...and there is no way we did not make a massive profit last season (before tax and any repayments to Delia).
That said, I think anyone who believes that having the parachute money puts us in a significantly stronger position vis-a-vis the other clubs is kidding themself. Other clubs will spend far more than we will and I'll bet our outgoings mean we don't have as much wriggle room in terms of the FFP rules this season as we might hope.
As McNally (or Bowkett, I don't recall) said today - our turnover has halved from ?100m to ?50m - and presumably that includes the parachute payments? (scary if so). There is no way our cost base will have dropped by enough to compensate.
We'll balance the books by selling the wantaway players, but we wont be spending big to replace them. MWJ has already hinted as much through his reference to being able to play the youth more.
I think the Adams appointment tallies with that, if you look at him as a means of establishing a longer term product. Even McNally doesn't seem to be talking up a return to the Premier League this season - it was all 'as soon as possible' in the press conference.
To my mind it looks like the club are planning for the long haul in the Championship, hoping to create a set up whereby we'll be solid mid table at worst and hopefully can develop a strong squad over a season or two that will get us back up. I just don't get the vibe that we're gearing up for a major push for promotion this season. I think having survived admin by the skin of our teeth a few years ago, this Board will not do anything that will jeopardise our future. Gambling on a promotion push just isn't going to happen.
I do wonder if that's why they dallied over Hughton for so long - the idea of paying money to sack a manager then pay another lot of money out to hire a new manager would have been seen as a big risk. I'll bet one of the main criteria for deciding Adams was 'best in class' by their criteria, is that their criteria involved not having to spend a few million 'buying' an in-work manager.
Ho hum.
Posted By: CWC, May 23, 22:39:12
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