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Everton back among top 20 richest clubs

22/01/2015  Comments (70)  jump
Everton have been named in the top 20 of Deloitte's Money League on the back of the big increase in revenue from the latest television rights deals.

The club returns to 20th place on the list for the first time in a decade thanks to turnover of 120.5m last season.

Everton posted record profits of 28.2m following the significant hike in broadcast revenue from the first season of the new three-year domestic and overseas TV rights deals, which pushed their share up to 88.5m, and a merit payment of almost 20m based on last season's fifth-place finish.

[Premier League] clubs have benefited from much larger broadcast revenues than the majority of their European peers, said Dan Jones, partner at Deloitte's Sports Business Group.

With the next round of Premier League broadcast rights bidding expected this year, we expect further boosts for the English top flight.

As it stands, half of the current Premier League clubs make up Deloitte's top 30.  


Reader Comments (70)

Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer


Ian Hollingworth
1 Posted 22/01/2015 at 06:56:53
Where's the money Bill?
Mike Jones
2 Posted 22/01/2015 at 07:03:54
What a load of crap.

Top 20 by virtue of the TV deal. (Over 70% of our revenue)

Commercially a disgrace, just over 10% of our income from commercial income, so Suntan Bob is doing an amazing job there.

For reference....the next placed team to us is Newcastle, they generated twice the figure via commercial activities.

Paul Smith
3 Posted 22/01/2015 at 08:02:33
So, hypothetically thinking, if we weren't in the top flight, we would lose 70% of that income? Scary if true.
Anthony Hughes
4 Posted 22/01/2015 at 08:05:50
No SKY money, no Everton. Premier League survival is an absolute must or we will disappear without trace.
Colin Glassar
5 Posted 22/01/2015 at 08:12:56
These numbers mean sod all. Mike Jones has said it all. A bloody disgrace.
Peter Laing
6 Posted 22/01/2015 at 08:31:02
The commercial side of Everton's operation has always been a disgrace and has been symptomatic of the dumbing down of the aspirations of the supporters by an inept board of directors and subsequent CEO's who have done little if any to improve additional revenue streams other than the TV money. The likes of Liverpool have second shirt sponsors and much smaller Clubs seem to do better than the Chang deal that appears to be paltry in comparison.
Phil Walling
7 Posted 22/01/2015 at 08:44:09
They will be throwing a party on this news – just as the team hits the iceberg.

Too big to go down?

Joe Clitherow
8 Posted 22/01/2015 at 08:53:08
Top 20 Richest? Bobby will soon sort that out. For once I have complete faith in him.
Alan Clarke
9 Posted 22/01/2015 at 08:56:57
Should afford us a new lawnmower then.
Sam Hoare
10 Posted 22/01/2015 at 08:56:22
I was speaking to a friend who works in sports management, sourcing sponsorship deals for clubs/players etc, and he thought Everton's deals were very below par but a gamble on generating interest and eminence in a growing Asian market. A gamble that's not seemingly paying off as we are not even the most popular club in Thailand, by all accounts, despite our links there.
Scott Hamilton
11 Posted 22/01/2015 at 09:07:22
So, if we get relegated, that's 70% of our income gone? Christ, that's terrifying!
Brin Williams
12 Posted 22/01/2015 at 09:11:46
SH 10 – 'We are not even the most popular club in Thailand.'

By all accounts we are not even the most popular club in Liverpool!!

Charlie Gibson
13 Posted 22/01/2015 at 09:12:46
Look on the bright side! This gives us a "quite unique" opportunity to get used to being 20th in a table before it happens again in May.
Jay Wood
14 Posted 22/01/2015 at 09:22:03
And this highlights exactly why relegation would be disasterous for Everton ... take carefully note Brin and reconsider your suggestion yesterday that relegation could be beneficial for us.
Peter Murray
15 Posted 22/01/2015 at 09:28:32
Better to be reading of a profit, not a loss, of 㿈 million.
Liam Reilly
18 Posted 22/01/2015 at 10:28:34
So far behind our former peers: the RS more than double and not even a 3rd of Man Utd.

That PSG and Man City are 5th and 6th respectively shows how the game has changed for the worse since the advent of the Premier League.

Kudos to Dortmund; getting there the right way.

Ant Summers
19 Posted 22/01/2015 at 10:43:30
BK won't spend any of this profit. He will sit and suffer like the rest of us, hoping and praying we get another 20 points or so. Sunday 24May, home to Spurs, could be the biggest game in EFC history since the Wimbledon game. Unfortunately for Bill I doubt there are any in the Spurs side that were found in the Wimbledon team.
David Ellis
20 Posted 22/01/2015 at 11:00:42
Actually this is good news. We are relatively richer than in the recent past. It also explains why we can't expect to make the top 4 in the Premier League or beat the richer clubs on a regular basis - they make multiples of what we make.

Now you can either accept that and enjoy your life... or go on about Nil Satis and not dropping your own "personal standards" and demanding trophies and rich Arabs etc etc and be miserable.

Whatever floats your boat.

James Stewart
21 Posted 22/01/2015 at 11:05:40
Nonsense – the whole list is nothing more than a PR stunt. Most of those 'Top 20' are all in debt. Number one on the list being a prime example. The ludicrous world of creative football accounting.
Andrew Hawes
22 Posted 22/01/2015 at 11:42:28
Ha ha ha ha let's crack open the champagne!!!
Our board of directors are now the 20th richest,
Absolutely nothing to do with the football club.
Brin Williams
23 Posted 22/01/2015 at 12:23:05
Jay 14 - With all the moans on TW, the detractors would still be at it which ever league we are in.

The current moan is not that we are 20th in the Rich List but top of the Bitch List – if you get my drift!

Len Hawkins
24 Posted 22/01/2015 at 12:24:40
Christ! If they had a world rich league Everton would still be in relegation form. Better to fire off all the £billionaire clubs into their own little bubble and let Everton bob along in mid table to top four mediocrity in the Also Ran Premier. Everton really are DOOMED!
Denis Richardson
25 Posted 22/01/2015 at 12:16:19
David - so by your suggestion we role over and die everytime we play one of the moneyed clubs? What about Athletico last year? What about Dortmund in recent years? What about Southampton and to an extent West Ham so far this season?

Yes, on average, the richer clubs will win most of the trophies but on any given day any team in the top flight should be able to beat any other. Man Utd failed to make CL last year despite their wealth and how many years were the RS out of the CL before this season (where they're out already anyhow)?

Got to keep some hope or we may as well support our local Conference side and stuff professional football altogether. Right now, simple survival is the aim so let's just focus on that....

Re our income, to be fair most clubs in the Premier League would find relegation to be financially disastrous, we're not the only ones feeding from the Sky trough.

Relegation = less TV money = slash wage bill / get rid of high earners and hope to bounce back before the parachute payments run out!

Even if we avoid the big R this season, guaranteed we won't be getting anywhere near 㿀M for our league placing bonus! So that's already a big chunk down on last year. Wonder if there's a 'claw back' mechanism in RM's contract for that!

Ernie Baywood
26 Posted 22/01/2015 at 12:27:57
People saying that we would lose 70% of our revenue if... You've heard of parachute payments? And the Championship does have a TV deal too.

At the end of the day, there's not a top club that isn't dependent on the TV money. If it ever went the game would implode.

Tony Abrahams
27 Posted 22/01/2015 at 12:22:12
Finishing closer to the bottom will change this overnight. Sky TV lays the golden egg. Sky TV has destroyed football more like.

Your shite if you can't pay your players more than 㿼k a week – the minimum requirement for a Champions League shot.

Jay Wood
28 Posted 22/01/2015 at 12:33:38
Brin @ 23

So ... you stand by your position that it’s a good idea to be relegated Brin ...?

Jay Wood
29 Posted 22/01/2015 at 12:37:49
Ernie @ 26

You too, Ernie? Not concerned at the impact of possible relegation on our finances, players we could retain/attract, all other associated commercial losses..?

Brian Waring
30 Posted 22/01/2015 at 12:52:24
Supposedly Mike Ashley is buying out kitbag.
Nick Page
31 Posted 22/01/2015 at 12:58:57
And we still won't be doing any business in Jan.....

....so it can't be that we're skint

Is The Phenomenal One on borrowed time, I wonder?

Alan Williams
32 Posted 22/01/2015 at 13:20:22
It always makes me chuckle when I read people's responses to articles like this, they seem to wave a magic wand and make out just how disastrous we are allegedly run. Like, "Bill, where is the money?" and "Where would we be without TV deal?"

Money goes into the pockets those players that you all adore; do you really think EFC turn away sponsorship? Don't be so stupid, we have a commercial department that puts these to tender, as do many other PL clubs of our size and commercial value.

The simple fact is we aren't attractive to big global sponsors. Newcastle have many more lounges and boxes than us, along with a bunch of idiots that wear football tops every day of the week.

EFC corporate lounges have sold out for the whole PL season first time ever and all you can get is an outsourced third party via the Titanic Hotel, so this season we can't add any more as we don't have the in-house capacity.

You all moan about income yet EFC season tickets are one of the lowest in the league. Kids' tickets under 11 䀋 each anywhere in the ground – that's excellent value for us fans but, as a commercial transaction, it's pathetic, I would pay treble for that for my sons ticket.

If you want EFC to go down the road of grabbing more income, then please be aware that we the fans will also have to pay more – it's a two-way street. That's why most of the RS fans watch the game in the pub and let the tourists take over.

Ernie Baywood
34 Posted 22/01/2015 at 13:33:47
Jay.

Why the need to put words in people's, erm keyboards (or touchscreens).

Obviously I don't think it would be good for our finances for us to be relegated. No-one thinks that. If you want to have that argument then feel free to have it with yourself.

Tony Marsh
35 Posted 22/01/2015 at 13:33:23
Yes, great news at last. We are now up there with the Big Boys competing on a level playing field... I cant wait for the deluge of new players to come flooding in to the club this month. Man City, watch out !!!

Ha-ha... what a joke.

Bill Gall
36 Posted 22/01/2015 at 14:17:30
Ernie # 26 You mention the championship have a TV deal as well. Well, I live in Canada and I have friends who live in the States and both them and myself have not seen any of the championship teams on TV unless in cup games. This is a huge market in North America that was improved by NBC and Fox Sports... and they will not be taking up a deal for the Championship.

I can't speak for the Asian markets or any other market abroad but I am well aware that, if the unmentionable happened to Everton, I will not get them on TV anymore via satellite.

Brin Williams
37 Posted 22/01/2015 at 14:55:14
Ernie 34 - Take no notice he just wants a stage to spout on - like another thread - he went on ad nauseum. Likes to hear his own voice - a spell in a lower league might cool his ardour.

Dave Abrahams
38 Posted 22/01/2015 at 14:53:51
The shareholders meeting should be very interesting this year, if we have one.
Dave Lynch
39 Posted 22/01/2015 at 15:16:43
Even if we had money to spend, which we haven't, I wouldn't trust it to this clown of a manager.

He'd probably go and sign Dave Wheelan, after all his broken leg must be fixed by now.

Lee Boylan
40 Posted 22/01/2015 at 15:49:27
We should be but Bill never bloody spends it. It just adds insult to injury to be told we're in top 20 and yet we don't improve squad... Why do we all see it but Bill doesn't??
Lee Boylan
41 Posted 22/01/2015 at 16:20:45
So does this not make us a more sellable club?
John Francis
42 Posted 22/01/2015 at 17:27:16
Talkshites ahem Supercomputer has us 12th in the final prem. standings.
Hope they are right.
Helen Mallon
43 Posted 22/01/2015 at 17:52:54
What a load of tosh. Like was said earlier, most of those clubs are so in debt. Man Utd are reportedly 700 mill in debt. If banks wanted to call it in they would go under.

We will be ok. We might go down (God forbid) but we will be OK if we do.

Ian Jones
45 Posted 22/01/2015 at 19:14:20
Some mention on here of money not being spent, so money laid out recently on players for example Lukaku doesn't count then. I appreciate we have to sell some players to help fund purchases. That's what clubs who don't have funds generally do. No point spending money we haven't got unless there is a rich benefactor behind us which there isn't. Not going to change soon so best to stop bleating and get on with it.

However. I also appreciate our commercial activities don't always seem the brightest.

On a positive note the fact that we are 20th on this list also means that there just could be someone brave enough to investigate our club's potential. Hope they don't read Toffee web as that would put anyone off investing!

Declan Brown
46 Posted 22/01/2015 at 19:47:35
"Where's the money gone Bill?"

I'd hazard a good guess and say it's been squirrelled away for the potential ground move. Putting 㿅m away for 4-5 years would give that project a good start.

Just guessing I may add!

Darren Hind
47 Posted 22/01/2015 at 20:05:47
Well Bobby's spent north of 75 million on Wages and transfers in eighteen months.

Some going that like

Colin Glassar
48 Posted 22/01/2015 at 20:06:46
Declan, do you really think chairman Bill is saving up to pay for the stadium? That made me laugh.
Joe Clitherow
50 Posted 22/01/2015 at 21:12:22
Alan 32

Excellent post

Declan Brown
51 Posted 22/01/2015 at 21:23:40
Colin, i'm not Bill's biggest fan, but you have to wonder where all the money has gone. I'm just cutting the guy some slack.

Transfer fees are not paid out in whole lump sum, the payments are spread over the length of the contract, i.e. Lukaku, we paid ٣m down and will pay the rest of the 㿃 over 4/5 years (depending on his contract), so we didn't spend 㿈m last summer. With 𧴰m turnover and the once infamous 㿃m that disappeared into other operating costs, I'm just trying to suss out where 㿀m-㿊m of that is maybe going each season.

Yes wages are high, but they're not 𧴰m. If I was the chairman with all that money i'd be thinking of building up a war chest to have a go at a new stadium project for the third and hopefully last time. He missed up Kings Dock because of a paltry 㿏m, Kirkby was a disaster due to having to get a retail partner to put their mega carpark and store at the end of our stadium, so maybe this time with the fingers having been burnt twice he's learnt the lesson?

I still can't believe in this money rich era of football that we're still in debt, approx 㿔m, with the sums involved nowadays surely we could pay that off in 2-3 years maximum? That's the sensible option.

As I said i'm just guessing, but ultimately hoping for the best even if it's more than a miracle! Judging on my last post the money certainly won't be to buy Mark Hughes out of his contract! But the dreamers believe Koeman, De Boer, Klupp will be ours if Roberto goes, me, I'm a pragmatist, the blue dreamer died in me a while ago! The big names won't be coming to manage us, the reality is a sore one sadly.

Next best thing, get the stadium issue sorted, start saving for that rainy day (the plans are out there now, WHP) while there is loads of dosh coming from being in the premier league. Is that really too hard to believe or am I being naive?

Bill Gall
52 Posted 22/01/2015 at 21:40:30
Declan,sorry to burst your bubble but the plans were out for the last 2 stadiums . One was a financial disaster for not pursuing it and the other no one wanted. As far as W.H.P. goe's I believe it will get as far as the planning stage.

Remember B.K. has been in control of this club since 2004 so think back to how many promises that have been made have fallen by the wayside.

Colin Glassar
53 Posted 22/01/2015 at 21:50:25
I have to agree with Bill, Declan. This man has shown over the years that he can't be trusted. Every season we have done well has been a bonus for him but top half survival, and the occasional euro trip, has been the height of his ambition for the club.
Eleven years he's been searching 24/7 for an investor and what has he got to show for it? A crumbling stadium, a threadbare squad and rising damp, I mean debt.
This is the real charlatan at the club. This is the real deadweight that keeps us down.
You could bring in a triumvirate of Ancellotti, Mourinho and Fergie as co-managers and we'd still struggle under this bunch of incompetent clowns aka Blue Bill and his cronies.
John Williams
54 Posted 22/01/2015 at 21:05:20
Ian 45.... Funny footnote.

Everton wage bill 2012/13 10th highest in the premier league 㿫m .Thats where the money goes and why we can't buy anyone of note this window. Before the season started Martinez said we needed 6 or 7 new additions to the squad to attack the season on all fronts. We end up with only Besic .Apparently now he's saying we're not expecting any serious business to be done in this window. I wonder why ?

Jay Wood
55 Posted 22/01/2015 at 21:58:30
Brin @ 37

Oh the irony ... on the other thread you accuse me of going on "ad nausea" you wrote a 500 word post which concluded:

"I will now say something that might shock one or two - it could well be that that time the club needs is not available in the top flight and a drop to a lower division would be the place to get things right out of the spot light and acrimony. A time to experiment. Perhaps we all expect the impossible on a shoe string.

Fire away."

As invited, I fired away in greater brevity with 6 words:

"Jaw dropping ... truly jaw droppingly STUPID!!!!!!!!"

I’m happy with that contribution and stand by it. Are you happy with your contribution in that thread and do you stand by it?

Kevin Tully
56 Posted 22/01/2015 at 22:20:49
This board's claim to fame is the fact they stuck by Moyes when others may have pulled the trigger.

If anyone wants to outline their other 'successes' please list them below. (T.V. revenues don't count - every team in the League is entitled to those!)

Declan Brown
57 Posted 22/01/2015 at 22:38:01
Lads I was playing devils advocate for trying to find somewhere where the money is going that's all. It was an ideallic hope.

I totally agree regarding Bill holding this club back with his ambitions stretching to budgeting for finishing 10th to break even which was telling Moyes a top half finish was a success every season thus lowering expectations which suited Moyes fine.

Colin 53, agree with your assessment. I still think the greatest opportunity for our club was missed when the Kings Dock passed us by due to Bill. That still hurts when I think to where we could have been now, wasn't it true that the Sheiks wanted to buy us before they bought Man City, they sounded Bill out about it and he turned them away because he felt they didn't have our best interests at heart, the rest is history...

With all this money in the Premier League it's horrible to watch the parade pass us by as we make a mess of an opportunity. Next year will be even harder, I read that the top 3 (and 4th if they qualify) will get 㿨m for getting into the Champs League group stages alone. If it's hard now to compete financially next year the door shuts even more...

James Joseph
58 Posted 22/01/2015 at 22:28:25
Just come across an article by Martin Samuel, the Daily Mail's chief football writer in which he reveals his secret passion - the musicals of Stephen Sondheim. In it he quotes this lyric from a Sondheim song:

"Loving you is not a choice
And not much reason to rejoice
But it gives me purpose
Gives me voice
To say to the world
This is why I live
You are why I live."

What has this to do with out beloved Blues? Well, he goes on to say that "... the chairman of Everton Football Club, theatrical impresario Bill Kenwright, quotes this lyric to explain why HE CARRIES ON SINKING MONEY INTO THE CLUB."

You have to laugh, don't you?

Colin Glassar
59 Posted 22/01/2015 at 22:51:21
Martin Samuel is typical of the unscrupulous journo hacks in this country who are in the back pockets of their paymasters (club owners) The man is a tool of the highest order. Last week he was defending Ched Evans ffs.
Bill Gall
60 Posted 22/01/2015 at 22:29:10
Thank you, Colin. it is about time people realised that the major problem at Everton FC is the chairman BK. I cannot think of any time since he has been in control of this club when the opportunity has arose to move it forward, no matter if it is funds for players when they were needed to improve the squad in January, new ground, new owners, he just freezes and issues promises.

We have a Chairman who along with his inept board that seem to run the club on a day by day basis with no vision for the future. This is what makes me think that they are only in it for their own interests to see how much profit they can make if and when the club is sold.

I do not want to hear any more sob stories from the Boys Pen as there are lots of supporters like me who were in the Boys Pen around the same era. I want you to do your job and grab this club by the scruff of the neck and start getting some confidence back to the Manager,the players, and the supporters .

There are lots of supporters who have been around a long time and they do not want to hear these stupid comments by Manager and players and can see themselves what is going on. I do not dislike BK as I do not now him, but I certainly do not have any respect for him for slowly bringing this great club backwards with statements that never pan out and for not having any realistic vision from when he took control to advance it to its rightful place.

It is no use going on about your history if you can not improve on its future.

[Sorry about the rant / had to get it off my chest.]
.

Colin Glassar
61 Posted 22/01/2015 at 23:22:45
The "we don't know who is in charge" comments by the Sampdoria guy just about sums up the bumbling amateur that is Bill Kenwright and his circus.
Keith Harrison
62 Posted 22/01/2015 at 23:34:41
Colin,

ThatÂ’s so we can play sneaky and wait until the last minute to accept decreasing offers for EtoÂ’o whilst still paying his wages but not playing him.

When will people realise Bill knows what heÂ’s doing??

Nigel Gregson
63 Posted 22/01/2015 at 23:28:48
Alan Williams - 32 : What a great post. Just like to add that, to really grow bigger (at least in terms of commercial revenue), we :

1. Win something big (Europa league?) :

2. Get a bigger ground : The less said that better.

3. Raise profile in other countries (Asia?). I saw two dedicated Leicester gift shops in Bangkok, one in their international airport. Leicester ?? For fucks sake. I get that Leicester is owned by a Thai billionaire, but we have had an affiliation with Chang, for god knows how long and we are yet to monetize on it at all !

4. Produce some more Rooneys and sell them for 㿊M or more

Eric Myles
64 Posted 23/01/2015 at 04:36:03
Peter #15 "Better to be reading of a profit, not a loss, of 㿈 million" We always make our profit based on player sales.

Ant #19 "BK won't spend any of this profit." It's already spent.

Declan #51 "I still can't believe in this money rich era of football that we're still in debt, approx 㿔m, with the sums involved nowadays surely we could pay that off in 2-3 years maximum? That's the sensible option" That's nett debt, total debt is over 䀆m.

James Flynn
65 Posted 23/01/2015 at 11:15:33
Speaking of parachute payments, if the worst happens, who's first in line for that money? Wouldn't it be the banks?

And haven't I read in here, that EFC borrows against anticipated TV revenue? That goes away, too, yes?

How would we retain good players? We certainly couldn't maintain the current wage scale. Or even anything close to it.

No, if the next five league games see a points return same as the last five, Roberto's gone. Kenwright et al will retain a fellow causing so dramatic a decrease in funding? Essentially, the financial collapse of Everton Football Club? Nope. He'll be gone. That's assuming they wait five more games.

Clive Rogers
66 Posted 23/01/2015 at 14:22:12
The whole club is a shambles from top to bottom. Kenwright has been running the place for 16 years now and should hang his head in shame at what he has done to this once great club. If the unthinkable happens and we take the drop, it will be the end of EFC as a top flight club.
Clive Rogers
67 Posted 23/01/2015 at 14:50:12
Eric #64,

I think we paid off some debt in the summer. I estimated it is now about 㿼M. Correct me if I'm wrong somone. But it's the total debt that matters and which you owe and pay interest on. Nett debt only comes in if you sell all your players.

Paul Hewitt
69 Posted 23/01/2015 at 19:33:54
The debt is only 20 million Clive.
Eric Myles
70 Posted 24/01/2015 at 00:02:42
Clive #67, you are correct about the total debt which in the last accounts is 䀋mn, and nett debt had increased, so I'm amused by Paul's 㿀 mn unless he has access to the current balance sheet that we don't.
Brin Williams
71 Posted 24/01/2015 at 09:25:23
Jay Wood 55 -

Sorry mate, didn't mean to ignore you - what was your question again?

Oh yes - do I stand by what I said ....errrr let me put it this way.

The debate was about the possibility/fear of relegation and 'experimenting'. I said if that were to happen, relegation, it would give ample time to 'experiment'.

Now, as a long time Evertonian, there is no way I want or wish for 'relegation' – why would I? But, IF it were to happen, I can tell you you would see a far different Everton emerge and most probably under new ownership and investment. It may be the only way to rid the club of this apathetic setup that calls itself a Board.

Do I want the big R? Do I want a hole in the head?

Do I want to hear any more from you? NO.

Joe Clitherow
72 Posted 24/01/2015 at 09:44:55
Eric (#70),

I've no idea what you are referring to, in terms of "total debt" and "nett debt".

What gets quoted in the Statement of Accounts is assets and liabilities, the difference between the two is your "debt" effectively.

Net current liability is the only real debt that matters and from the 2014 accounts is ~㿅m, down from ~㿚m. The year-on-year interest on the latter was >٣m a year as far as I recall.

One important thing though is players are not listed as assets, which distorts club "value" from just the balance sheet.

The accounts are available here

http://www.Evertonfc.com/content/club/shareholders-association/statement-of-accounts

Joe Clitherow
73 Posted 23/01/2015 at 18:15:34
Clive,

No, players are not listed as assets on accounts, they are employees. Sports like football are the only "businesses" that sell their employees that I can think of.

Clive Rogers
74 Posted 24/01/2015 at 15:53:55
Thanks, guys, but accounts still confuse me!!
Eric Myles
75 Posted 25/01/2015 at 00:22:28
Joe, total debt is the total amount of money owed to creditors. You may consider nett current liability to be the only debt that matters but I'm sure all those creditors want their money, just as your bank manager wants all the money he gave you for your mortgage (and the interest on it) and doesn't care whether someone else owes you money.

Net current liabilities are shown as 㿔 mn in the accounts, and I remember our editor MK, at the time the accounts were published, refuting claims that the debt had fallen as it had actually increased!

Simon Temme
76 Posted 31/01/2015 at 00:00:50
Alan@32

As this is a two-way street, if the Sky bubble goes pop, do you expect the fans to bail out football clubs out as well?

The alternative is alive and well in Germany.


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