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Aberdeen Football Club plc today announced the trading results for the year ended 30 June 2011.

 

Pittodrie Chief Executive Duncan Fraser stated "Events over the last twelve months have reinforced the view that the economic conditions facing Scottish football remain extremely challenging. While the new television deal will offer a degree of stability, it is imperative that a clear strategic vision for the professional game in Scotland is delivered in the coming period.

 

"The overall turnover rose from £7.053 million to £7.462 million mainly as a result of the two cup semi final appearances.

 

"The overall wages to turnover figure after adjustments came in at the industry recommended level of 60 per cent with the bonus structure aligned to performance. The Club has further supported the first team this season at a time when others are cutting back in a bid to bring about the consistency in performance that is required as we enter a period of major change at the Club. We continue however to fully support our youth development operations as this area is pivotal to the Club's future".

 

Chairman Stewart Milne commented. "After a difficult start to the season we are beginning to see more consistency in the first team performances which is critical at this moment in time although we do, of course, need to start climbing the table".

 

Commenting on the move to Loirston Loch Stewart Milne added. "Work continues to bridge the financing gap but progress has been made and Barr Construction has been named as the preferred contractor. We remain committed to do all we can to relocate in time for the start of the 2013/14 season".

 

With regards to the Board changes Stewart Milne stated "The Board all agreed with the challenges facing us it was necessary to strengthen the Board and in Colin Welsh and Ian Jack we have two extremely experienced individuals who will bring significant value to the Club. This enabled us to change our strategic approach with a quartet of sub groups headed by Colin, Ian, Hugh Little and myself to drive forward on all fronts. Duncan Fraser in his role as Chief Executive will sit on all four groups to ensure proper co-ordination and all Board members will serve on at least one group with senior staff including Craig Brown involved. Other expertise will be co-opted on as appropriate."

 

No figures release at the moment.

 

This did catch my eye;

 

After a difficult start to the season we are beginning to see more consistency in the first team performances

 

:tumbleweed:

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Blaming customers is what Miller and Calderwood used to do. It wasn't clever. In fact, it was rather mentally unhealthy. It's like taking a restaurant franchise that worked everywhere else in the UK but when you make it fail, it must be the fault of the people who live within a 9.3 mile radius but choose not to dine there. Either that or Union Square.

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Blaming customers is what Miller and Calderwood used to do. It wasn't clever. In fact, it was rather mentally unhealthy. It's like taking a restaurant franchise that worked everywhere else in the UK but when you make it fail, it must be the fault of the people who live within a 9.3 mile radius but choose not to dine there. Either that or Union Square.

 

Like beating the same deid horse over and over I suppose.

 

Pretty unsurprising figures and pretty obvious reasons for them. The fitba has been diabolical for some time now and despite the crowd pleasing appointment the fans didn't show up. And continue not to.

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Analysis from the trust.  Results alot worse than suggested, extra £1.8M in debt, although we are paying off the bank loan and getting more loans from SMG etc

 

Aberdeen Football club recently announced their trading results for the year ended 30 June 2011. The AFC  Trust board have prepared a brief summary of the main points which can be seen below.

For the year to 30th June 2011 the company had a net loss of £2,116,000.

The operating loss was £1million (before depreciation, interest and amortisation) which reduces to £589,000 after adjusting for the £411,000 payoff to the previous management team.

Turnover has increased by 5.8% from £7.053 million to £7.462 million (mostly due to TV money on reaching two cup semi finals)

In operating costs the staff costs were up by £460,000 but this included the £411,000 payoff.

The total debt has increased by £1.8million from £13.8 million to £15.6 million.

Stewart Milne Group and Aberdeen Asset Management have each put in additional interest free loans of £1.25 million totalling £2.5million.

The bank have been repaid £1.2 million of rolled up interest but the current years bank interest of £.5million has been added to the bank loans. However the interest rates on the new facilities are lower which will provide a cost saving. At the moment the major shareholders are helping fund the Company.

The bank facilities are in place until 28.02.12 and it is hoped that on the strength of the sale of Pittodrie and the continued support of the major shareholders they will be successfully re-negotiated.

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What was the last valuation of the ground. I remember seeing one a while back saying it was worth £15M but that was before the arse fell out the market. Fair bet that our debt is now higher than the value of the land.

 

I would guess so.  Suggests the major share holders are keeping us from being completely insolvent, and helped us get better deal on our debt repayment.  What happens when we have to fork out for a £30M mortgage?  Can we sustain such a debt with our current annual losses?

 

btw do we actually own this land out at Cove, is that already factored into the cost of the development?

No more questions

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In operating costs the staff costs were up by £460,000 but this included the £411,000 payoff.

 

Did I just make this up in my head or did somebody not make a statement (such as WM) that SM had paid for McGhees sacking out of his own pocket??

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Like fuck he did. It's all there in the accounts. The club took the hit and there was a further loan from SM to AFC. A loan that needs to be repaid. And another loan from AAM.

 

I can faintly remember having a conversation with someone (possibly Jute) and saying it was right Milne should pay as he was the one who signed him and more importantly signed off the contract. A similar contract he would have never drawn up for SMG.

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I can faintly remember having a conversation with someone (possibly Jute) and saying it was right Milne should pay as he was the one who signed him and more importantly signed off the contract. A similar contract he would have never drawn up for SMG.

What is "right" doesn't come into it, nor has this concept ever been relevant for small businessmen with big chips and massive ambitions.

 

The accounts prove that AFC plc took the full extent of the damage. The cost of yet another shite appointment was borne by the club, not the chairman.

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  • 3 weeks later...

I thought about it but decided against it. Too predictable this year.

 

If someone interesting was going to do something interesting I might be tempted.

 

You start with this then I'll attend and back you up...

 

"Milne. What the fuck are the press doing here? Get them to fuck. The club is sinking. We need it sorted. Let's sort it now. Now get the journos to fuck and let's get down to business. You cunt".

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There will be no AGM update from me this year.  Even though I love the sound of Milne's voice, I can't be arsed going tonight for the first time in quite a few years.

 

Scum. You have the club you deserve...never having been to one myself of course  ;)

 

It always seems to me like the rare AGMish meetings are such a corporate cop out - same as general elections every 5 years - people forget about most of the specifics, so the event passes off with little fuss.

 

This type of face-to-face between club and fans should be a monthly duty, with proper representation for both sides, and a response to the previous months' issues/questions/complaints.

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Just back. Nae much to report but in any case...

 

Stadium - usual shite. Project starting in April if the funding is in place. Ongoing process. The level of debt after the move to the Stadium and Training Centre to be the same or lower than current levels, with that debt being in the form of a long term mortgage. I guess the idea is a mortgage at a payable level (i.e slowly reducing) is favourable to the situation we are in now with the debt increasing year on year.

 

Safe standing area is something the club have been in favour of (and think the local Police will be favourable to) and now the SPL has giving this green light they will consult with fans in these roadshows and regular fans meetings as to the logistics i.e how many seat are sacrificed to standing areas, home fans only or away too etc. This was mentioned in relation to the new stadium and not Pittodrie.

 

Number of youth changes being discussed at national level. Under 19 league may be replace with an U20 or U21 league with the option to play a number of overage players. The intention there is players who reach 20 who aren't quite ready for first team action still need somewhere to develop. Currently they either sit with nowhere to play and don't develop or even get released at 19. U19 season may be increased from 22 games to 33 and be held in the first team stadia instead of at places like Balgownie.

 

Fraser Fyvie only player this season to be fined. Brown mentioned all other reds players were just following instructions. Pawlett was told to not allow the fullbacks to get an easy clearance up the line and was trying to block. Jack was going for the ball v Inverness and wasnt fined for the Parkhead overcelebration. He seemed most annoied with Considines red card. Little and Miller seemed to take exception to a tackle by a Hibs centre back later in the game which only got a yellow.

 

Brown encourages the players to not appeal for decisions and not get involved in discussions with the ref but feels we are being seen as soft instead of fair. Had discussion with referees official today regarding this (I assume when discussing the Pawlett appeal)

 

Football budget kept at same level (and apparently stretched further) even though loss of tv money means income is lower. The 2.5m loan from AAM and SMG is to meet the shortfall there. Brown defended the budget and held his hand up for complaints to be directed towards him instead in that area.

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Safe standing area is something the club have been in favour of (and think the local Police will be favourable to) and now the SPL has giving this green light they will consult with fans in these roadshows and regular fans meetings as to the logistics i.e how many seat are sacrificed to standing areas, home fans only or away too etc. This was mentioned in relation to the new stadium and not Pittodrie.

 

Brown defended the budget and held his hand up for complaints to be directed towards him instead in that area.

 

firstly, cheers for the report.

 

secondly, those points i highlighted need clarification!

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There was no mention of safe standing areas being put in place at Pittodrie. The club seem to want it but it will be at the new stadium, not Pittodrie.

 

Milne mentioned the football budget was only surpassed by Rangers, Celtic and Hearts and pre-empting the inevitable question of "why are we not 4th then?" Brown said the board can't be accused of not supporting him financially and he had to take blame for the league position. Said the board backed him as soon as he arrived by letting him bring in McNamee and Steven Smith and also this season bringing in Gonzalez, Fallon and Chalali as "extentions" to the budget. Knows the budgets at other clubs have been reduced because of the reduced TV deal but Aberdeen's hasn't.

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