The annual shit show, that is our annual accounts, have been released.
I don't really think there is anything new, which would change our understanding of how the club is ran. We're spending vastly more than we recieve in normal operations, with the difference being made up by Marikanis and selling key players every year. It is sustainable as long as Marinakis is interested and as long we have academy players to sell...
Some of the key points -
- Turnover up from previous year despite two months of COVID impact/cancelled games etc.
- More debt converted to Equity, i.e. secured by the owner.
- Non-staff operating costs have fallen (unsure what they relate to)
- Wages continue to rise. Playing staff is huge. The wages to turnover ratio is 150%. Not sure why this isn't being addressed?!
- Squad value has gone down
Prospects for 20/21 Accounts look pretty ropey because of COVID but will likely show a similiar story - more wages (Colback, Taylor, Arter) being funded by Marinakis and player sales (Cash, Walker, Silva)
With so many players out of contract/ending their loans this summer and quite a few young players coming through, you would hope some action is taken to address the wage bill this summer!