, but the auditors.
To add a statement about the uncertainty around the ability to remain a going concern is a massive deal for a company as big as this. It might happen as standard to smaller companies, but never to big ones. And its not a loss that triggers it, its much bigger than that.
I've audited lots of organisations that showed a loss but we still called them going concerns, as they had healthy cash balances, or lots of reserves, or were owed alot of cash that would come in at some point.
To say a big company isnt a going concern, there has to be massive shit going down. KPMG wouldnt have issued that statement unless they had serious doubts about the yanks ability to refinance.
The momentum to make a difference, but then stopped all plans of protests after a chat with Rafa.
Fair point, but to be honest mate the yanks dont give a fuck, last year after it was revealed the Stadium was'nt going ahead the Echo came out and slated them, they dont care about some local paper in little oul England, its hardly the Washington Post, no matter what we do they dont care, I though t Moores publicaly lambasting them and calling them liars might do something, but theres no chance of that.
Liverpool’s Parent Posts Loss on U.S. Owners’ Interest Costs
By Tariq Panja
June 4 (Bloomberg) -- Liverpool Football Club’s parent company had a full-year loss of 42.6 million pounds ($69 million) because of interest payments on loans taken out by American co-owners George Gillett and Tom Hicks.
Kop Football (Holdings) Ltd.’s loss in the year ending July 31, 2008, widened from 33.1 million pounds on interest charges of 36.5 million pounds, the company said in a Companies House filing. The owners have a July 24 deadline to refinance or pay off a 350 million-pound credit facility with Royal Bank of Scotland Plc and Wachovia Corp.
The interest payments wiped out the 8.37 million pounds of net income reported by the Premier League soccer club, which benefited from player trades and increased broadcast income. That compares with a 20.6 million-pound loss a year earlier, the club said in a separate filing. Sales rose 19 percent to 159.1 million pounds.
“Any company, never mind a sports company, which is not able to cover interest from operating activities has three options: refinance, get new equity investors, or sell it to somebody else who’s prepared to absorb the debt and start from scratch,” said Sean Hamil, a lecturer at the University of London’s Birkbeck Sport Business Centre.
With the debt issue unresolved there is the “existence of a material uncertainty which may cast significant doubt on the group’s and parent company’s ability to continue as a going concern,” the club’s accountant KPMG LLP wrote in the filing.
Potential Investors
Liverpool said it had been granted a license to play in next season’s Champions League, access to which is contingent on proving the business is a “going concern.”
The owners say they have no plans to walk away from the 18- time English champion. Instead, they have held talks with potential investors about acquiring an equity stake and are in discussions with their bankers to extend their loan.
Both Hicks and Gillett are reviewing their U.S. holdings. In April, Hicks Sports Group, which controls the Texas Rangers baseball team and ice hockey’s Dallas Stars, defaulted on $525 million in loans after missing interest payments.
When the duo bought Liverpool in February 2007, they said they were committed to building a new 70,000-seat stadium. While the club has already spent more than 18 million pounds on it, work was halted last August with the owners unable to raise the necessary funds. Liverpool says it still plans to move to its new stadium in 2012.
Stadium Income
The Reds’ current 46,000-seat Anfield home generates far less matchday income than Manchester United and Arsenal. Accounts show Liverpool generated 39 million pounds in the 2007- 08 season, while Arsenal, which moved to its new 60,000-seat Emirates Stadium in 2006, made 94.6 million pounds and United got 101 million pounds from the 76,000-capacity Old Trafford.
“Without a new stadium, the implications are that the sporting performance of the team will fall behind that of its peers,” Hamil said. “The squad would be weaker because the infrastructure would be inferior in revenue-generation terms.”
Liverpool, with players like Spain striker Fernando Torres and England midfielder Steven Gerrard, has the fourth-highest wage bill in English soccer at 90 million pounds, according to accountant Deloitte LLP. That’s 31 million pounds less than United and about half the wage bill of Chelsea, who thanks to billionaire owner Roman Abramovich’s largesse paid out 172 million pounds in 2007-08.
To contact the reporter on this story: Tariq Panja in London at tpanja@bloomberg.net
Last Updated: June 4, 2009 12:08 EDT
Liverpool said it had been granted a license to play in next season’s Champions League, access to which is contingent on proving the business is a “going concern.”
Fuck me I never thought id see the day in my lifeftime that we'd have to do that
See that tramp sitting on the floor in that cardboard. See his little cup asking for donations. See his brown and rotting teeth. See his raggedy clothes. See his dirty wrinkled and unwashed skin. See his poverty.
That's us that is.
__________________ Patches I'm depending on you son
I work for one of the big four accounting firms, a rival of KPMG.
KPMG are not the accountants for Liverpool fc ltd, but the auditors.
To add a statement about the uncertainty around the ability to remain a going concern is a massive deal for a company as big as this. It might happen as standard to smaller companies, but never to big ones. And its not a loss that triggers it, its much bigger than that.
I've audited lots of organisations that showed a loss but we still called them going concerns, as they had healthy cash balances, or lots of reserves, or were owed alot of cash that would come in at some point.
To say a big company isnt a going concern, there has to be massive shit going down. KPMG wouldnt have issued that statement unless they had serious doubts about the yanks ability to refinance.
Utter rubbish. I know for a fact PWC couldnt even get a simple tax appeal in on time recently. I know another 'big 4' accountancy firm that overvalued a national company by a factor of 2!
EDIT, sorry forgot to add on, our turnover is at a record high having increased significantly.
SOS should never have taken their eyes of the ball when they had it in sight earlier this year.
Massive mistake!
Can we stop with the SOS shit again.
If the rest of our fucking fans weren't apathetic cunts who shouted down every in-match protest, then maybe real pressure could be focussed on the owners. But the reality is that the majority of our fans haven't even seen the ball because they can't be arsed, let alone taken their eyes off it.
__________________ "It's a Fez. I wear a Fez now. Fezzes are cool."
I work for one of the big four accounting firms, a rival of KPMG.
KPMG are not the accountants for Liverpool fc ltd, but the auditors.
To add a statement about the uncertainty around the ability to remain a going concern is a massive deal for a company as big as this. It might happen as standard to smaller companies, but never to big ones. And its not a loss that triggers it, its much bigger than that.
I've audited lots of organisations that showed a loss but we still called them going concerns, as they had healthy cash balances, or lots of reserves, or were owed alot of cash that would come in at some point.
To say a big company isnt a going concern, there has to be massive shit going down. KPMG wouldnt have issued that statement unless they had serious doubts about the yanks ability to refinance.
When you say it's not a loss that triggers it, what exactly could trigger it?
I'm not much of an authority on accounting.
See that tramp sitting on the floor in that cardboard. See his little cup asking for donations. See his brown and rotting teeth. See his raggedy clothes. See his dirty wrinkled and unwashed skin. See his poverty.
That's us that is.
No, that's Everton.
We're the one with the cute dog stealing his thunder, and 10 pences.
__________________ "It's a Fez. I wear a Fez now. Fezzes are cool."
All fucking depressing stuff but at least I got to see my bank manageress tits today, a ray of sunshine in a pretty depressing day.
Hold on a minute. You cant just wade into a serious financial debate with a comment like that Nick.
We need more info... do you mean she had a blouse on and the top 3 buttons were undone, or did you actually see the goods first hand? Spying into her office during a shirt change? or a picture of the chebs on mybankmanageressisabigtittedslut.com?
__________________
Quote:
Between your faith and my Glock 9mm - i'll take my Glock"
Hold on a minute. You cant just wade into a serious financial debate with a comment like that Nick.
We need more info... do you mean she had a blouse on and the top 3 buttons were undone, or did you actually see the goods first hand? Spying into her office during a shirt change? or a picture of the chebs on mybankmanageressisabigtittedslut.com?
When you say it's not a loss that triggers it, what exactly could trigger it?
I'm not much of an authority on accounting.
Its scaremongering, nothing less. The club has debt which has increased. However, the club's turnover has increased significantly to a record level. The club will soon renegotiate its main deal with carlsberg or a n other. It is actively seeking new deals (thomas cook, paddy power, maxxis etc).
The financial crisis is slowly easing and perhaps they will manage to re finance soon, who knows?
It is scaremongering to say the club's position is worse than the going concern thing.
We all agree too much debt is not a good thing but there's a fair bit of hysteria here.
