http://www.afc.co.uk/news/8717.php#.WB2aEOCLTIU

 

AFC Reporting Operating Profit for the Third Year Running in Annual Report and Accounts for the Year Ended 30th June 2016.

 

Key Highlights:

Record turnover of £13.414m

Increased wages to £6.817m as the Club continues to invest in its playing staff.

Wages to Turnover remains at 51 per cent.

Planning Application for Kingsford to be submitted before the end of the Year.

 

Commenting on the results Chief Executive Duncan Fraser stated, "Turnover increased by £0.337 million from £13.077 million to £13.414 million as the Club again reached the third qualifying round of the UEFA Europa League, were knocked out in the third round of the League Cup and in the fourth round of the Scottish Cup and once more finished second in the SPFL. The turnover figure of £13.414 million is a new record for the Club, with commercial, sponsorship, UEFA and broadcasting revenues being higher than the previous year, while the average crowd fell from 12,750 to 12,360 and was reflected in slightly reduced gate revenues, particularly in the last four home games of the season.

 

More on the website

It's obviously good news that the club are making money but the dropping crowds is a worry. It's most likely to have dropped again this year if crowds so far are to be gauged.

 

Last season we had two full houses against the dhims but this season we were 4k down for them, although we had a full house for the visit of the new boys.

 

Is the reason apathy or is the oil down turn having an effect, combination of both or something else? 

It's obviously good news that the club are making money but the dropping crowds is a worry. It's most likely to have dropped again this year if crowds so far are to be gauged.

 

Last season we had two full houses against the dhims but this season we were 4k down for them, although we had a full house for the visit of the new boys.

 

Is the reason apathy or is the oil down turn having an effect, combination of both or something else? 

 

I'd guess its mainly or completely down to the current work situation in the city.

 

When almost 100'000 jobs have been lost with another 20'000 or so oil related jobs to go by the end of the year both offshore and in the city itself it would be crazy to think that wouldn't have an adverse affect on the crowds at Pittodrie. Obviously that 120'000 jobs weren't all taken up by people living in Aberdeen but a lot of the income generated in the city did come from those people even if they were just passing through. Hotel trade, restaurants, shops, even tradesmen are all feeling the pinch now.

 

When a single ticket is £20, a family afternoon is £40, public transport for that 3 is £10 minimum which makes the whole afternoon out cost a minimum of £30 for an adult and £80 (when you take juice, a pie etc) for an adult and 2 kids its a lot for those made redundant living on their redundancy or early retirement and its a lot for those that have seen their income drop because they've got less hours or less business coming in.

 

Yes its a worry but I doubt its apathy or people getting bored with the club. I'd say its all about how the city is economically and how much it costs to take your kids etc  to a game.

I saw there was also a wee bit about the stadium and its going to be hard to secure the funding. I thought all of this was in place (planning pending)? Or are they sewing the first seeds of doubt?

 

The crowds are a concern but it does appear the club are trying to do something about it. Seem to be plenty of deals / offers on. However, the buzz around the club prior to the arse collapse in April seems to have well and truly gone though which we really needed to harness.  I do hope it's just financial rather than apathy, if it's the latter we're only going to decline.

I saw there was also a wee bit about the stadium and its going to be hard to secure the funding. I thought all of this was in place (planning pending)? Or are they sewing the first seeds of doubt?

 

The crowds are a concern but it does appear the club are trying to do something about it. Seem to be plenty of deals / offers on. However, the buzz around the club prior to the arse collapse in April seems to have well and truly gone though which we really needed to harness.  I do hope it's just financial rather than apathy, if it's the latter we're only going to decline.

 

I'm pretty sure they've always said additional funding was required but they were working on it.  Sure it's nothing major to worry about and it's just a case of not having things fully confirmed on that front, there must be a fairly solid plan in place.

Please stop assuming and always always always assuming the best.

 

He probably this. There must be that. It's really sickening to read.

 

We know that there are people like that. We just never hear them in company, the Zeta males.

 

The internet has a lot to answer for.

One post does not mean I always assume the best, but you crack on with your zeta male drivel all you like.

 

Do you really think a multimillion pound development would have been progressed to this stage without the slightest idea on how its going to be funded? It'd be lunacy.

 

 

 

I'm pretty sure they've always said additional funding was required but they were working on it.  Sure it's nothing major to worry about and it's just a case of not having things fully confirmed on that front, there must be a fairly solid plan in place.

 

Surely the overwhelming evidence points in the other direction? Liking or disliking the new stadium aside, we have spent 20 years on failed projects. From a non-partisan perspective the likelihood of us having the funding in place is slim. The likelihood of us getting the required amount for Pittodrie is slim. The likelihood of us getting planning is strong. Hopefully we'll at least do the training ground.

 

The fact of the matter is that the vast majority of the funding is not reliant on us selling Pittodrie or indeed moving stadium. It is external funding. If that money was forthcoming, we'd probably have accessed it by now. If anyone has evidence to the contrary, I'd be interested in seeing it.

Here's what I know...

 

The stadium and facilities will cost approx £50m to build.

Pittodrie with planning permission is valued at £20m (and even in todays climate that is more than achievable due to the housing shortage. Its flats and houses thats planned, they'll still sell)

£30m to find.

From that there will be naming rights - £1m

contingency +£5m

£34m to secure

Worst comes to worst they are looking at a mortgage. As we're running in profit for the moment (thats why they've been pushing to run in profit and not just break even)

£500K a year isnt enough to fund a £30m mortgage.

About 30-40% of the £30m will have to be found (imo) to make the build happen. The rest can be borrowed.

 

I'd guess there's a £10-13m hole in the finances which sounds a lot but its not a huge amount to find privately when looking at a £50m project with a community theme attached to it. How they get it for free is probably where the challenges will come. When the oil was bouncing I'm sure some inside Pittodrie would've been thinking they could call on their service company owner friends to privately invest in long term advertising, corporate deals, boxes, stand sponsorship etc but thats wont be as easy to get today as it would've been 3 years ago.

 

We may end up with the Wood Stadium instead of the Shell Training Camp and the Nexon Academy.

Milne said at the AGM 2008 in response to my question that there would be a funding shortfall.

 

Here's what's going to happen.

 

There will be a rights issue. It will be undersubscribed. Obviously.

 

Milne will pick up the pieces at negotiated, preferential rates and increase his percentage in a company that now has a significant and modern fixed asset. The disposal of Pittodrie and the building of the new stadium will also enrich him personally.

Surely the overwhelming evidence points in the other direction? Liking or disliking the new stadium aside, we have spent 20 years on failed projects. From a non-partisan perspective the likelihood of us having the funding in place is slim. The likelihood of us getting the required amount for Pittodrie is slim. The likelihood of us getting planning is strong. Hopefully we'll at least do the training ground.

 

The fact of the matter is that the vast majority of the funding is not reliant on us selling Pittodrie or indeed moving stadium. It is external funding. If that money was forthcoming, we'd probably have accessed it by now. If anyone has evidence to the contrary, I'd be interested in seeing it.

 

I do see what you mean, but has the Years of failed projects had anything to do with funding? My memory of them were none of the plans got to that stage, they all died a death due to location or planning issues.

 

The majority of the funding will have to come from sources other than the sale of pittodrie, that's undeniable and I haven't made the point very well but what I was trying to say is just because the club hasn't laid out exactly where every penny is coming from doesn't mean they've not got a plan to secure funding in place. It'd be madness getting to this stage without a single clue where the cash is coming from. I'm sure there's signifinaly more happening behind the scenes than what's being shared too.

 

If we progress further down the line and still have no funding that's when it'll become a major concern.

Listen mate, you've obviously never been in business. Only speak of what you know. Nobody wants to read nothing.

 

Of course there's a plan in place. It's a plan that our less-than-30%-shareholder has been pursuing for over 25 years.

 

Don't you agree?

Listen mate, you've obviously never been in business. Only speak of what you know. Nobody wants to read nothing.

 

Of course there's a plan in place. It's a plan that our less-than-30%-shareholder has been pursuing for over 25 years.

 

Don't you agree?

 

It could be, but that's just your assumption.

 

Just like everything else in that post...

It could be, but that's just your assumption.

 

Just like everything else in that post...

 

No, it was what he said. It was what our chairman ADMITTED would be the case.

 

I framed my question by starting with "we've had to endure being told that we have unrealistic expectations" and I ended it with "don't you have unrealistic expectations by thinking that this project is viable without a substantial injection of new funds and so where are these going to come from?"

 

I then pushed him that it would inevitably mean a rights issue and he affirmed this, in front of the press and the shareholders. That was the same meeting that Willie Miller got caught bonny. Weren't you listening? Do you know ANYTHING that goes on at our club? Do you even go to games?

 

 

 

 

No, it was what he said. It was what our chairman ADMITTED would be the case.

 

I framed my question by starting with "we've had to endure being told that we have unrealistic expectations" and I ended it with "don't you have unrealistic expectations by thinking that this project is viable without a substantial injection of new funds and so where are these going to come from?"

 

I then pushed him that it would inevitably mean a rights issue and he affirmed this, in front of the press and the shareholders. That was the same meeting that Willie Miller got caught bonny. Weren't you listening? Do you know ANYTHING that goes on at our club? Do you even go to games?

 

 

 

 

 

Great, so there is a plan then. Glad that's cleared up.

 

The rest... yawn.

Great, so there is a plan then. Glad that's cleared up.

 

The rest... yawn.

 

What possible alternative plans were you thinking?

Here's what I know...

 

The stadium and facilities will cost approx £50m to build.

Pittodrie with planning permission is valued at £20m (and even in todays climate that is more than achievable due tothe housing shortage. Its flats and houses thats planned, they'll still sell)

£30m to find.

From that there will be naming rights - £1m

contingency +£5m

£34m to secure

Worst comes to worst they are looking at a mortgage. As we're running in profit for the moment (thats why they've been pushing to run in profit and not just break even)

£500K a year isnt enough to fund a £30m mortgage.

About 30-40% of the £30m will have to be found (imo) to make the build happen. The rest can be borrowed.

 

I'd guess there's a £10-13m hole in the finances which sounds a lot but its not a huge amount to find privately when looking at a £50m project with a community theme attached to it. How they get it for free is probably where the challenges will come. When the oil was bouncing I'm sure some inside Pittodrie would've been thinking they could call on their service company owner friends to privately invest in long term advertising, corporate deals, boxes, stand sponsorship etc but thats wont be as easy to get today as it would've been 3 years ago.

 

We may end up with the Wood Stadium instead of the Shell Training Camp and the Nexon Academy.

 

 

There's a housing shortage? Last time I checked there were countless flats and house for sale that aren't shifting. My own flat has been for sale since April without a single viewing despite lowering the price twice and it being in good order.

 

And didn't the last attempt to auction Pittodrie fail because no one bid?

What possible alternative plans were you thinking?

 

Rocket, if I had more time I'd actually respond to this but we both know no matter how well thought out and researched my reply could be it'd be met with (at best) the usual level of condescension and at worst another longwinded angry rant/personal attack. Quite frankly I've not got the appetite for it anymore.

 

So let's leave it there.

Rocket, if I had more time I'd actually respond to this but we both know no matter how well thought out and researched my reply could be it'd be met with (at best) the usual level of condescension and at worst another longwinded angry rant/personal attack. Quite frankly I've not got the appetite for it anymore.

 

So let's leave it there.

 

You can leave it anytime. No-one's forcing you to post.

 

I don't think you know what you write.

 

"But I could be wrong", "probably" am, no, "surely" I am, I "must be".

You can leave it anytime. No-one's forcing you to post.

 

I don't think you know what you write.

 

"But I could be wrong", "probably" am, no, "surely" I am, I "must be".

 

Whatever you choose to believe in that angry little mind of yours is fine with me, I'm done 

Whatever you choose to believe in that angry little mind of yours is fine with me, I'm done 

 

Let that be a lesson to you. NEVER start fights that you can't see through. NEVER jump in when someone else is fighting. Most important of all, don't speak when you have nothing to say.

Let that be a lesson to you. NEVER start fights that you can't see through. NEVER jump in when someone else is fighting. Most important of all, don't speak when you have nothing to say.

 

Rocket, I've not started any fights. Neither have I jumped in on any other fights and I've made the point I tried to make. Since then I've realised there's no point replying to you and it only ever goes one way.

 

I'm also realising there's very little point posting at all considering you seemed to be obsessed with responding to my posts trying to pick petty arguments, it's really tedious.

 

Although for info, I started off replying to another comment on this thread, nothing at all directed at you so your "lesson" is typically wide of the mark. I'd point out how laughable your point is about jumping in is but you'd miss the point there too.

I know you don't need me to tell you this, ED, but just you keep on posting whatever you want to post. You need no one's approval but your own. 

I know you don't need me to tell you this, ED, but just you keep on posting whatever you want to post. You need no one's approval but your own. 

 

Oh I know that don't you worry... dealing with the constant borderline obsessive stream of nonsense doesn't have get dull, cheers though!

Rocket, I've not started any fights. Neither have I jumped in on any other fights and I've made the point I tried to make. Since then I've realised there's no point replying to you and it only ever goes one way.

 

I'm also realising there's very little point posting at all considering you seemed to be obsessed with responding to my posts trying to pick petty arguments, it's really tedious.

 

Although for info, I started off replying to another comment on this thread, nothing at all directed at you so your "lesson" is typically wide of the mark. I'd point out how laughable your point is about jumping in is but you'd miss the point there too.

 

My last post.

 

If you've realised there's no point replying to me then why have you done so? How ironic is this? Is was me who ignored you for ages but I ignored the first two and unloaded on you the third time, which stoked up the confrontation again.

 

And for the record it was you who provoked the fight. You continuously picked on anything I had to say and you didn't like it when you got it back with interest. When you jumped in to side with bb complete with snidey insults, that showed you up for the man that you are.

 

I'm not going to continue this dialogue and if you're true to your word, you won't either. It really upsets North East men to see an online confrontation between two fellow Dons fans so out of respect for them, we should desist.

 

If you say something offensive though, I will pick up on it, as I do with EVERY post I don't agree with. But don't take it personally for fuck sake. Grow up. It's a fucking internet forum. You can continue using insults if you like. I won't be resorting to your level. And if I do it will be cos I'm pished. And only in retaliation. Peace out brother. x x x

 

 

 

There's a housing shortage? Last time I checked there were countless flats and house for sale that aren't shifting. My own flat has been for sale since April without a single viewing despite lowering the price twice and it being in good order.

 

And didn't the last attempt to auction Pittodrie fail because no one bid?

 

There may be a downturn at the moment but that wont last forever.

Even if it doesnt return to the craziness of before where 30 square metres cost £100k to buy that doesnt mean there isnt a housing shortage in the city and surrounding areas, ask one of the 22000 on the housing lists for Aberdeen and the shire. Ask those paying £1800-2000 a month in rent for a 3 bed house because they cant get on the housing ladder due to the over inflated prices some were willing to pay and the shortage keeping those prices up. Thats 3 times the amount someone in Glasgow, Manchester, Birmingham, almost everywhere else in the country pays.

 

Because it has planning permission at worst one of the big 4 will pick it up and sit on it until its worth building because demand is back or its worth 30% more than what they paid for it or both.

 

The main issue last time was the deferred date the new owner would be able to get the land and the uncertainty due to the new stadium not being passed.