underdog Posted March 25, 2022 Share Posted March 25, 2022 Club has uploaded its accounts upto June 2021 at Companies house Link to comment Share on other sites More sharing options...
basilrobbie Posted March 25, 2022 Share Posted March 25, 2022 Kieran Maguire covered these on Twitter earlier today, and he describes the club as "technically insolvent". Certainly the gap between assets and liabilities remains high and the HMRC stuff is still there as a contingent liability (£882k). I was appalled by Colchester's figures, btw. Historic debts of over £30m for a club their size is eye-watering, really. Link to comment Share on other sites More sharing options...
underdog Posted March 25, 2022 Author Share Posted March 25, 2022 1 hour ago, basilrobbie said: Kieran Maguire covered these on Twitter earlier today, and he describes the club as "technically insolvent". Certainly the gap between assets and liabilities remains high and the HMRC stuff is still there as a contingent liability (£882k). I was appalled by Colchester's figures, btw. Historic debts of over £30m for a club their size is eye-watering, really. Yes I saw them. From memory the contingent liability is from the HMRC raid in 2019. Also confirmed tonight that OASF as a shareholder was not contacted about accounts, so will presume they have not agreed for unabridged accounts to be published or have they yet seen full accounts too. Previous OASF director Philippa fought for years to get "on going concerns" in there and to get them compliant upto FRS 102 section 1a ( I think) compliant. She also observed we have an ever decreasing budget. Oh dear Link to comment Share on other sites More sharing options...
yarddog73 Posted March 26, 2022 Share Posted March 26, 2022 If we go down it would be disastrous given the gulf between League 2 and National League solidarity payments, it is pretty clear to see that Abdallah is skint and has little to keep the club going forward, only question is who would be prepared to take us on? Link to comment Share on other sites More sharing options...
kowenicki Posted March 26, 2022 Share Posted March 26, 2022 10 hours ago, basilrobbie said: Kieran Maguire covered these on Twitter earlier today, and he describes the club as "technically insolvent". Certainly the gap between assets and liabilities remains high and the HMRC stuff is still there as a contingent liability (£882k). I was appalled by Colchester's figures, btw. Historic debts of over £30m for a club their size is eye-watering, really. Latics has been technical insolvent for years. Nothing new here. These accounts actually look ‘better’ than some recent years (technically). Link to comment Share on other sites More sharing options...
kowenicki Posted March 26, 2022 Share Posted March 26, 2022 47 minutes ago, yarddog73 said: If we go down it would be disastrous given the gulf between League 2 and National League solidarity payments, it is pretty clear to see that Abdallah is skint and has little to keep the club going forward, only question is who would be prepared to take us on? If we go down, we go bust. I still don’t think that Blitz would bat an eyelid. Link to comment Share on other sites More sharing options...
Dave_Og Posted March 26, 2022 Share Posted March 26, 2022 48 minutes ago, yarddog73 said: If we go down it would be disastrous given the gulf between League 2 and National League solidarity payments, it is pretty clear to see that Abdallah is skint and has little to keep the club going forward, only question is who would be prepared to take us on? he may or may not be skint but it's irrelevant as whether he cannot or doesn't want to it's clear he's not putting any more money in. Link to comment Share on other sites More sharing options...
underdog Posted March 26, 2022 Author Share Posted March 26, 2022 This is only upto last June We don't have any recent stuff. I don't think OASF have published/managed to get the FSA key marker questions asked. Last time was from Andy Jones before he resigned. I think September last year? Link to comment Share on other sites More sharing options...
deyres42 Posted March 26, 2022 Share Posted March 26, 2022 21 minutes ago, underdog said: This is only upto last June We don't have any recent stuff. I don't think OASF have published/managed to get the FSA key marker questions asked. Last time was from Andy Jones before he resigned. I think September last year? They are too busy accusing former directors of leaking sensitive information to former directors... Link to comment Share on other sites More sharing options...
Dickie Down Posted March 26, 2022 Share Posted March 26, 2022 2 hours ago, Dave_Og said: he may or may not be skint but it's irrelevant as whether he cannot or doesn't want to it's clear he's not putting any more money in. Whilst having no financial expertise, the really disturbing stuff comes in the paras two and four of the Going Concern section. To paraphrase, the chairman reiterates his commitment to make good any shortfall, but these sums are now considerably lessened by cost cutting measures. The logical extension of that is that we can keep on going down with ever reducing budgets which require less and less financial input whilst ALMO still retains control of the football club. It leaves serious doubts over the intention to sell and raises the spectre of taking the club out of Oldham and locating it elsewhere in the event of losing his court case. All shall be punished. Link to comment Share on other sites More sharing options...
underdog Posted March 26, 2022 Author Share Posted March 26, 2022 8 minutes ago, Dickie Down said: Whilst having no financial expertise, the really disturbing stuff comes in the paras two and four of the Going Concern section. To paraphrase, the chairman reiterates his commitment to make good any shortfall, but these sums are now considerably lessened by cost cutting measures. The logical extension of that is that we can keep on going down with ever reducing budgets which require less and less financial input whilst ALMO still retains control of the football club. It leaves serious doubts over the intention to sell and raises the spectre of taking the club out of Oldham and locating it elsewhere in the event of losing his court case. All shall be punished. There was similar wording in the previous yrs too. It's at least a piece of advice they took from Philippa and continued with Her observations from 12 months ago was thar we were cutting our cloth accordingly with one of the lowest budgets in the EFL but it was an ever decreasing circle. Link to comment Share on other sites More sharing options...
underdog Posted March 26, 2022 Author Share Posted March 26, 2022 1 hour ago, deyres42 said: They are too busy accusing former directors of leaking sensitive information to former directors... Yes I was asked (as we all were) if I had passed on info specifically to Paddy and Barry, and I had not. I was hoping in the March update it had info on the ACV (expired in 07.03.22). The re-application went in in October (thanks to our volunteer and ex -director who completed the paperwork) It was still at the 1st tier landlord right to appeal (last few days ) when I left as we believed we were going to be asked to remove Little Wembley. I will presume no news is good news and the ACV that includes Little Wembley, dated October 2021 is now in place for 5 yrs. Which is good news Link to comment Share on other sites More sharing options...
mick26 Posted March 26, 2022 Share Posted March 26, 2022 12 minutes ago, underdog said: Her observations from 12 months ago was thar we were cutting our cloth accordingly with one of the lowest budgets in the EFL but it was an ever decreasing circle. Currently 10th in list of league 2 average attendances even with quite a few boycotting for at least part of the season. Should be a top 10 budget minimum shouldn't it? Link to comment Share on other sites More sharing options...
underdog Posted March 26, 2022 Author Share Posted March 26, 2022 9 minutes ago, mick26 said: Currently 10th in list of league 2 average attendances even with quite a few boycotting for at least part of the season. Should be a top 10 budget minimum shouldn't it? Sorry I should have said. Observations based on previous years accounts 2019/20 as club publishes accounts 8 months later Was this the season we played mostly behind closed doors? Link to comment Share on other sites More sharing options...
Dave_Og Posted March 26, 2022 Share Posted March 26, 2022 35 minutes ago, mick26 said: Currently 10th in list of league 2 average attendances even with quite a few boycotting for at least part of the season. Should be a top 10 budget minimum shouldn't it? Not if they are clearly unwilling to clear the EFL loan which is obviously the case Link to comment Share on other sites More sharing options...
mick26 Posted March 26, 2022 Share Posted March 26, 2022 27 minutes ago, Dave_Og said: Not if they are clearly unwilling to clear the EFL loan which is obviously the case That's my point Dave - just highlights what an absolute charlatan AL is! Link to comment Share on other sites More sharing options...
Chaddyexile84 Posted March 26, 2022 Share Posted March 26, 2022 5 hours ago, kowenicki said: If we go down, we go bust. I still don’t think that Blitz would bat an eyelid. And still no protests against that cunt He actually gets invited to podcasts as some sort of saviour Prick Link to comment Share on other sites More sharing options...
Chaddyexile84 Posted March 26, 2022 Share Posted March 26, 2022 1 hour ago, underdog said: Yes I was asked (as we all were) if I had passed on info specifically to Paddy and Barry, and I had not. I was hoping in the March update it had info on the ACV (expired in 07.03.22). The re-application went in in October (thanks to our volunteer and ex -director who completed the paperwork) It was still at the 1st tier landlord right to appeal (last few days ) when I left as we believed we were going to be asked to remove Little Wembley. I will presume no news is good news and the ACV that includes Little Wembley, dated October 2021 is now in place for 5 yrs. Which is good news Stop feeding the prick for God's sake Link to comment Share on other sites More sharing options...
underdog Posted March 30, 2022 Author Share Posted March 30, 2022 Update by Kieran Maguire in Oldham Times Link to comment Share on other sites More sharing options...
LaticMark Posted March 30, 2022 Share Posted March 30, 2022 3 hours ago, underdog said: Update by Kieran Maguire in Oldham Times “I think one of the things which is a bit squeaky bum-ish is they might have to pay nearly £900,000 in tax." “I think they’re blaming that on the old owners so what they’re saying is they’re talking to the tax people, but somebody is going to have to pay it.” Link to comment Share on other sites More sharing options...
Chaddyexile84 Posted March 30, 2022 Share Posted March 30, 2022 7 minutes ago, LaticMark said: “I think one of the things which is a bit squeaky bum-ish is they might have to pay nearly £900,000 in tax." “I think they’re blaming that on the old owners so what they’re saying is they’re talking to the tax people, but somebody is going to have to pay it.” Like they're blaming the stand owners They are fucking clueless Link to comment Share on other sites More sharing options...
underdog Posted March 30, 2022 Author Share Posted March 30, 2022 6 hours ago, LaticMark said: “I think one of the things which is a bit squeaky bum-ish is they might have to pay nearly £900,000 in tax." “I think they’re blaming that on the old owners so what they’re saying is they’re talking to the tax people, but somebody is going to have to pay it.” It showed in the previous years accounts too. From memory the raid was about Nov'18? It's taking an age to sort Link to comment Share on other sites More sharing options...
Ritchierich Posted March 30, 2022 Share Posted March 30, 2022 On 3/26/2022 at 1:35 PM, Chaddyexile84 said: And still no protests against that cunt He actually gets invited to podcasts as some sort of saviour Prick 100% this Blitz is a total scumbag who is happy to see the club die so he can make some more money on the land development…and whatever local MPs and councillors say now, they will approve more housing and we will be left with a phoenix club in the NWC ground sharing in Ashton Link to comment Share on other sites More sharing options...
kowenicki Posted March 31, 2022 Share Posted March 31, 2022 On 3/26/2022 at 1:35 PM, Chaddyexile84 said: And still no protests against that cunt He actually gets invited to podcasts as some sort of saviour Prick Mates with the OEC lads… FLG. It was essentially ‘their’ podcast/mouthpiece. I was hoping people had finally seen through that self serving mob… alas not. People still line up to give them cash on a match day. Link to comment Share on other sites More sharing options...
underdog Posted March 31, 2022 Author Share Posted March 31, 2022 14 hours ago, Ritchierich said: 100% this Blitz is a total scumbag who is happy to see the club die so he can make some more money on the land development…and whatever local MPs and councillors say now, they will approve more housing and we will be left with a phoenix club in the NWC ground sharing in Ashton The ACV has been re-applied for via OMBC in August 2021 (current one expired on 07.03.22). OMBC had to check all the docs and then go through their own check list, which was done and published on OMBC website mid October'21. It has been 10 months worth of work to do. It is not been easy to sort and their have been two volunteers who helped. - thanks volunteers This cover the stadium, little wembley and surrounding car-parks. I am led to believe, no appeal was lodged by the Landlord. (I just resigned as the appeal period was up, called 1st tier). OASF were expecting the landlord to ask us to remove Little wembley. There has been no update from OASF regardless of the expiry date. I left them if a draft article/thanks to our volunteers etc when it was up on 07.03.22 - a good news article so to speak. I will presume it has all gone through now as no news is good news. So its in place for another five years from October 2021 This at least means OASF will be notified (Via OMBC )if the landlord plans to sell, or change the usage of the asset. This gives OASF awareness and time (up to 6 months) to place a bid, although not-guaranteed to be accepted. Additionally, another use of the 1895 Contingency fund, purchase the ground - bearing in mind a RICS survey, business running costs would have to be done, to see if its a viable. Crucially, nothing would be done without consultation and a vote by the membership. So we have something in place, so we don;t all rock up to BP and see a sold sign or it being bulldozed cheers Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.