I saw the original piece by Kieran Maguire and he is wrong.
The reason why the debt has not been disclosed in the 2016/17 accounts is twofold.
Firstly, the club only produces what are known as 'Abbreviated Accounts' and can do that because the club's size allows it. And in publishing Abbreviated Accounts, the club doesn't have to comment on the level of debt, the duration of the debt and who owns that debt. This isn't new. It has been the practice at our club since 2004 and the Rhodes' and ML&JR have all taken advantage of it during their ownership. Most other clubs in League 1 don't take advantage of this particular part of the Companies Act but City do. Personally, I don't like the practice and find it extremely annoying that our club does this and that a company with more than 15,000 paying customers doesn't provide better information about the financial well-being of the club. I had hoped that the EFL would at some point put a stop to the practice but as yet the EFL has done nothing. I had previously raised this as an issue on C&B but the general response from other posters was lukewarm if not 'meh'!
Secondly, even if they had produced full accounts rather than abbreviated accounts, there wouldn't have been any debt to disclose! And the abbreviated accounts do show that if Maguire had looked more carefully.
Maguire also said in his original article that the club hadn't disclosed any information on player purchases. That is equally untrue. In the Fixed Asset part of abbreviated accounts, a figure of £511k is shown as 'Investments' which despite its description is explained as being player purchases.
Why Maguire didn't get his facts correct is a little surprising but I am becoming very cynical about the plethora of negative reporting from journalists with little personal connection to our club. As you know, I am no fan of the Rahic approach and imo it is doomed to fail. But twisting the facts to meet somebody else's agenda does nobody any good.
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Most liked posts in thread: Why the secrecy?
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Is this turning into the official anti-Bradford City and anti-Rahic Forum ?
Everyday there seems to be 2 or 3 threads having a dig at something or another, it's non stop.
Enjoy anywayRCarol, Haworth Bantam, Inspector and 9 others like this. -
Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Damo, Batmanbantam, Dutchio and 6 others like this.
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Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Damo, Dutchio, FrenchBantam and 4 others like this.
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FULL TRANSPARENCY NOW!city exile, Damo, Klaatu and 2 others like this. -
On a slightly separate but related note, this might be of interest:
https://mobile.twitter.com/KieranMaguire/status/1041254763873140736
It's information regarding debts of league 1 clubs and we were the only club in this division not to provide such infrimation. We failed to give information on something which every other league 1 club was willing to provide. It's not so much that I'm desperate to know our current financial status but it's very telling when you put it into context. It doesn't exactly help Rahic/Rupp when you consider they've talked about honestly and bette comunication with the fans.bantamdave41, BingleyBantam, River_City_Bantam and 2 others like this. -
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Also, what's so interesting about the picture?
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BingleyBantam, Bigrod, Bronco and 1 other person like this.
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As a rule people have to earn trust and respect. Lessons learned and a no sense apology are never going to be enough for those of us who have doubts. It’s just basic rules of life. It’s not just trust in one area, it’s trust in anything. I don’t trust Rahic. I really hope he has learnt lessons and does put things right but until I see actions, not words, I worry for our club under his tenure.
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Jason McEvan, RonnieBrown, Onside and 1 other person like this.
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i really feel for those that wake in a morning and their first thought is, “how can i dig out the club and the owners today?”
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CT Bantam and FrenchBantam like this.
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Get Rid Of It Squad PlayerP.L.22/23 Entrant Supporter P.L. 20/21 Top 20
@Bigrod ; If you go on the bbc sport website and check our fixture against charlton, the figure reported is 15,709,
now i very much doubt charlton brought 700 fans so the approx figure should be over 15,000 but plenty of them are suffering buyers remorse(me me me) .Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand... -
Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...RonnieBrown and Dratsab taf like this.
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This is just a little something, which the club could do. Why is it so difficult? Small steps to repair the relationship, need some tangible evidence to demonstrate that there is a constructive change occurring.
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