Transfer embargo - update?

[Ightenhill_Claret]

Just checked the EFL embargo reporting service page and it looks like the club might now have provided the profit and loss account because P&S Regulation 2.1.3 is no longer showing under our name.

Been a few days since I checked so apologies if I missed it from a couple of days ago and it's already been discussed on here.

Embargo.png (13.87 KiB) Viewed 10316 times

[Nori1958]

Just checked the EFL embargo reporting service page and it looks like the club might now have provided the profit and loss account because P&S Regulation 2.1.3 is no longer showing under our name.

Been a few days since I checked so apologies if I missed it from a couple of days ago and it's already been discussed on here.

Embargo.png

Hope you're right, but thought one of the experts would have reported this....well done if you've spotted something nobody else has

[Devils_Advocate]

I think regulation 16.2 relates to where a football club deliberately fields a weakened team in a way that undermines the integrity of the competition

[RVclaret]

Good spot!

Think that was the 22-23 accounts forecast.

[Bosscat]

Just checked the EFL embargo reporting service page and it looks like the club might now have provided the profit and loss account because P&S Regulation 2.1.3 is no longer showing under our name.

Been a few days since I checked so apologies if I missed it from a couple of days ago and it's already been discussed on here.

Embargo.png

Doesn't regulation 16.2 refer to the non submission of accounts

P&S Regulation 2.1.3 is about Profit and sustainability regarding ffp ... but hey ho I am not up on the regulations

[claretburns]

For the 21/22 EFL season 16.2 is as follows:

16.2 - Each club shall submit a copy of its annual accounts (as defined in regulation 16.3 below) to The League, but in any event:
16.2.1 - by no later than 1 March following the end of the financial year to which those Annual Account relate (in the case of a Championship Club); or
16.2.2 - by no later than the date on which the Club is required to file its accounts at Companies House (in case of League One and League Two Clubs).

So unless the regulations have had a complete overhaul for the 22/23 season the 16.2 regulation attached to us is for submitting late accounts.

[pureclaret]

I think 16.2 is to do with Accounts

[claretburns]

Doesn't regulation 16.2 refer to the non submission of accounts

P&S Regulation 2.1.3 is about Profit and sustainability regarding ffp ... but hey ho I am not up on the regulations

Correct, 16.2 refers to non/late submission of accounts.

2.1.3 relates to profit and loss as below:

2.1.3 its estimated profit and loss account and balance sheet for T which shall:

(a) be prepared in all material respects in a format similar to the Club’s Annual Accounts; and

(b) be based on the latest information available to the Club and be, to the best of the Club’s knowledge and belief, an accurate estimate as at the time of preparation of future financial performance; and

(c) if Rule 2.5 applies to the Club its P&S Calculation in a form approved by The League from time to time and which as at the date of these Rules is set out in Annex 1; and

2.1.4 full details of each and any Associated Party Transaction.

[Ightenhill_Claret]

Doesn't regulation 16.2 refer to the non submission of accounts

P&S Regulation 2.1.3 is about Profit and sustainability regarding ffp ... but hey ho I am not up on the regulations

Yeah it looks like the club have provided the profit and loss update needed to clear that regulation from the embargo. Perhaps the accounts were submitted at the same time and are just being checked over by the EFL?

[timscoot]

There are no embargoes listed now on the EFL reporting service page

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

The Reading on will have gone with their 6 point deduction

So possibly ours has gone too ?

[Enola Gay]

There are no embargoes listed now on the EFL reporting service page

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

The Reading on will have gone with their 6 point deduction

So possibly ours has gone too ?

Click the "+" on the rioht and it shows us and Reading.

[GodIsADeeJay81]

Screenshot_20230424-173548.png (163.25 KiB) Viewed 9586 times

It's still there, as is Reading's

[gawthorpe_view]

There are no embargoes listed now on the EFL reporting service page

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

The Reading on will have gone with their 6 point deduction

So possibly ours has gone too ?

Click on the + symbol, ourselves and Reading are still there.

[timscoot]

[Chester Perry]

Just checked the EFL embargo reporting service page and it looks like the club might now have provided the profit and loss account because P&S Regulation 2.1.3 is no longer showing under our name.

Been a few days since I checked so apologies if I missed it from a couple of days ago and it's already been discussed on here.

Embargo.png

this is an update that has been made today, I believe - so that is the estimates for the current season delivered, it would seem - just awaiting last seasons accounts being accepted by the EFL now.

[Always be a Claret]

I was told by someone who knows that the accounts would be submitted by the end of this month. Hopefully they are OK and we move forward. Cant really understand how we didnt comply in the first place.

[Eddiebfc]

Anyone heard anymore on this? With 30th being today I was thinking that the accounts would have been submitted on Friday? Hoping that they will answer a lot of questions on debt, Dyche, wage bill etc.

[NewClaret]

Pushing it, aren’t we?! Have been pretty chilled on this but hoping it’s resolved early next week, or a clear update from the club published for transparency.

[warksclaret]

Quite relaxed that we can keep VK at the club, but the longer the delay in sorting out this issue with the accounts , the more damaging it is for the club. We know what a great planner VK is-he was apparently sounding out new players before we announced he was our manager last June. He needs to know its 100% resolved so he can plan our team for the PL

[Firthy]

You would have thought that with the season we've had and playing in the Premier League next season that they would have been working day and night to get this resolved in time. Hopefully they have?

[Rowls]

Does this thread remind anyone else of Red Dwarf?

[NewClaret]

You would have thought that with the season we've had and playing in the Premier League next season that they would have been working day and night to get this resolved in time. Hopefully they have?

You would hope so.

I can’t help but think this has just been delayed until the very last minute because it’s not going to make good reading in terms of how the takeover has been structured. But I’d rather our accounts were just filed and we all know where we stand.

[arise_sir_charge]

You may be correct but last minute filing is nothing new and a lot of the takeover stuff has been covered in previous accounts.

[Darnhill Claret]

VK will be in the loop with the chairman. It is a joint venture with VK set to prove to the football world that you can have success outside of the big 6. Brighton, Brentford and Fulham currently leading the way. Next season the plan is to considered as being part of that group.

[NewClaret]

You may be correct but last minute filing is nothing new and a lot of the takeover stuff has been covered in previous accounts.

What I’m expecting is more cash out to fund instalments, much lower cash balance, hopefully something confirming debt has been repaid (or not).

But to be honest I really don’t care - we’re in much better shape than when we were hoarding cash and fattening the balance sheet but forgetting that a football clubs main purpose is the team - I just want them filed so we can get this embargo lifted & look forward to the Prem.

[Nonayforever]

You would hope so.

I can’t help but think this has just been delayed until the very last minute because it’s not going to make good reading in terms of how the takeover has been structured. But I’d rather our accounts were just filed and we all know where we stand.

Agree to a point.
Bad news is bad news whether it posted today, tomorrow or yesterday.
I'm more inclined to think that some massaging is being explored as to what can be seen UK and seen (not) USA

[Chester Perry]

...I can’t help but think this has just been delayed until the very last minute because it’s not going to make good reading in terms of how the takeover has been structured. But I’d rather our accounts were just filed and we all know where we stand.

Personally not expecting anything too surprising, though I am expecting a flurry of submissions - along with the 4 directly attached to the club (Burnley FC Holdings Limited, Burnley Football and Athletic Club Limited, Longside Properties Limited and Burnley FC Women Limited) we should finally have accounts for Kettering Capital Limited, Calder Vale Holdings Limited and possibly ALK Capital Limited.

Last year the filings appeared to public view on May 3rd.

[Chester Perry]

What I’m expecting is more cash out to fund instalments, much lower cash balance, hopefully something confirming debt has been repaid (or not).

But to be honest I really don’t care - we’re in much better shape than when we were hoarding cash and fattening the balance sheet but forgetting that a football clubs main purpose is the team - I just want them filed so we can get this embargo lifted & look forward to the Prem.

Not all the cash out will be to CVHL and MSD - there will be some to Longside Properties Limited to cover the cost of infrastructure improvements at both the Turf and Gawthorpe - mainly the hospitality refresh in these accounts. Previously that has all been financed via related company loans. that means though the asset value at LPL is high - it is likely to be very similar to the debt it owes to group companies

[RVclaret]

Not all the cash out will be to CVHL and MSD - there will be some to Longside Properties Limited to cover the cost of infrastructure improvements at both the Turf and Gawthorpe - mainly the hospitality refresh in these accounts. Previously that has all been financed via related company loans. that means though the asset value at LPL is high - it is likely to be very similar to the debt it owes to group companies

Will be interesting to see how much Dyche and co were paid off, presuming there’s some details for that.

[Chester Perry]

Will be interesting to see how much Dyche and co were paid off, presuming there’s some details for that.

If we continued just paying them as per contract - then Everton will have saved us a fortune - from what I can tell they just picked up his contract when they took him on (including the bonuses)

[NewClaret]

Last year the filings appeared to public view on May 3rd.

Thanks for that CP. Gives some hope they’ve been filed and are just being processed.

Like you say, there will be a flurry of them and probably a lot to learn from them collectively. Hope you’ve got a week off planned for some full analysis

[Cirrus_Minor]

Anyone heard anymore on this? With 30th being today I was thinking that the accounts would have been submitted on Friday?

A full day after the bank holiday now completed after the completion date, and was expecting this to be a main point of discussion, hopefully now sorted. All talk of transfers for next season are pivotal on this. Has anybody heard anything?

[Paul Waine]

A full day after the bank holiday now completed after the completion date, and was expecting this to be a main point of discussion, hopefully now sorted. All talk of transfers for next season are pivotal on this. Has anybody heard anything?

Maybe EFL finance team have enjoyed an extended bank holiday weekend.

There's no rush in getting the embargo lifted. Transfer window isn't open yet.

We will know the accounts have been submitted to EFL when we see them filed at Companies House. It may be that they will also be posted on BFC's website shortly after they appear on Companies House.

It's only 2nd May. Last year the accounts - which were signed off on 28th April 2022 - appeared on Companies House on 4th May.

UTC

[Cirrus_Minor]

Cheers Paul W

[Chester Perry]

posted on the takeover thread but works just as well here

and yet the transfer embargo is still live re rule 16.2 - it is worthwhile looking at that rule again

16.2 Each Club shall submit a copy of its Annual Accounts (as defined in Regulation 16.3 below) to The League, but in any event:

16.2.1 by no later than 1 March following the end of the financial year to which those Annual Accounts relate (in the case of a Championship Club); or

16.2.2 by no later than the date on which the Club is required to file its accounts at Companies House (in case of League One and League Two Clubs).

the rule appears to be about the submission of a full set of signed off accounts - not the inspection and approval of those accounts to the EFL

So it follows that a full set of signed off accounts have not been submitted as of yesterday - as it would be reasonable to expect the embargo to be lifted the same day as submission - once the pack has been verified as containing the full set of required (signed off) contents.

[timscoot]

Looks like the embargo has gone

[bfcjg]

Embargone.

[RVclaret]

Ahhhh.

[claretonthecoast1882]

Why haven't we signed anyone yet

[pompeyclaret]

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

officially gone but no announcement?

[warksclaret]

Just keeps getting better-the good times are here

[claret wizard]

Surprised there's not a thread on the accounts, but looks like a £36M profit which would have been a £3M loss except for player sales. But of course, player sales is part of the model! Refinanced the loan to a UK company at 7.5%. Guess someone is writing a much longer thread with more knowledge than mine on the accounts. All looks good though!

[NewClaret]

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

officially gone but no announcement?

Brilliant news!

This, JJ’s investment and the documentary being announced has made this a brilliant week to be a claret.

[RVclaret]

Surprised there's not a thread on the accounts, but looks like a £36M profit which would have been a £3M loss except for player sales. But of course, player sales is part of the model! Refinanced the loan to a UK company at 7.5%. Guess someone is writing a much longer thread with more knowledge than mine on the accounts. All looks good though!

http://www.uptheclarets.com/messageboar ... tart=11350

[RVclaret]

Brilliant news!

This, JJ’s investment and the documentary being announced has made this a brilliant week to be a claret.

New Kompany contract to top it off?

[jedi_master]

I hope the second that embargo was lifted that we sent BMG the cash for Beyer.

[CaptainKirk]

Surprised there's not a thread on the accounts, but looks like a £36M profit which would have been a £3M loss except for player sales. But of course, player sales is part of the model! Refinanced the loan to a UK company at 7.5%. Guess someone is writing a much longer thread with more knowledge than mine on the accounts. All looks good though!

Someone's not paying attention!!

[TheFamilyCat]

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

officially gone but no announcement?

Screenshot_2023-05-05-17-44-42-66_1c337646f29875672b5a61192b9010f9.jpg (297.75 KiB) Viewed 3246 times

[NewClaret]

New Kompany contract to top it off?

We’re talking dreamland stuff there RV!

[boatshed bill]

Great news.