Potential £15m loss

[dylanisabaddog 6,143]

https://www.edp24.co.uk/sport/norwich-city/canaries-premier-league-coronavirus-shutdown-1-6598537

This article suggests that the club may lose £15m. I'm not entirely clear if that means our projected profit is reduced by £15m or if our projected profit turns into a loss of £15m. Quite by chance our prudent approach at the start of the season may have got us out of a mess. 

Contrast our position with Burnley who it appears budgeted to finish halfway up the league table. 

The thing that amazes me about this article is the continued reference to the transfer window. I'm going to take a dim view of any club that pleads poverty then buys new players. The only players who should be moving in the summer are those out of contract. 

[wcorkcanary 4,784]

So costing about the same as Naismith then.

[keelansgrandad 6,680]

Well, there is one way the club can save a bit.

[dylanisabaddog 6,143]

15 minutes ago, wcorkcanary said:

So costing about the same as Naismith then.

Why did you have to mention that. I don't usually get angry till late afternoon 😂

[PurpleCanary 6,386]

37 minutes ago, dylanisabaddog said:

https://www.edp24.co.uk/sport/norwich-city/canaries-premier-league-coronavirus-shutdown-1-6598537

This article suggests that the club may lose £15m. I'm not entirely clear if that means our projected profit is reduced by £15m or if our projected profit turns into a loss of £15m. Quite by chance our prudent approach at the start of the season may have got us out of a mess. 

Contrast our position with Burnley who it appears budgeted to finish halfway up the league table. 

The thing that amazes me about this article is the continued reference to the transfer window. I'm going to take a dim view of any club that pleads poverty then buys new players. The only players who should be moving in the summer are those out of contract. 

Just a bad story, starting with an intro that really doesn't mean what it says:

The financial cost of Norwich City’s Premier League season being halted by the coronavirus shutdown could reach £1bn, according to the Premier League’s chief executive Richard Masters.

[Badger 2,745]

32 minutes ago, keelansgrandad said:

Well, there is one way the club can save a bit.

What is that?

[The Walking Man 13]

46 minutes ago, Badger said:

What is that?

Get Teemu Van Basten to donate some money?

[keelansgrandad 6,680]

What is that?

I'm not getting into endless **** for tat over that again.

[yellow_belly 227]

It could be argued that we could be better off after this crisis.yes, we lose £15m but gain much more if we state in the PL rather than returning to Championship....

 

plus £15m is just one half decent player... that we can't buy or we need to sell. So not the end of the world, and one we could afford. The banks would help given that money will soon be back in....

However, I shall leave this to the experts on here to tell me that I am wrong. 

[Badger 2,745]

8 minutes ago, keelansgrandad said:

What is that?

I'm not getting into endless **** for tat over that again.

Sorry KG, I cannot think of any way that the club can cut money that is not damaging to both the club and the local and national economy. 

[TeemuVanBasten 3,328]

24 minutes ago, The Walking Man said:

Get Teemu Van Basten to donate some money?

Well I'll tell you one thing mate, if the club expects the fans to write off a quarter of their season ticket and premier membership payment if the season is cancelled (so no refund) and expect us to advance more cash for renewal with the current uncertainty then I'd expect to see players, management and executives making a financial sacrifice for the good of the club too. 

I don't see what the problem is with that position and i'm surprised so few others appear to be on the same page. 

In other news, I've got a bridge for sale anybody interested? 

Edited April 8, 2020 by TeemuVanBasten

[The Walking Man 13]

6 minutes ago, TeemuVanBasten said:

Well I'll tell you one thing mate, if the club expects the fans to write off a quarter of their season ticket and premier membership payment if the season is cancelled (so no refund) then I'd expect to see players, management and executives making a sacrifice for the good of the club too. 

I don't see what the problem is with that position. 

The club have said that they will offer refunds if the season has been cancelled/played behind closed doors.

[Badger 2,745]

8 minutes ago, TeemuVanBasten said:

I don't see what the problem is with that position. 

The problem is with that position is that you have confessed the following on another thread:

"I'm a subscriber to the Austrian school of economics by the way. Let bubbles pop, stop propping things up with funny money."

You have openly admitted that you subscribe to an economic theory that would willingly let all businesses and football clubs "go to the wall" making millions redundant and bringing about the sort of economic collapse that would make the current disaster feel like "chicken feed."

It is crazy economics from somebody that does not, imo, seem to understand the situation at all. 

[wcorkcanary 4,784]

6 minutes ago, The Walking Man said:

The club have said that they will offer refunds if the season has been cancelled/played behind closed doors.

👍well, that's one whinge taken care of. How can final decisions be made if the future is so uncertain.  But I suppose it wont stop snipers sniping. Effing know alls.

[TeemuVanBasten 3,328]

20 minutes ago, Badger said:

You have openly admitted that you subscribe to an economic theory that would willingly let all businesses and football clubs "go to the wall" making millions redundant and bringing about the sort of economic collapse that would make the current disaster feel like "chicken feed."

Not at all, that's ridiculous, but I sincerely hope that our annual returns show a clear need to have done this. 

I don't think the emphasis should be on the taxpayer to pay to furlough non-playing staff who were of no real risk of redundancy. That's irrelevant to Austrian economics (which you obviously have a very poor grasp of). 

Not when we're simultaneously planning to refund season tickets, look like we've just signed a player, and we have a top dog who hasn't taken a pay cut.

You are only choosing not to have a problem with this because its Norwich City Football Club, any other corporation and you'd be questioning why the CEO and MD haven't taken pay cuts when furloughing staff. 

Like many I am also a shareholder, its well within my rights to question why the executive team haven't taken a salary cut, not like they can hide behind the PFA is it. 

Lots of other companies I hold shares in have announced executive pay cuts, and a couple of those haven't even furloughed any staff yet!  

It stinks, you are in denial. 

[TeemuVanBasten 3,328]

36 minutes ago, wcorkcanary said:

👍well, that's one whinge taken care of. How can final decisions be made if the future is so uncertain.  But I suppose it wont stop snipers sniping. Effing know alls.

Not really, I'm now paying for my own season ticket refund through my payslips. Genius. You aren't a UK taxpayer so OK for you to spend our money for us isn't it mate. 

Of course, Ireland still owe the UK treasury £2bn of the bailout we provided in the last financial crisis so you do at least know about going hand in cap to the UK taxpayer!

That's £407.83 per person in Ireland, so get your cheque book out Corky! 

Edited April 8, 2020 by TeemuVanBasten

[wcorkcanary 4,784]

19 minutes ago, TeemuVanBasten said:

Not really, I'm now paying for my own season ticket refund through my payslips. Genius. You aren't a UK taxpayer so OK for you to spend our money for us isn't it mate. 

Of course, Ireland still owe the UK treasury £2bn of the bailout we provided in the last financial crisis so you do at least know about going hand in cap to the UK taxpayer!

That's £407.83 per person in Ireland, so get your cheque book out Corky! 

Ah, so you know  how,  where and when I pay my taxes.  You really have got a handle on this haven't you.     Like I said snipers gonna snipe......even if they are not certain who , what or even why they are sniping. But at least they have the moral high ground to snipe from. I preferred life when you blocked me chap. Please reinstate  as your bleating about my affairs is so I'll informed you look foolish. You mind your business, I'll mind mine and let the Club  do what it thinks is best for it's long term survival. 

Webber Quote? Still waiting  on that one.😂😂😉

[TeemuVanBasten 3,328]

4 minutes ago, wcorkcanary said:

Ah, so you know  how,  where and when I pay my taxes.  You really have got a handle on this haven't you.     Like I said snipers gonna snipe......even if they are not certain who , what or even why they are sniping. But at least they have the moral high ground to snipe from. I preferred life when you blocked me chap. Please reinstate  as your bleating about my affairs is so I'll informed you look foolish. You mind your business, I'll mind mine and let the Club  do what it thinks is best for it's long term survival. 

Webber Quote? Still waiting  on that one.😂😂😉

I've just done the calculation Corky and £2bn is £30.01 per person in the UK, so that's 13 cheques for £30.01 from you. Keep the £17.70 in change to drown your sorrows. 

When can you pay? As soon as possible p[ease, we need the money to bail out our millionaire footballers. 

Edited April 8, 2020 by TeemuVanBasten

[wcorkcanary 4,784]

That's one more for the list of Covidiots.  Jog on sucker. The more you give  it out , the  stoooopider you look.😂😂👍😉

[Surfer 1,547]

One of my pet peeves is the drastic reduction in most journalists ability to communicate clearly via the written word and readers inability to read what is written. Not only is this lazy, it's detrimental to an informed population if you can't put points across properly. We are not professionals, but journalists supposedly are. They should act like it.

The headline on that EDP story is fine, the subhead is terrible as has been pointed out. Implies the CEO of the EPL says the financial cost to Norwich could reach £1bn.  Just replace "Norwich City's" with "the" and it's clear.

The financial cost of Norwich City’s Premier League season being halted by the coronavirus shutdown could reach £1bn, according to the Premier League’s chief executive Richard Masters.

However, the article very clearly says a reduction in income of £15m, and not creating a loss of £15m. Perhaps the word "deficit" would have been better replaced by "shortfall" to get the point across better. 

Discussions have already started inside Carrow Road on how to mitigate anything up to a £15m deficit in lost matchday revenue, ticket sales and the knock on effects to existing commercial deals should the campaign not return.

Edited April 8, 2020 by Surfer

[Mello Yello 2,572]

What about Westlife???? What about the Killers???? It's so unfair!!! It's not just about football y'know!!!

[ricardo 8,034]

4 hours ago, Badger said:

Sorry KG, I cannot think of any way that the club can cut money that is not damaging to both the club and the local and national economy. 

We are all taking a hit here one way or another.

Like Ive said before, Ive paid for my season ticket and would rather not have a refund if it means the club dies. I realise everyone has their own views but that is mine.

[dylanisabaddog 6,143]

10 minutes ago, ricardo said:

We are all taking a hit here one way or another.

Like Ive said before, Ive paid for my season ticket and would rather not have a refund if it means the club dies. I realise everyone has their own views but that is mine.

Ditto

[Willmeister 35]

19 minutes ago, ricardo said:

We are all taking a hit here one way or another.

Like Ive said before, Ive paid for my season ticket and would rather not have a refund if it means the club dies. I realise everyone has their own views but that is mine.

I’m the same. That money went out a long time ago. I’ve not budgeted for getting that money back. I appreciate that everyone is in different financial states, but I would waive any refund offered to me by the club.

[Disco Dales Jockstrap 1,959]

Hiya Badger!

Hope all is well with you.

5 hours ago, Badger said:

Sorry KG, I cannot think of any way that the club can cut money that is not damaging to both the club and the local and national economy. 

Come on now my friend - that's a serious failure of imagination there.

Apparently the club is going to lose 15 million from day to day revenue streams (matchday revenue, ticket sales etc). 

Add to that the massive loss of TV revenue that will be forth coming and we could be up sh1te creak without a Robert Rosario.

Hence why I assume the club are furloughing non-playing staff, even though I would imagine that makes up very little of our outgoings. I have no issue with this as such...

...but for the high earners (players/coaches/management) then to not do anything themselves to help the club? Just continue lapping up the cream? One City Strong? Really? Sorry but it sits so very badly with me.

So they should all take a cut - simple.  F*ck waiting for 'leadership' from the FA or the Players Union (why would they suddenly start to give it now?). Get together, as a club, and show that we really are 'One City Strong' and help the club through this difficult time.

Wages can be paid as normal from the club, off they go to Mr Taxman so he gets his bit (no damage to national economy), the rest comes back to Mr Highly paid individual (still a massive wodge of cash) who then sets up a standing order to pay an agree amount (%) back to the club to support them during this difficult time. No damage to the local economy (it keeps us going which can only be a good thing for the City) and the club is in a better place to ride the storm (no damage to the club). In fact, I would think the standing of the club would only be enhanced by these actions. Truly One City Strong.

Because if we are furloughing non-playing staff, a small part of our outgoings, but nothing is happening with the high earners at our club, then I'd question:

1) whether we are quite in the sh1t we seem to be indicating by furloughing them in the first place. 

or

2) whether some people employed by the club are truly as committed to us as they make out.

OTBC

[Badger 2,745]

34 minutes ago, Disco Dales Jockstrap said:

...but for the high earners (players/coaches/management) then to not do anything themselves to help the club? Just continue lapping up the cream? One City Strong? Really? Sorry but it sits so very badly with me.

So they should all take a cut - simple.

I understand your point of view, DDJ, but there is nothing that the club could do to enforce a pay cut even if it wished to. 

Personally, I think that the area as a whole id better off, if they and everybody else try to keep as much money in peoples' pockets as possible and keep them spending, so that we don't turn a terrible health crisis into a disastrous economic collapse that could take many years to recover from. Economic collapse would end up taking more lives than the virus if it were to come about.😭

As I have said before, it is the businesses that do not use the furlough scheme that are the danger, not the ones that are.

[duke63 739]

The reality is that it's quite possible that if the club does lose £15 million then it would technically be insolvent based on last years accounts (from memory). That means running out of cash.

It's all too easy to criticise those in charge when its not you making the difficult decisions.

Edited April 8, 2020 by duke63

[TeemuVanBasten 3,328]

41 minutes ago, duke63 said:

The reality is that it's quite possible that if the club does lose £15 million then it would technically be insolvent based on last years accounts (from memory). That means running out of cash.

It's all too easy to criticise those in charge when its not you making the difficult decisions.

Not according to the latest profit projections, we'd still be on course to make a small profit. 

And that could become a larger profit, if the executives and the players did the right thing. 

Edited April 8, 2020 by TeemuVanBasten

[TeemuVanBasten 3,328]

2 hours ago, Disco Dales Jockstrap said:

Apparently the club is going to lose 15 million from day to day revenue streams (matchday revenue, ticket sales etc). 

Although a loss of £15m in revenue is also accompanied by the cutting of some costs, like the private jet charter we pay for to every away game, and the matchday policing bill (clubs have to pay a fortune for police). 

[TeemuVanBasten 3,328]

2 hours ago, Disco Dales Jockstrap said:

..but for the high earners (players/coaches/management) then to not do anything themselves to help the club? Just continue lapping up the cream? One City Strong? Really? Sorry but it sits so very badly with me.

So they should all take a cut - simple.  F*ck waiting for 'leadership' from the FA or the Players Union (why would they suddenly start to give it now?). Get together, as a club, and show that we really are 'One City Strong' and help the club through this difficult time.

Agree completely, so much for the "togetherness", clearly its Leeds with the togetherness now. 

Players and executives should have covered the wages that the club are topping up. That is togetherness, the multi-millionaires looking out for the groundsman and the chef. 

Would have been the perfect opportunity to stand out as a special club, just showed ourselves to be nothing special. 

Edited April 8, 2020 by TeemuVanBasten