Transfer embargo

[agreenwood]

.....so JJ Watt was here just as a fan at yesterday's game ?....surely he wouldn't want to invest in a club with dodgy dealings....would he ?

No idea, but I’m guessing filing accounts late and being sanctioned by the league isn’t generally seen as a positive sign by would-be investors.

[Oldparkwood]

PANIC….

[HistoricalClaret]

The club statement is a credible explanation. The parent company of my place where I work changed the auditors on is one year (an American thing) and we filed late. Took us ages to regain our outstanding credit rating

Nah fella that too sensible and isnt blind doomsdaying can't be having that here begone with your sensibility.

[Vino blanco]

I’ve never seen as much unfounded speculation in my life on Uptheclarets, and that takes some doing.

[Tall Paul]

Is this likely to affect the club’s ability to borrow then?

No, because the deadline they've missed is the EFL's, not Companies House's.

[Spike]

.....so JJ Watt was here just as a fan at yesterday's game ?....surely he wouldn't want to invest in a club with dodgy dealings....would he ?

Surely it would make more sense to get the accounts and other things in order rather than mess about with Creating social media posts.
Yet again the school report for Alan Pace must be try harder

[Nori1958]

Anyone who thinks this isn't concerning is living in cloud cuckoo land

If (and I appreciate it a big if) its more than what the club are saying (and lets face it, every club that has gone bust ever has lied about stuff like this) then we could (and I appreciate could also be doing lots of heavy lifting) have significant issues going forward with the league AND the other teams at this level

Its not good news, or stuff to shrugged off without worrying about it

So the club are telling lies ?

[taio]

It will all blow over, and it will be fine.

Should do hopefully. But the reaction is certainly not bed wetting. Do you really think that when the club releases such a statement it should not get discussed on here where some people will raise concerns?

[Rileybobs]

It will all blow over, and it will be fine.

Maybe it will. Maybe it won’t. Hopefully it will.

Either way, it’s going to be discussed on here as it is very significant news. You don’t want people to discuss it because it differs from your predetermined views of our ownership - but that’s your problem.

[NottsClaret]

Surely it would make more sense to get the accounts and other things in order rather than mess about with Creating social media posts.
Yet again the school report for Alan Pace must be try harder

To be fair, it's unlikely the social media team are also tasked with preparing the accounts. Hope not anyway.

[jedi_master]

I take it that this is related to the same issues that Chester Perry has been raising for several months (late filings/no filings of accounts)? I think the - potentially - concerning thing about it is that whilst it clearly is ‘an administrative error’, let’s hope that it is purely laziness and lack of professionalism as opposed to a desire to obfuscate the realities of our finances for reasons unknown.

[Rileybobs]

No, because the deadline they've missed is the EFL's, not Companies House's.

Cheers TP.

[HistoricalClaret]

Should do hopefully. But the reaction is certainly not bed wetting. Do you really think that when the club releases such a statement it should not get discussed on here where some people will raise concerns?

It is bed wetting it always is on this thread the fact is the club despite not needing too made a clear and concise statement about what's occurred, why its occurred and when it will be resolved the only way of declaring that as something more than it is would be to accuse the club of lying on an official platform about an official process which is I would say quite arrogant.

[Newcastleclaret93]

Slightly concerning as I am not sure how often the EFL hand out embargo’s over nothing? It would suggest that there is perhaps more to this.

Let’s just hope it is purely an administrative error that can be resolved quickly. As others have said it would be a shame for this excellent season to be marred by this.

[agreenwood]

I’ve never seen as much unfounded speculation in my life on Uptheclarets, and that takes some doing.

Where’s the “as much unfounded speculation”?

We’ve had to admit we’ve been sanctioned for filing our accounts late. Several posters have expressed concern. Nobody is suggesting we’re about to go into administration or that there’ll be a points deduction etc. In fact there’s very little speculation on this thread at all. Just some people saying it’s a worry or not a great look.

[gandhisflipflop]

Should do hopefully. But the reaction is certainly not bed wetting. Do you really think that when the club releases such a statement it should not get discussed on here where some people will raise concerns?

There are fans that will jump at any opportunity to say ‘I told you so’. I’m not saying it shouldn’t be discussed on here but the club have released a statement, and we have no reason to believe that it isn’t genuine, the rest is pure speculation and yes, bedwetting panic mode. We are nearly promoted, do you really think that we are in financial trouble with another years worth of PL TV money on the horizon, and new investor at the club yesterday?

We will be fine, just like we were always going to be fine in the summer.

[Rileybobs]

It is bed wetting it always is on this thread the fact is the club despite not needing too made a clear and concise statement about what's occurred, why its occurred and when it will be resolved the only way of declaring that as something more than it is would be to accuse the club of lying on an official platform about an official process which is I would say quite arrogant.

Well obviously the club didn’t need to make a statement, but it is hugely in their own interests to do so.

[taio]

There are fans that will jump at any opportunity to say ‘I told you so’. I’m not saying it shouldn’t be discussed on here but the club have released a statement, and we have no reason to believe that it isn’t genuine, the rest is pure speculation and yes, bedwetting panic mode. We are nearly promoted, do you really think that we are in financial trouble with another years worth of PL TV money on the horizon, and new investor at the club yesterday?

We will be fine, just like we were always going to be fine in the summer.

Who has panicked or wet the bed?

[1989_claret]

Surely it would make more sense to get the accounts and other things in order rather than mess about with Creating social media posts.
Yet again the school report for Alan Pace must be try harder

Post of the year this

[Lancasterclaret]

Nah fella that too sensible and isnt blind doomsdaying can't be having that here begone with your sensibility.

I don't get this response at all

All people are pointing out is that its not a good sign, and COULD be a sign of major problems

It COULD also be what the club says it is

Whatever it is, its not something that can be dismissed as casually as is being done by some on this thread

[claptrappers_union]

I can see that people are already wetting themselves at this news.

775F5C86-07FB-4EF0-B097-40EDB98BBFAC.jpeg (106.53 KiB) Viewed 1169 times

Spot Ghandis southern cousin in the crowd

[claret2018]

These things happen in the audit world, it appears to me that there’s nothing at all to be concerned about. Not ideal, but not a huge negative

[agreenwood]

Who has panicked or wet the bed?

Nobody.

I think the problem is that people just want this to go away quickly and not tarnish a fantastic season. I do too, but I’m not sure not talking about it will resolve it any quicker.

[Duffer_]

Reaaaaaching

You'll have to enlighten me I'm afraid. Whilst you're doing that, perhaps you might like to explain to me how changing auditor moves the Club forward? Let's say you had concerns with the incumbent's ability to do the job within the required timescales, wouldn't you look to transition the work in a controlled manner that fully mitigated that risk? My point is that the auditors do not provide a particularly value additive or strategically beneficial service. It is a perfunctory task, albeit a necessary one. It should, therefore, be measured on it's efficacy. If the stated aim was to move the Club forward, it has been a complete failure.

[gandhisflipflop]

775F5C86-07FB-4EF0-B097-40EDB98BBFAC.jpeg

Spot Ghandis southern cousin in the crowd

The unfunniest post of the year contender right there.

[HistoricalClaret]

I don't get this response at all

All people are pointing out is that its not a good sign, and COULD be a sign of major problems

It COULD also be what the club says it is

Whatever it is, its not something that can be dismissed as casually as is being done by some on this thread

I mean it can because its a non-issue wanna know when it becomes an issue when the accounts dont come out before MAY or if they come out and we are 300 million pounds in debt if either of those two scenarios occur give me a call

[Milltown1882]

Good job we only have ten more games and 0 transfer windows left in the EFL ain’t it.

[claptrappers_union]

The unfunniest post of the year contender right there.

It's not supposed to be funny. I suspect the point of it have flown right over your head

[Lancasterclaret]

I mean it can because its a non-issue wanna know when it becomes an issue when the accounts dont come out before MAY or if they come out and we are 300 million pounds in debt if either of those two scenarios occur give me a call

So there are no ramifications from the EFL if it turns out we've been bending financial rules?

Good to know

[arise_sir_charge]

I’m not concerned on the basis that there is no way in earth that we are in breach of FFP which is what this all relates to.

Also, the settlement of the charge, the existence of new investors etc, all points to finances being fine.

[gandhisflipflop]

It's not supposed to be funny. I suspect the point of it have flown right over your head

No, it really didn’t. I just don’t believe we are anywhere near the likes of Portsmouth.

[aggi]

it would midway through the auditing process at which point the new auditor has to go through the full process with half the time which according to the club is the case here

The historic fee for the whole group for everything is under £100k, this element clearly isn't that substantial.

If they did change so late that the auditor really couldn't complete the work then the question is obviously why did they change so late.

[TPClaret]

Aren’t Sheff Utd under a transfer embargo

[RVclaret]

So there are no ramifications from the EFL if it turns out we've been bending financial rules?

Good to know

It's accounts from our Premier League season. Not this season. We probably made a decent profit in the accounts last season.

[HistoricalClaret]

You'll have to enlighten me I'm afraid. Whilst you're doing that, perhaps you might like to explain to me how changing auditor moves the Club forward? Let's say you had concerns with the incumbent's ability to do the job within the required timescales, wouldn't you look to transition the work in a controlled manner that fully mitigated that risk? My point is that the auditors do not provide a particularly value additive or strategically beneficial service. It is a perfunctory task, albeit a necessary one. It should, therefore, be measured on it's efficacy. If the stated aim was to move the Club forward, it has been a complete failure.

Let me explain how it moves us forward. Our old auditing firm was a small one located in Haslingden which for one reason or another its been decided was not sufficient therefore the club decided to opt for a new auditing firm that would be more sufficient. From the way this statement is worded finding a new firm with the right capabilities took longer than expected and as such has led to delays in the auditing process which is now almost complete with initial account drafts already provided to the EFL and the final set expected before the end of April. When I say reaching i am making it clear that people are intentionally and frustratingly trying to make the issue out to be bigger than it is to suit their ever prevalent narrative which has been consistently spat in the face of mind by Alan Pace, Mike Smith and Stuart Hunt who have proven to be more competent than many on this platform would give them credit for.

[clarethomer]

Slightly concerning as I am not sure how often the EFL hand out embargo’s over nothing? It would suggest that there is perhaps more to this.

Let’s just hope it is purely an administrative error that can be resolved quickly. As others have said it would be a shame for this excellent season to be marred by this.

https://www.efl.com/-more/governance/embargoes/

2 clubs under embargo - now 3 with us.

Reading and Sheff Utd currently.

[HistoricalClaret]

Aren’t Sheff Utd under a transfer embargo

Yes

[Lancasterclaret]

I reckon there is a balance between pretending everything is okay and thinking its the end of the world

I also reckon that anyone with a reasonable memory and a reasonable grasp of maths could work out that we could potentially (I STRESS THE WORD COULD!) have financial issues

If it helps, I'm inclined to believe that it is an administration issue, but I'm also a cautious chap when it comes to money so I do wonder (and worry!) that its more

[KRBFC]

Tainted our season amongst the rest of the country, the non BFC fans don't give a toss about the context, just the headline.

[scouseclaret]

Interesting choice of words. The reason used for changing auditors was to move the Club forward. Success is the auditors confirming the accounts give a true and fair view and the statutory accounts being filed on time. On the face of it the output looks like a backwards move which raises the possibility that the former auditors raised concerns. Not saying that is the case but it feels like unnecessary stress.

Thai was my first thought. Surely if you change you auditor, you do so with sufficient notice for them to complete the job on time, unless it’s midway through the audit. This suggests that some sort of dispute had arisen with the previous auditor. Maybe they were refusing to give an unqualified sign-off?

[Vincent'sCap]

15 point deduction incoming and Vincent seeing all his hard work going to waste

[jordsclarets]

I look after a number of large businesses in my job. One changed auditors as their old ones, they believed, were poor. This led to them not being able to file their accounts in time. This is due to auditors having finite resource and they Will plan their audits for the year in advance.

[Rileybobs]

Let me explain how it moves us forward. Our old auditing firm was a small one located in Haslingden which for one reason or another its been decided was not sufficient therefore the club decided to opt for a new auditing firm that would be more sufficient. From the way this statement is worded finding a new firm with the right capabilities took longer than expected and as such has led to delays in the auditing process which is now almost complete with initial account drafts already provided to the EFL and the final set expected before the end of April. When I say reaching i am making it clear that people are intentionally and frustratingly trying to make the issue out to be bigger than it is to suit their ever prevalent narrative which has been consistently spat in the face of mind by Alan Pace, Mike Smith and Stuart Hunt who have proven to be more competent than many on this platform would give them credit for.

Why would the club terminate their contract with the previous auditor before having identified a suitable replacement? This is why people are ‘reaching’, because it seems so incredibly sloppy for such seasoned businessmen that it brings the explanation into question.

[GaryClaret]

Why can’t we just submit things on time? Why is everything tinged (or worse) with corruption at the moment? Football was supposed to be an escape. I wonder whether we’re taking this impersonation of Man City a little far now.

[HistoricalClaret]

Why would the club terminate their contract with the previous auditor before having identified a suitable replacement? This is why people are ‘reaching’, because it seems so incredibly sloppy for such seasoned businessmen that it brings the explanation into question.

Because they dont want to continue forking out money for a service that will not be concluded think that's pretty obvious ICL.

[Vegas Claret]

even Nixon is saying it's just an admin issue and no problem

[NewClaret]

I’m personally most concerned about why we’d need to change auditors. A financial audit is an administrative practice and so I don’t see why we’d choose to change to “improve” the club or “move it forward”.

The obvious explanation would be that the previous auditors were not willing to sign off the accounts so we were forced to change? Does anyone know who the previous auditors were?

[NewClaret]

even Nixon is saying it's just an admin issue and no problem

That is slightly reassuring

[Duffer_]

Let me explain how it moves us forward. Our old auditing firm was a small one located in Haslingden which for one reason or another its been decided was not sufficient therefore the club decided to opt for a new auditing firm that would be more sufficient. From the way this statement is worded finding a new firm with the right capabilities took longer than expected and as such has led to delays in the auditing process which is now almost complete with initial account drafts already provided to the EFL and the final set expected before the end of April. When I say reaching i am making it clear that people are intentionally and frustratingly trying to make the issue out to be bigger than it is to suit their ever prevalent narrative which has been consistently spat in the face of mind by Alan Pace, Mike Smith and Stuart Hunt who have proven to be more competent than many on this platform would give them credit for.

If the motivation to change auditor was to be "more sufficient", how is that to be measured? As I say, sufficient is a true and fair opinion within timescales that do not cause us operational issues. If the search was taking too long then it would make sense to delay the transition.

As for your explanation of "Reaaaaching" which was in response to my post, you are making a lot of unfounded assumptions. I was simply considering possibilities but your response says a lot more about your motivation than mine.

[Rileybobs]

even Nixon is saying it's just an admin issue and no problem

I’m not suggesting it isn’t an admin issue, but how the hell would Alan Nixon know?