The 2016-17 accounts for Charlton Athletic have now been published and may be viewed online on the Companies House website. They show that £57.7m was owed to the parent company, Staprix NV. Rick Everitt suggests that the current figure may be nearer £70m. £695k was paid on interest on these loans in the financial year.
Turnover fell from £12.1m to £7.6m. The largest item was matchday income, but this was down from £4.8m to £3.2m. The report notes, 'The 33% decrease on prior year arises to the decrease in attendances from the 15/16 season following relegation from the Championship and some continued fan discontent leading to reduced purchases at The Valley on matchdays.'
Central distributions from the Premier League and the English Football League fell by 64 per cent as a result of relegation from the Championship. There was a one off £0.2m parachute payment. Commercial income decline by 2 per cent to £1.3m.
Staff costs fell from £14.0m to £11.1m. This was not far short of 150 per cent of turnover, a worryingly high ratio.
There was a profit on player sales of £16.2m which it is admitted is unlikely to be repeated for a long time.
VOTV editor Rick Everitt commented, '[The] accounts confirm that Duchatelet and Meire had halved income from spectators three years after taking over. Turnover lowest since 1998, all-time record operating loss of £14.3m while paying same wages as 2014 to finish 13th in L1.' He considers that it represents an abysmal trading record with poor cost controls.
What happens to the 57m debt when the club is sold
ReplyDeleteRoland Duchatelet will have to swallow hard and eat a large slice of Humble `Pie.
ReplyDelete\just go u belgian xxxxx
ReplyDeleteAnyway back to reality i went along to see proper football on easter sat at non league greenwich boro i had long chat before the game with David Pritchard who asks me to pass on his regards to all at the valley nice bloke.He was superb in greenwich 4-1 win he bossed the midfield and greenwich were 3--1 up by ht jack barham put in a superp performnce up front took him 2 minutes to score the opening goal this is a player in fine form and recently came back from a trial at millwall we should deffo sign this player when his contract runs out during the summer.
ReplyDeleteI calculate that at just under 12% interest. I wish I could get that return!
ReplyDeleteIn what walk of life other than football would anyone dream of buying such a financial train wreck?
ReplyDeletetypo error Bradley lol sodding spellchecker don't you just love them on phones
ReplyDelete