Mike Garlick says we have £24m in bank

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CrosspoolClarets
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Mike Garlick says we have £24m in bank

Postby CrosspoolClarets » Wed Feb 27, 2019 5:33 pm

Just seen the latest video the club have put out, a 5 minute interview with the Chairman.

In response to people who say there must be £100m+ in the bank, he said that last time he looked there was £24m.

As an observation from me, the last accounts said that on 30th June 2017 there was £20.1m in the bank.

Hard to judge without seeing total asset figures, but it does make me curious as to where the income since 30th June 2017 has gone. By that I’m not insinuating anything dodgy, just to be clear (to use a Dychism), I am genuinely curious how much of the (guess) £200m in 18 months has gone on buying players, paying off loans, wages, building work etc.

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Re: Mike Garlick says we have £24m in bank

Postby Lancasterclaret » Wed Feb 27, 2019 5:34 pm

Vast majority will be wages and bonuses.

If wages keep going up at the rate they are in the PL, then our ability to compete will be seriously eroded.
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longside72
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Re: Mike Garlick says we have £24m in bank

Postby longside72 » Wed Feb 27, 2019 5:36 pm

Bit more than me then !!

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Re: Mike Garlick says we have £24m in bank

Postby AndyClaret » Wed Feb 27, 2019 5:40 pm

Also said we were 8-10m short of che evans, which begs the question why did we bother ?

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Re: Mike Garlick says we have £24m in bank

Postby bfccrazy » Wed Feb 27, 2019 5:44 pm

AndyClaret wrote:Also said we were 8-10m short of che evans, which begs the question why did we bother ?


We offered what we thought was fair - it was 8-10 mil short of what we found out they wanted once we had offered?

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Re: Mike Garlick says we have £24m in bank

Postby Vegas Claret » Wed Feb 27, 2019 5:53 pm

why on earth would the Chairmen tell anyone how much money is in the bank ? Does he want to pay more in the Transfer window ? guess so
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Re: Mike Garlick says we have £24m in bank

Postby Wokingclaret » Wed Feb 27, 2019 5:57 pm

More stadium plans in the future :)

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Re: Mike Garlick says we have £24m in bank

Postby Damo » Wed Feb 27, 2019 6:03 pm

Vegas Claret wrote:why on earth would the Chairmen tell anyone how much money is in the bank ? Does he want to pay more in the Transfer window ? guess so

Perhaps he is sick of trying to get people on message boards to understand why we don't break the club transfer record each window.

Clearly it isn't going to work
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Re: Mike Garlick says we have £24m in bank

Postby randomclaret2 » Wed Feb 27, 2019 6:04 pm

Sounds a surprisingly low figure to me
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Re: Mike Garlick says we have £24m in bank

Postby Funkydrummer » Wed Feb 27, 2019 6:13 pm

Mind you, that's only one bank account.

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AndyClaret
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Re: Mike Garlick says we have £24m in bank

Postby AndyClaret » Wed Feb 27, 2019 6:14 pm

bfccrazy wrote:We offered what we thought was fair - it was 8-10 mil short of what we found out they wanted once we had offered?


we had 3 bids rejected.

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Re: Mike Garlick says we have £24m in bank

Postby TheFamilyCat » Wed Feb 27, 2019 6:14 pm

randomclaret2 wrote:Sounds a surprisingly low figure to me


How much would you expect it to be and why, just out of interest?

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Re: Mike Garlick says we have £24m in bank

Postby elwaclaret » Wed Feb 27, 2019 6:21 pm

It is a meaningless number, quite rightly. I would assume there are several bank accounts some purely to fund specific tasks for the rest of the season. So a very good way of being open and saying nothing.

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Re: Mike Garlick says we have £24m in bank

Postby Cleveleys_claret » Wed Feb 27, 2019 6:32 pm

Yet we waste close on 30 million on 3 players who warm the bench
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Re: Mike Garlick says we have £24m in bank

Postby Royboyclaret » Wed Feb 27, 2019 6:32 pm

CrosspoolClarets wrote:Just seen the latest video the club have put out, a 5 minute interview with the Chairman.

In response to people who say there must be £100m+ in the bank, he said that last time he looked there was £24m.

As an observation from me, the last accounts said that on 30th June 2017 there was £20.1m in the bank.

Hard to judge without seeing total asset figures, but it does make me curious as to where the income since 30th June 2017 has gone. By that I’m not insinuating anything dodgy, just to be clear (to use a Dychism), I am genuinely curious how much of the (guess) £200m in 18 months has gone on buying players, paying off loans, wages, building work etc.


Must be an awful long time since he "last looked"

Perhaps around July'17.
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Re: Mike Garlick says we have £24m in bank

Postby bfccrazy » Wed Feb 27, 2019 6:33 pm

Vegas Claret wrote:why on earth would the Chairmen tell anyone how much money is in the bank ? Does he want to pay more in the Transfer window ? guess so


Maybe it’s the opposite as many of us expected more to be in the bank which other clubs could also have thought?

If we paid the asking price for Adams it would seem that it would have wiped out this account ..... whereas we thought it would not Ben a big outlay.
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Re: Mike Garlick says we have £24m in bank

Postby Quickenthetempo » Wed Feb 27, 2019 6:33 pm

It is a low amount to have saved unless this year's prem money hasn't been paid yet?

Makes you wonder if our club can continue to function in the premier league on our earnings. The wage bill is in the bottom 3 but rising all the time.

I think we need to get back to buying youngsters and moving them on for a big profit.

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Re: Mike Garlick says we have £24m in bank

Postby bfcmik » Wed Feb 27, 2019 6:34 pm

AndyClaret wrote:we had 3 bids rejected.

And we had outbid the other PL club in the running. Southampton, I think I read at the time.

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Re: Mike Garlick says we have £24m in bank

Postby Clarets4me » Wed Feb 27, 2019 6:35 pm

The last two year's accounts have been published on 5th April, so we'll have to wait a few weeks, I suspect .... even so, that will only give us a " Cash at Bank " figure as at close of business on 30th June 2018 ....

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Re: Mike Garlick says we have £24m in bank

Postby Vino blanco » Wed Feb 27, 2019 6:39 pm

I assume the £24 million will be the Cash at Bank figure, which they will announce in the next set of accounts.

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Re: Mike Garlick says we have £24m in bank

Postby Royboyclaret » Wed Feb 27, 2019 6:42 pm

Clarets4me wrote:The last two year's accounts have been published on 5th April, so we'll have to wait a few weeks, I suspect .... even so, that will only give us a " Cash at Bank " figure as at close of business on 30th June 2018 ....


I did a conservative estimate of the figure to Jun'18 on the "Swansea in trouble: article"....post118, if someone can post a link.

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Re: Mike Garlick says we have £24m in bank

Postby bfccrazy » Wed Feb 27, 2019 6:45 pm

Royboyclaret wrote:I did a conservative estimate of the figure to Jun'18 on the "Swansea in trouble: article"....post118, if someone can post a link.



Not sure there's any mileage in looking as far ahead as Jun'19 and in any case a serious crystal ball would be required to predict so far ahead. Both CT and Spice have conceded that recruitment in the summer of last year should have been better, so let's take a look at the potential positioning of Cash flow at that point.

Opening Cash at Bank........£20.4m........at Jul'17.
Forecast Operating Profit year to Jun'18...........£28m.
Amortisation & Dep'n.............£30m.

Operating Activities for the year.........£58m

Player Registrations - Sales..........£36m.........(Keane £30m less 25% to United & Gray £18m less 20% to Luton).
Player Registrations - Purchases.........£35m........(Wood, Cork, Wells & Walters).
Taxation..........£3m.
Capital Expenditure.........£11m......Gawthorpe Barnfield.

So, £20m + £28m + £30m + £36m - £35m - £3m - £11m.

A potential closing Cash Balance of £65m at Jun'18.......and the highest in our entire history.

Certainly sufficient to give the Board food for thought in terms of financing any incoming deals during the summer.
Possible of course that the transfer purchase figure above may have been structured over stage payments but the same would also apply to transfer sales.

copied and pasted from that thread
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Royboyclaret
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Re: Mike Garlick says we have £24m in bank

Postby Royboyclaret » Wed Feb 27, 2019 6:46 pm

Cheers bfccrazy.

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Re: Mike Garlick says we have £24m in bank

Postby boatshed bill » Wed Feb 27, 2019 6:47 pm

Why doubt the chairman?
Too many just don't realise the cost of running a PL club. The tv money, for the most part, goes to playing staff, management and f""king agents!

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Re: Mike Garlick says we have £24m in bank

Postby wilks_bfc » Wed Feb 27, 2019 6:48 pm

Vegas Claret wrote:why on earth would the Chairmen tell anyone how much money is in the bank ? Does he want to pay more in the Transfer window ? guess so


Tell them less than what you’ve actually got

It’s no different from what I tell mrs_w
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Re: Mike Garlick says we have £24m in bank

Postby Vino blanco » Wed Feb 27, 2019 6:49 pm

If it is a true figure, how many years behind Bolton does it put us?

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Re: Mike Garlick says we have £24m in bank

Postby Bordeauxclaret » Wed Feb 27, 2019 6:50 pm

Like 99.9% of our fans I don’t think we should just be paying whatever it takes.

It’s our lack of ability to identify a range of targets than is annoying for me. We seem to get stuck in a cycle of bidding for one player then when the window shuts roll out the interview where we state the other side wanted unrealistic money.

I suppose time will tell if this new guy has the ability to look for more suitable candidates.

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Re: Mike Garlick says we have £24m in bank

Postby Royboyclaret » Wed Feb 27, 2019 6:52 pm

boatshed bill wrote:Why doubt the chairman?
Too many just don't realise the cost of running a PL club. The tv money, for the most part, goes to playing staff, management and f""king agents!


I don't hear anyone doubting the Chairman, just that "the last time he looked" is far too vague.
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Re: Mike Garlick says we have £24m in bank

Postby Clarets4me » Wed Feb 27, 2019 6:53 pm

I suspect the next accounts will include a hefty bonus for staff & players, based on finishing 7th in the League and qualifying for the Europa League initial stages ..... although it may not be individually set out in the accounts ...

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Re: Mike Garlick says we have £24m in bank

Postby Lancasterclaret » Wed Feb 27, 2019 6:54 pm

We are going to need a substanial amount to continue to rebuild the side.

New LB cover, new RB cover, 2 x new CM covers, 1 x CF cover.

Course, we might raise a lot by sales as well but as always it will be the wages and the contract details that will be the issue.

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Re: Mike Garlick says we have £24m in bank

Postby boatshed bill » Wed Feb 27, 2019 6:54 pm

Royboyclaret wrote:I don't hear anyone doubting the Chairman, just that "the last time he looked" is far too vague.


Perhaps I'm reading certain posts differently to you ;)

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Re: Mike Garlick says we have £24m in bank

Postby duncandisorderly » Wed Feb 27, 2019 6:58 pm

Just so I'm clear from my own limited understanding of finances.....does £24m in bank mean if you put your card in the ATM it will read 24,000,000? Or does it mean 'spendable money', for instance if we had a 30,000,000 overdraft, and we're in it by 6,000,000 then we'd still have 24,000,000.

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Re: Mike Garlick says we have £24m in bank

Postby Royboyclaret » Wed Feb 27, 2019 7:00 pm

Clarets4me wrote:I suspect the next accounts will include a hefty bonus for staff & players, based on finishing 7th in the League and qualifying for the Europa League initial stages ..... although it may not be individually set out in the accounts ...


Indeed it will, in the same way that the previous years' Wage bill of £61.2m included significant bonuses for avoiding relegation.

However, as pointed out several times on the Football Magic Money Tree thread, the Total Wage bill to Jun'18 is restricted in order to comply with P&S regulations. That figure will be circa £70m.

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Re: Mike Garlick says we have £24m in bank

Postby Vegas Claret » Wed Feb 27, 2019 7:04 pm

Damo wrote:Perhaps he is sick of trying to get people on message boards to understand why we don't break the club transfer record each window.

Clearly it isn't going to work


you honestly think for one second he or anyone at the club gives a flying **** about what we put on here ? C'mon Damo :lol:

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Re: Mike Garlick says we have £24m in bank

Postby basil6345789 » Wed Feb 27, 2019 7:06 pm

It's a reasonable level of working capital for this business.

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Re: Mike Garlick says we have £24m in bank

Postby buzzclarets79 » Wed Feb 27, 2019 7:13 pm

Still amazes me that some people think that the TV money is paid in a lump sum, like one Monday morning we get a cheque in the post for £100m :lol: :lol:

£24m in the bank....today you can withdraw £350 :D :D :D

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Re: Mike Garlick says we have £24m in bank

Postby ClaretAL » Wed Feb 27, 2019 7:14 pm

I must be missing something, but we have been sitting at the top table, hardly spent anything in comparison, and made £7M since the 2017 return? so are we saying that all the other clubs in the premiere league are basically surviving on income from outside of the league? If that is so then where is the FFP because straight away what is the point in being in the league if you dont have the backing? Or is it more that the directors have taken an extra special pat on the back? I just dont understand why everyone strives to be in the Premier league which is supposedly awash with money due to sky but we dont have any after 3 years of not spending anywhere near other clubs and with the lowest wage bill, so where is the money?

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Re: Mike Garlick says we have £24m in bank

Postby Sheedyclaret » Wed Feb 27, 2019 7:30 pm

Wheres the money, i am guessing the majority goes on 1st team staff and players wages.

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Re: Mike Garlick says we have £24m in bank

Postby tim_noone » Wed Feb 27, 2019 7:33 pm

I couldn't give a flying f... What's in Burnleys Bank account or anyone else's for that matter.
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Re: Mike Garlick says we have £24m in bank

Postby randomclaret2 » Wed Feb 27, 2019 7:37 pm

You should...its quite important

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Re: Mike Garlick says we have £24m in bank

Postby Quickenthetempo » Wed Feb 27, 2019 7:45 pm

Vegas Claret wrote:you honestly think for one second he or anyone at the club gives a flying **** about what we put on here ? C'mon Damo :lol:

Stan Ternent certainly did (clarets mad)

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Re: Mike Garlick says we have £24m in bank

Postby Vegas Claret » Wed Feb 27, 2019 7:51 pm

Quickenthetempo wrote:Stan Ternent certainly did (clarets mad)


really ? bonkers

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Re: Mike Garlick says we have £24m in bank

Postby CrosspoolClarets » Wed Feb 27, 2019 7:55 pm

boatshed bill wrote:Too many just don't realise the cost of running a PL club.


Perhaps, but some of us know roughly how much it costs to run a PL football club, because we are experienced accountants skilled at interpretating a set of accounts as well as “reading between the lines” what does not need to be shown in the accounts.

I would tend to agree with Royboy that my instinct would have been that last summer we would have had north of £50m in the bank, and I would have expected that now (cash flow permitting regarding timing of Premier League payments) we would have had north of £75m. The Chairman’s fairly precise figure of £24m thus comes as a big surprise, unless something has happened that we are unaware of.

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Re: Mike Garlick says we have £24m in bank

Postby Claretforever » Wed Feb 27, 2019 7:56 pm

What I find astonishing is the amount of time I have to explain to other fans that we actually have outgoings as well as income. A lot of people seem to think we have earned £400m from the Premier League so we must have £400m in the bank!

And then there are the fans who think that you get £100m from the Premier League, AND THEN you get the TV money on top. Explaining to them that it’s just broken down in a certain way is like talking to a wall.

Mind you, I did expect the cash in bank figure to be closer to £40m+ if I’m honest.

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Re: Mike Garlick says we have £24m in bank

Postby Quickenthetempo » Wed Feb 27, 2019 8:01 pm

Vegas Claret wrote:really ? bonkers

He complains about not getting a signing on loan (man u youngster) because it was posted on Clarets Mad.

The Interview is on YouTube.

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Re: Mike Garlick says we have £24m in bank

Postby Vegas Claret » Wed Feb 27, 2019 8:04 pm

Quickenthetempo wrote:He complains about not getting a signing on loan (man u youngster) because it was posted on Clarets Mad.

The Interview is on YouTube.


not seen that, i'll have a look

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Re: Mike Garlick says we have £24m in bank

Postby Imploding Turtle » Wed Feb 27, 2019 8:06 pm

We're saving up for a Premier League title winning team.

Will be a while yet.

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Re: Mike Garlick says we have £24m in bank

Postby TsarBomba » Wed Feb 27, 2019 8:09 pm

Wokingclaret wrote:More stadium plans in the future :)


It’s really now or never, regarding the CFS and to a lesser extent the Bob Lord.

We’ve absolutely done the right thing in prioritising the playing squad and training ground, but long term, we’re squandering money by titivating.

We need to bite the bullet and get on with it. It doesn’t have to be fancy. A new stand to replace the CFS, of similar proportion, and with safe standing, will do fine. And perhaps an extension on the back of the Bob Lord to add more ‘premium’ seating.

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Re: Mike Garlick says we have £24m in bank

Postby Imploding Turtle » Wed Feb 27, 2019 8:14 pm

Quickenthetempo wrote:He complains about not getting a signing on loan (man u youngster) because it was posted on Clarets Mad.

The Interview is on YouTube.



Was it Ole?

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Re: Mike Garlick says we have £24m in bank

Postby Bordeauxclaret » Wed Feb 27, 2019 8:23 pm

TsarBomba wrote:It’s really now or never, regarding the CFS and to a lesser extent the Bob Lord.

We’ve absolutely done the right thing in prioritising the playing squad and training ground, but long term, we’re squandering money by titivating.

We need to bite the bullet and get on with it. It doesn’t have to be fancy. A new stand to replace the CFS, of similar proportion, and with safe standing, will do fine. And perhaps an extension on the back of the Bob Lord to add more ‘premium’ seating.


Fixing the roof while the sunshine’s. I wonder if they are waiting for any potential change in legislation in regards to standing.


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