2017 accounts

[Rockford's Love Child]

Have been published and make interesting reading.

There was underlying operating loss of just under £1 million in the year to June 2017, with a gross profit of £470k following the write-off the remaining loans from PJ of £2.1 million.

Turnover has risen from £2,5 million to £5.4million in one year ! (by contrast, Lincoln's turnover in the division above is £4.5 million despite their cup runs and much bigger gates). The increase in income is principally due to the commercial activities: off-field income has risen from £1.1 million to £3.5 million.

The Directors' Report implies that we lost an eye-watering £500k on Wirral Live and either Palios or PJ (or both of them) provided additional equity to this value to offset the loss, confirming that we have been reliant to some degree on their funding.

We have lost £1.4 million in central funding since dropping out of the League.

We hope to break even next season even if we remain in the National league, but if we go up, we would have a top-third playing budget in League Two.

https://s3-eu-west-1.amazonaws.com/...SDmr/TW5ZIjfnZau4+2H637cfJsi9BAmls5Eol4Se1gU=

 

[Mungy's Hairdresser]

Consistent with what I'd heard on the QT & posted here several months ago about PJ bailing us out to the tune of £500K.

 

[drwhoman]

Interesting. Just goes to show how important central funding is to teams down the leagues. And to think that 1.4m equates to three weeks of Sanchez wages! Ridiculous but such is the way of things these days.

 

[Cowshed Kid]

Thanks for that info RLC.
I remember attending a Q and A session in the early days of MP.
He was asked if his money would not be better spent on the team as opposed to doing up function suits.
His response was that, yes, £200k might get us a decent striker for a season but the same sum invested in hospitality would gaurantee an income for us year after year. And so it is proving.
Now I accept that all the off field income isn't from hospitality but it must be a sizeable proportion.
The Wirral Live loss is particularly irking. You have to wonder how a gig with a sellout Little Mix could make a loss.

 

[aldoes mustache]

well says everthing .mp has got things moving off the pitch . and the investment that was made is making the money needed . . will be interesting to see what the china part will be . with the new investment in the hotel being finished as well . and the fact they are looking to build another futsal hub . things are looking rosie but we need to get out of the dam league .

 

[joe]

I've said before. It was the exorbitant fee demanded by Little Mix that busted things. (Alledgedly).

 

[Rockford's Love Child]

Interesting that Palios confirmed in the accounts that he is looking for outside investment, but will remain with the club for the 'foreseeable future'. He and / or Johnson put in a total of £1.5 million in 2016-17. Aside from covering the Wirral Live loss, I would guess most of that money was spent on the development of Solar Campus, which cost £1.7 million.