Transfer embargo

[agreenwood]

What does Nixon have to do with our accounts?

[Rileybobs]

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

Well it seems like they have forked out money for a service that hasn’t been concluded.

[clarethomer]

Here are the FAQs from the EFL.

https://www.efl.com/-more/governance/em ... goes-faqs/

If I have read this correctly - I think this statement has been produced because they know that the club cannot meet the required reporting in the 2 days that they have before the club gets their name published on the public list.

However, I also don't see any other sanctions mentioned on here other than the fact that its an embargo until the league are satisfied that our accounts show the required information they need.

It's disappointing but it doesn't seem like a massive issue proving we get the audited accounts to the EFL in due course.

[RVclaret]

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

Club contacts? He seemed to know the ins and outs of the Lewis O'Brien saga with Rovers/EFL recently and is on top of the Wigan thing at the min.

[jedi_master]

Why was the auditor from Haslingden never late completing his/her duties under Mike Garlick et al (I assume it was the same one). It just seems a bit weird to appoint a new one midway through important work being completed, thereby resulting in an EFL issued transfer embargo.

I assume that this documentation required is a simple matter and we’ll be reported to be ‘out of embargo’ in the next few days. There is no reason whatsoever not to be, is there? I won’t worry, the clubs statement has to be taken at face value doesn’t it.

[123EasyasBFC]

Anyone else think it’s strange how there’s been no statement from the EFL regarding this?

[daveisaclaret]

It's a fairly common thing for "journalists" of Nixon's ilk to repeat whatever a club tells them in order to stay in the good books and get little bits of info. Don't think I would change my opinion based on him saying something.

I'm in the camp that says it's probably just an admin issue but I don't think that means it's fine. It's a bit crap.

Quite embarrassing the people getting defensive about it though.

[NewClaret]

Here are the FAQs from the EFL.

https://www.efl.com/-more/governance/em ... goes-faqs/

If I have read this correctly - I think this statement has been produced because they know that the club cannot meet the required reporting in the 2 days that they have before the club gets their name published on the public list.

However, I also don't see any other sanctions mentioned on here other than the fact that its an embargo until the league are satisfied that our accounts show the required information they need.

It's disappointing but it doesn't seem like a massive issue proving we get the audited accounts to the EFL in due course.

Thanks clarethomer that is reassuring also.

[Swizzlestick]

Does raise some pretty pertinent questions as to why they’re changing auditors so late down the line. It’s unwelcome news for the club in what has been a pretty perfect season so far. If I’ve interpreted correctly, they’ve missed the EFL deadline for the club accounts. This would be on top of missing the Companies House deadlines for the various entities int eh group structure. It’s not great - and I’ve defended them for the latter indiscretions - but this suggests a certain level of incompetency at best and needs sorting sharpish.

[GodIsADeeJay81]

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

2 clubs under embargo - now 3 with us.

Reading and Sheff Utd currently.

Theirs are more serious than ours, without sounding flippant.

[NewClaret]

What does Nixon have to do with our accounts?

He presumably has contacts in the footballing world that have corroborated BFC’s statement.

[Andreshotboots]

Not a great 8 days for the club though.
After the Blackpool incident, everybody thinks we're **** off the pitch, and now social media is alive saying we're cheats on it!!

[Rileybobs]

Club contacts? He seemed to know the ins and outs of the Lewis O'Brien saga with Rovers/EFL recently and is on top of the Wigan thing at the min.

Well the club have released a press statement claiming that the embargo is due to administrative reasons - so having contacts within the club to ratify that statement adds absolutely no more clarity. This is completely different to transfer dealings which will trickle much further down the chain.

Nixon’s comments on this are worthless.

[HistoricalClaret]

He presumably has contacts in the footballing world that have corroborated BFC’s statement.

Nixon has sources within the EFL that can confirm or deny the statement

[agreenwood]

Even if it does prove to be something and nothing, it’ll be in the media cycle for a few days at least now and VK, if not the players, are going to be asked about it.

I’m sure he’ll be as uber professional as ever, but he’s not going to welcome this noise during the run in.

[MrTopTier]

Chester Perry wrote: ↑
A quick and hopefully single break of my Lenten fast of not posting

As you point out there is little commercial logic for a full repayment as a result of investment in the ownership group - people must always remember the owners are looking for investment in themselves not the club specifically, investment in ALK/Velocity is not investment in the club, neither for that matter is the repayment of loans the club made to Calder Vale Holdings Limited.

To my mind all this points to the MSD loan being replaced by a loan from Velocity Sports Partners LLC/Velocity Sports Limited (Jersey), in all probability dating back to mid-November last year. Whether it is a temporary one while a more suitable commercial one is found following promotion or for the long term is an intriguing question.

As an aside the owners late filing malaise has now infected our club, the Confirmation Statement for Burnley FC Women Limited is now 2 weeks late
https://find-and-update.company-informa ... y/13192796

BFCWL.JPG

Meanwhile the accounts for Calder Vale Holdings Limited are now officially over 6 months late and actually over 9 months late for their original due date, before it was extended by way of the owners application to Companies House
This is from the ALK thread posted on the 9th March by Chester Perry.

Should rename this thread Burnley fans go into meltdown.

[roperclaret]

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?

Apparently a teeny form in Haslingden. Quite possibly not suitable for a multi million pound business.

[Burnley Ace]

Does this embargo affect us in the Premier League?

[Rileybobs]

Nixon has sources within the EFL that can confirm or deny the statement

Maybe he does, but the EFL don’t know why we are late to file the accounts do they.

[Socrates]

Keiran Maguire after reading this news

[ClaretTony]

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

He's a financial and accounts man as well now is he?

I've no idea what's happened to be honest. When I saw the thread title while I was trying to write my match report and watch Newcastle v Wolves, I assumed it was some other club.

Time will tell on this one but it's not what we needed right now.

[jedi_master]

Apparently a teeny form in Haslingden. Quite possibly not suitable for a multi million pound business.

Yet they’ve successfully fulfilled their obligations for us as a Premier League club for X seasons, seemingly? This is the bit I’m lost by. What has changed to make them incompetent of the singular task they’re engaged to complete?

[ClaretTony]

Nixon has sources within the EFL that can confirm or deny the statement

Ha ha ha

[HistoricalClaret]

Does this embargo affect us in the Premier League?

No.

[Swizzlestick]

Apparently a teeny form in Haslingden. Quite possibly not suitable for a multi million pound business.

Baldwins, formerly Cassons. Decent sized auditing firm in the area, but obviously not Big Four, who I would guess they’ve moved to.

[RVclaret]

Well the club have released a press statement claiming that the embargo is due to administrative reasons - so having contacts within the club to ratify that statement adds absolutely no more clarity. This is completely different to transfer dealings which will trickle much further down the chain.

Nixon’s comments on this are worthless.

Fair enough. I’d say he knows more than you or me which makes his comments less worthless than anyone on here.

[Cooclaret]

Nixon believes it's 'Administrative issue. No biggie.' if anyone is interested.

Don’t ruin Lancaster and his buddies Sunday night like that.

[CrosspoolClarets]

Not concerned about this at all.

Auditing an entity with the debt and company structure the club now have will be complicated, potentially too complicated for some firms to handle. We know the club remains in a hairy financial state, and we also know that debt is a chosen option forward for many clubs not just ours. But the sales and wage reductions last year and the promotion this year will have greatly helped that situation.

So I think this will blow over, but we have to do it soon so it doesn’t affect our transfer plans.

(though it would be amusing if Wout couldn’t go to United )

[Rileybobs]

Fair enough. I’d say he knows more than you or me which makes his comments less worthless than anyone on here.

Well he knows what he’s being told, which is the same as what we’re being told. We know the reason for the embargo but we don’t know how credible the explanation for that reason is. If the explanation is true, and let’s hope it is, then it seems like some very unnecessarily bad PR.

[bpgburn]

Why try to preempt what might happen if this or that? Or what could happen if there is more to it than the club is saying?
Why not take it now at face value that the club is telling the truth, if come the end of April the accounts have been filed and we are still under an embargo, then do your worrying!

[Rileybobs]

Why try to preempt what might happen if this or that? Or what could happen if there is more to it than the club is saying?
Why not take it now at face value that the club is telling the truth, if come the end of April the accounts have been filed and we are still under an embargo, then do your worrying!

Because we are currently under a transfer embargo, so people will naturally be concerned until we are no longer under said embargo. Seems a perfectly reasonable response to me.

[WazzaClaret]

If this has already been cleared then apologies but IF it isn't sorted in the next month, could it have implications of a points deduction? I have absolutely 0 idea when it comes to business finances so just looking for reassurance on that side of things.

[Vegas Claret]

He's a financial and accounts man as well now is he?

I've no idea what's happened to be honest. When I saw the thread title while I was trying to write my match report and watch Newcastle v Wolves, I assumed it was some other club.

Time will tell on this one but it's not what we needed right now.

I would say he seems to know quite a decent amount of what happens in a number of football clubs. There's no difference in me or anyone else quoting Nixon or Sky, they know whatever they know which I would hazard a guess is more than 99% of on here know. The statement from the club suggest its nothing more than a technicality also

[helmclaret]

If this is just to do with changing auditor it’s incredibly sloppy and unprofessional from a business administration point of view.

[NewClaret]

Baldwins, formerly Cassons. Decent sized auditing firm in the area, but obviously not Big Four, who I would guess they’ve moved to.

Thanks swizzlestick, again, that has reassured me a bit. I wouldn’t expect a more complex, international structure to be audited by a smaller firm, so that may explain the change vs something awry.

[Vegas Claret]

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

he's been a football journalist since 1978, you would expect he has more than decent contacts he can ask......plus it's pretty much what the club statement suggests - that's my take on it anyway !

[clarethomer]

Anyone else think it’s strange how there’s been no statement from the EFL regarding this?

My guess is that, from reading the embargo FAQs I have linked to, that the EFL tell you that if you can't provide the relevant information/documents within 48hrs then you will go on the public list (also linked to previously in this post).

This statement is probably getting ahead of the club going onto the public register in the next 24hrs is my guess.

[bpgburn]

Because we are currently under a transfer embargo, so people will naturally be concerned until we are no longer under said embargo. Seems a perfectly reasonable response to me.

So you are going to be "concerned" for the next 6 week or so without knowing whether there is a need to be? I don't think that is reasonable but hey, different folks and all that...

[Spijed]

Not concerned about this at all.

Auditing an entity with the debt and company structure the club now have will be complicated, potentially too complicated for some firms to handle. We know the club remains in a hairy financial state, and we also know that debt is a chosen option forward for many clubs not just ours. But the sales and wage reductions last year and the promotion this year will have greatly helped that situation.

So I think this will blow over, but we have to do it soon so it doesn’t affect our transfer plans.

(though it would be amusing if Wout couldn’t go to United )

So how on earth did we manage to audit the club whilst in the Premier League, but not in the Championship?

Why should it be more complicated now than before?

[jedi_master]

Why would changing auditor in November 2022 still mean we have not got the accounts ready to file to meet our obligations by mid-March 2023? Not my world so I haven’t the foggiest how long that would take to pull together, but 4/5 months seems….more than sufficient?

[Andreshotboots]

Without being accused of over reacting this has really annoyed me.

We've had nothing but positivity about everything that has happened on the pitch this season, and I'm sure this will blow over but fans from other clubs are already questioning us in terms of honesty and integrity now.

Shockingly bad from BFC to allow the gloss to be taken away from what should be a celebratory run in..

[NewClaret]

Without being accused of over reacting this has really annoyed me.

We've had nothing but positivity about everything that has happened on the pitch this season, and I'm sure this will blow over but fans from other clubs are already questioning us in terms of honesty and integrity now.

Shockingly bad from BFC to allow the gloss to be taken away from what should be a celebratory run in..

I can definitely relate to this! Great on field, badly run off field at the moment for sure!

[Swizzlestick]

Thanks swizzlestick, again, that has reassured me a bit. I wouldn’t expect a more complex, international structure to be audited by a smaller firm, so that may explain the change vs something awry.

Turns out Baldwins were also bought out (by Azets), who are quite a big firm, but obviously not Big Four, who I would imagine ALK would want the prestige and gravitas of having, if you will. Big Four doesn’t necessarily mean better service though… the only thing that’s concerning me a bit is the timing of the change of auditor. Quite far down the line - you’d think if they want their own guys in that would’ve been done early doors.

[RVclaret]

So how on earth did we manage to audit the club whilst in the Premier League, but not in the Championship?

Why should it be more complicated now than before?

To be clear, this is an audit on 2021/22 season accounts, of which we were in the Premier League. The accounts look at July 2021-June 2022.

Other than that, yes I'm not sure why it would be more complicated, as it was done with the PL the year before.

[Tall Paul]

Yet they’ve successfully fulfilled their obligations for us as a Premier League club for X seasons, seemingly? This is the bit I’m lost by. What has changed to make them incompetent of the singular task they’re engaged to complete?

The accounts have become a lot more complex since the takeover with all sorts of intercompany loans etc.

[roperclaret]

Yet they’ve successfully fulfilled their obligations for us as a Premier League club for X seasons, seemingly? This is the bit I’m lost by. What has changed to make them incompetent of the singular task they’re engaged to complete?

Multiple layers of different companies. And complex debt. I would imagine.

[mikeS]

Strange to drop this sort of news on a Sunday evening.

[jedi_master]

The accounts have become a lot more complex since the takeover with all sorts of intercompany loans etc.

That’s a very fair point - not to mention International now as opposed to all local men.

[clarethomer]

Strange to drop this sort of news on a Sunday evening.

not if the efl are due to make a press release tomorrow

[HistoricalClaret]

If this has already been cleared then apologies but IF it isn't sorted in the next month, could it have implications of a points deduction? I have absolutely 0 idea when it comes to business finances so just looking for reassurance on that side of things.

Wont be a points reduction