City's accounts

Here's a spin-free version of what has been announced so far:

Like all clubs flirting with relegation, our income slightly decreased last year.
We made less money via our catering enterprises (smaller crowds, one less cup game, and no gigs at all)
We also spent £1.2m on a new road (but this was a requirement before we could redevelop more land behind the South Stand and backing onto the river). Note that initial plans for this redevelopment indicate that some 1,000 flats & house (including 200 riverside apartments) will be built, and one estimate for its value is £80m

We managed to recover some of the lost revenue by:
Making a big profit on player-trading – this traditional favourite filled a £2.5m-sized hole
Cutting the player wage-bill by £1.6m (the departures of big-earners Flem, Green & McKenzie and sending 8 players out on loan all contributed to a £30k per week saving on the previous year).
Increasing ST prices – another old favourite, squeezing more cash out of our most loyal fans generated an extra £100k
Pursuading Delia & her hubby to write off £800k of debt
We also got a £2 million loan out of the Turners.

We can also announce that we only paid £2.2m for Cureton, Striker, Russell & Marshall - which is less than everyone thought (600k, 700k, 410k & 700k respectively).

Other good news is that a sensible Board, like ours, will have foreseen (and budgeted accordingly for) the end of our Sky parachute payments. We should therefore not have to work too hard to reduce our outgoings by the 7 million or so required. (This last bit I made up).

Please buy more shares at 30 quid each. They are not worth 30 quid but if you buy them you can come to the AGM and listen to us spin.

Posted By: east of hampstead, Sep 25, 13:23:56