NFFC Financial Talk

[Jean_claude_killy]

The figures look worse than they are and the McGuire chap is correct we are not in danger of transgressing P & S, not for the time being anyway.

You have to remember that 2 seasons ago we recorded a profit of 32m after some clever financial engineering.

Income has risen by just over 2.5m; this increase has come from across the board - Advertising and Sponsorship, Catering, Attendance money, Commercial and Retail - all showing an increase in revenues.

That's the good news!

Although we displayed a profit of 10.5m on transfers we have recorded an 8m write down for releasing players.

Wages have jumped from 111% of income to 124% of income; some of this additional spend will have been for paying off the players released and some of it will have financed Karanka's signings.

There were rumours at the time of his resignation that he had been asked to off load some more players; looking at the figures I would guess that definitely happened.

The jiggery pokery with the declared profit makes a lot more sense now, especially given the timing as this would be the last chance to clear the decks.

The 32m profit doesn't help with FFP at all, makes no real difference in that sense. I'm sure it was helpful for financing in other areas though.

We've actually made broadly the same operating loss for years, the amount its hurt us has depending on player sales/profits.

We will always be dependent on selling players while that wage bill is higher than what we earn; there is no other way of making the books balance