| Budgie finances in trouble 09:54 - Apr 25 with 3410 views | BlueNomad |
The PL is always on the edge financially despite the money going in. I suspect Norwich aren’t the only ones. Many of us anticipated that one day the bubble will burst - this virus might be the unexpected cause.
https://www.bbc.co.uk/sport/football/52409583 [Post edited 25 Apr 2020 9:57]
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| Budgie finances in trouble on 10:02 - Apr 25 with 3340 views | sparks |
Baffling- given the 100m income and lack of signings.
more to the point, they will be fine- because they can simply point hte banks to the 80 odd M they will still get next year... |  |
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| Budgie finances in trouble on 10:03 - Apr 25 with 3324 views | TractorWood |
No idea how they've spent £125m this year. |  |
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| Budgie finances in trouble on 10:19 - Apr 25 with 3267 views | Keno |
Im sure they can still afford these
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| Budgie finances in trouble on 10:29 - Apr 25 with 3237 views | stonojnr |
| Budgie finances in trouble on 10:03 - Apr 25 by TractorWood |
No idea how they've spent £125m this year. |
they had a big debt hole before they went up, they were quite literally farke'd on money if they hadnt been promoted last season.
so presumably the Premier league riches have so far only filled the hole, but theyve still got the same outgoings at the very least, that gave them the debt hole in the first place, and maybe spending even more money, as Im sure their players/coaching staff all got bonuses and pay increases as a result, all those little things that add up
like why do you have 200 non football playing staff on the books anyway, what do they all do ? 50 people in the shop, 50 people in the ticket office, youve still got another 100 doing stuff, maybe they clean the stadium roof alot more.
the 1.5million per game loss seems like the EADTs version of Towns losses, counting the highest potential income per game as a loss, which seems wrong to calculate it like that to me ,as it exaggerates the losses, it feels like me saying I make a multi million pound loss every week...because I dont win the lottery every week
though you dont delay payments to HMRC unless you have to as that raises a red flag straight away.
but there you go if they really were the "best owners in football" they wouldnt have let their club get in that kind of financial mess in the first place to need to have to rely on government handouts to survive. |  | | |
| Budgie finances in trouble on 10:33 - Apr 25 with 3224 views | Pinewoodblue |
Deferred payment for PAYE & VAT £18m. How often do they have to pay HMRC? |  |
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| Budgie finances in trouble on 10:39 - Apr 25 with 3187 views | rgp1 |
| Budgie finances in trouble on 10:02 - Apr 25 by sparks |
Baffling- given the 100m income and lack of signings.
more to the point, they will be fine- because they can simply point hte banks to the 80 odd M they will still get next year... |
Yes but will they still get that 80 million next year? Sky must be losing millions through lack of subscribers, and when companies get back on their feet surely their first business will be to build their business back up rather than sponsorship at a football club. | | | |
| Budgie finances in trouble on 11:06 - Apr 25 with 3105 views | Basuco |
But they still have the confidence to sign an additional player for next season, they have not indicated if a fee will be involved, which means yes there will be.
https://www.bbc.co.uk/sport/football/52249423
But I suppose if they are getting tax payer financial support this will mean we the tax payers are funding that new signing. |  | | |
| Budgie finances in trouble on 11:12 - Apr 25 with 3071 views | Dennyx4 |
I Don't believe that they are in trouble - this is purely justification for why they have furloughed staff.
Purely a business decision, not necessarily ethically correct, hence Bournemouth etc stopped doing it.
As someone else has said, not sure how they have spent £125m this year - that just doesn't add up. |  | | |
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| Budgie finances in trouble on 11:37 - Apr 25 with 2973 views | JDB23 |
How on earth have they forecast losing £1.5m per game if played behind closed doors? | | | |
| Budgie finances in trouble on 12:04 - Apr 25 with 2891 views | Guthrum |
| Budgie finances in trouble on 10:33 - Apr 25 by Pinewoodblue |
Deferred payment for PAYE & VAT £18m. How often do they have to pay HMRC? |
If you think what the employers' contribution to National Insurance is on £20k per week, then multiply that by the size of the squad, the bills add up very quickly. |  |
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| Budgie finances in trouble on 12:13 - Apr 25 with 2858 views | Nthsuffolkblue |
| Budgie finances in trouble on 10:02 - Apr 25 by sparks |
Baffling- given the 100m income and lack of signings.
more to the point, they will be fine- because they can simply point hte banks to the 80 odd M they will still get next year... |
Indeed. The article doesn't even say they will be in any trouble either. It simply states they will lose £35M from the shutdown. What is that to a Prem/Championship club? One signing? Probably not even that. So next year they will need to make one fewer signing than they might have done otherwise.
The only losers in football from this are far lower down the pyramid than Norwich. The extra players who make up the squads that will be trimmed down and the lower league clubs that rely on those extra multi-million pound signings made by the top clubs. Those are where the difference will be felt. |  |
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| Budgie finances in trouble on 12:17 - Apr 25 with 2849 views | factual_blue |
| Budgie finances in trouble on 10:33 - Apr 25 by Pinewoodblue |
Deferred payment for PAYE & VAT £18m. How often do they have to pay HMRC? |
Monthly. On the 18th or 19th if my fast-fading tax knowledge from my exams about twenty years ago is still correct.
This, incidentally, is almost certainly why the furlough payments were made when they were: HMRC would have been able to cross-check employees for whom PAYE was paid with those for whom furlough was claimed. |  |
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| Budgie finances in trouble on 12:17 - Apr 25 with 2846 views | Guthrum |
| Budgie finances in trouble on 11:37 - Apr 25 by JDB23 |
How on earth have they forecast losing £1.5m per game if played behind closed doors? |
Given their usual 100,000 strong crowds ... [Post edited 25 Apr 2020 12:18]
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| Budgie finances in trouble on 13:20 - Apr 25 with 2727 views | Suffolktractor |
| Budgie finances in trouble on 11:06 - Apr 25 by Basuco |
But they still have the confidence to sign an additional player for next season, they have not indicated if a fee will be involved, which means yes there will be.
https://www.bbc.co.uk/sport/football/52249423
But I suppose if they are getting tax payer financial support this will mean we the tax payers are funding that new signing. |
They are a rancid, shameless club, that are now sponging off us decent tax payers. I want my taxes to go to the NHS, not this bunch of deluded halfwits. | | | |
| Budgie finances in trouble on 13:38 - Apr 25 with 2675 views | ITFC_Forever |
A couple of quotes:
"The difference is we're running it as a business and we're running it the best way we believe will help it for the future” said Kensell.
"We've got the best owners in football - that's a fact. We haven't got the richest owners but we like to think we're doing things the right way."
Surely every club runs it as a business?
And sponging off the tax-payers while paying their top earners tens of thousands a week is not doing things the right way.
I really hope this is the end of football as we know it. A chance to reset the game and make it fairer and sustainable for all. But I’m not holding my breath - greed will always win through. [Post edited 25 Apr 2020 13:40]
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| Budgie finances in trouble on 13:39 - Apr 25 with 2669 views | Pinewoodblue |
| Budgie finances in trouble on 12:17 - Apr 25 by factual_blue |
Monthly. On the 18th or 19th if my fast-fading tax knowledge from my exams about twenty years ago is still correct.
This, incidentally, is almost certainly why the furlough payments were made when they were: HMRC would have been able to cross-check employees for whom PAYE was paid with those for whom furlough was claimed. |
If it is monthly then owing £18m they are a bit behind with payments | |
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| Budgie finances in trouble on 14:01 - Apr 25 with 2598 views | Chrisd |
Reading that article makes you think what's the point of even getting promoted to the EPL? The club just goes further into debt. You think of our situation under ME, initial promotion might clear our debt to ME (£95m approx), but then staff bonuses for promotion, increased wages, the transfer fees of signing better players to compete at that level etc.. just becomes a ridiculous situation which spins rapidly out of control by chasing the holy grail. The whole financial side of football is just a complete joke with the player's wages being the main issue. | |
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| Budgie finances in trouble on 14:46 - Apr 25 with 2512 views | monytowbray |
As much as I hate them, I’d struggle to not feel sorry for any fan of a club outside the big 6 right now. |  |
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| Budgie finances in trouble on 15:00 - Apr 25 with 2493 views | Pecker |
Some good news at last. |  | | |
| Budgie finances in trouble on 15:09 - Apr 25 with 2474 views | ArnieM |
| Budgie finances in trouble on 14:01 - Apr 25 by Chrisd |
Reading that article makes you think what's the point of even getting promoted to the EPL? The club just goes further into debt. You think of our situation under ME, initial promotion might clear our debt to ME (£95m approx), but then staff bonuses for promotion, increased wages, the transfer fees of signing better players to compete at that level etc.. just becomes a ridiculous situation which spins rapidly out of control by chasing the holy grail. The whole financial side of football is just a complete joke with the player's wages being the main issue. |
Like I’ve said many times before . Sky money has killed the game, and had caused of lot of the problems we are witnessing in the game today . I wish Sky would just go bust frankly . I bloody hate ‘ em .
I defy any fan of clubs other than the top five to actually “enjoy” the PL. It costs a bloody fortune to watch . The PL is a false scenario, because outside of the top half dozen clubs , the rest are fighting it out to avoid relegation.
It’s not a level playing field within the game anymore , and the level of money sloshing around the PL and the “failures “ relegated to the Championship ( who have since fooked up that division too with their parachute money for failure) . The game is morally and financially bankrupt IMO. But like all on here , I need my footie fix, so continue to pay into this fallacy . Sky have a lot to answer for . |  |
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| Budgie finances in trouble on 15:36 - Apr 25 with 2428 views | TractorWood |
| Budgie finances in trouble on 10:33 - Apr 25 by Pinewoodblue |
Deferred payment for PAYE & VAT £18m. How often do they have to pay HMRC? |
Paye/nic is due every month around the 19/20th. VAT is due on account every month (last day) with the balance for each return due 30 days after the return period.
Their wage bill has paye and NIC and their income is presumably all vatable so the numbers for a couple of months are not unreasonable.
The pinch point will be March next year when every one who has deferred VAT will have to pay up. I imagine the vast majority of businesses have done so. | |
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| Budgie finances in trouble on 17:22 - Apr 25 with 2273 views | RonFearonsHair |
| Budgie finances in trouble on 13:38 - Apr 25 by ITFC_Forever |
A couple of quotes:
"The difference is we're running it as a business and we're running it the best way we believe will help it for the future” said Kensell.
"We've got the best owners in football - that's a fact. We haven't got the richest owners but we like to think we're doing things the right way."
Surely every club runs it as a business?
And sponging off the tax-payers while paying their top earners tens of thousands a week is not doing things the right way.
I really hope this is the end of football as we know it. A chance to reset the game and make it fairer and sustainable for all. But I’m not holding my breath - greed will always win through. [Post edited 25 Apr 2020 13:40]
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Interesting interpretation of the word ‘fact’. |  | | |
| Budgie finances in trouble on 18:15 - Apr 25 with 2178 views | NthQldITFC |
| Budgie finances in trouble on 10:29 - Apr 25 by stonojnr |
they had a big debt hole before they went up, they were quite literally farke'd on money if they hadnt been promoted last season.
so presumably the Premier league riches have so far only filled the hole, but theyve still got the same outgoings at the very least, that gave them the debt hole in the first place, and maybe spending even more money, as Im sure their players/coaching staff all got bonuses and pay increases as a result, all those little things that add up
like why do you have 200 non football playing staff on the books anyway, what do they all do ? 50 people in the shop, 50 people in the ticket office, youve still got another 100 doing stuff, maybe they clean the stadium roof alot more.
the 1.5million per game loss seems like the EADTs version of Towns losses, counting the highest potential income per game as a loss, which seems wrong to calculate it like that to me ,as it exaggerates the losses, it feels like me saying I make a multi million pound loss every week...because I dont win the lottery every week
though you dont delay payments to HMRC unless you have to as that raises a red flag straight away.
but there you go if they really were the "best owners in football" they wouldnt have let their club get in that kind of financial mess in the first place to need to have to rely on government handouts to survive. |
That other 100 polish all the silverware. |  |
| # WE ARE STEALING THE FUTURE FROM OUR CHILDREN --- WE MUST CHANGE COURSE # | | Poll: | It's driving me nuts |
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| Budgie finances in trouble on 09:31 - Apr 29 with 1383 views | Andrew4445 |
| Budgie finances in trouble on 13:39 - Apr 25 by Pinewoodblue |
If it is monthly then owing £18m they are a bit behind with payments |
No because the VAT bill falls due quarterly for most companies.
The £18m is unlikely to include any PAYE or NI as this is still being paid - cleared in the HMRC by the 22nd of the Month. All VAT bills have been delayed and any VAT arising between March this year and the end of the year will need to be settled by April 20201.
No business will be paying VAT over at the moment, always better to keep it for cash flow and then settle it later. There is no claim mechanism for this, it happens automatically, so no need to do anything other than let the normal payment date pass (7 May). | | | |
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