Discover and read the best of Twitter Threads about #NFFC

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I recently wrote about the importance of the cash flow statement in assessing the financial performance of a football club, focusing on the Premier League. Since then I have had a few requests to do the same for the Championship, so let’s take a look in the following thread.
A club’s profit and loss account is easy to understand, i.e. basically revenue less expenses (mainly player wages), but this is a notional profit based on the accountants’ accruals concept, which can be very different from actual cash movements.
This is important, as the main reason that football clubs fail is cash flow problems. It does not matter how large your revenue is (or your profits are), if you do not have the cash to pay your players, suppliers or indeed the taxman, then you will find yourself in trouble.
Read 41 tweets
Took a look at some early team trends especially for those with new managers. First up West Brom and Slaven Bilic...
Clip 1
Slow possession between CBs drawing the press from 1st line of opposition. Width is key though with full backs esp Gibbs wide and wingers high and wide causing gaps to open in half spaces. Positional rotation while possession is built allows wide MF to drop into half-space
Clip 2
Again slow possession in defence not afraid to use GK as the distributor. Slow pace draws opposition 1st line press. Full backs stay high and wide as out ball (nominally Gibbs). Once press is on GK plays long diaganol and FB drives into open space.
Read 9 tweets
Forest could do a lot worse than get on the blower to Pompey now and take Jamal Lowe and Matt Clarke. Good players at good ages, likely to be at reasonable price points - both with room to grow. #nffc
That's the sort of business I would be looking at this close season (not that I'm an expert). Young, talented players from our division or the top end of the division below. Pay a bit of money, but give yourself a strong chance of development/player growth and resale value. #NFFC
A few other suggestions of the top of my head (probably of varying possibility):
Defenders: Ajayi at Rotherham, Lindsay or Pinnock at Barnsley, Romeo or Cooper at Milwall, Davies at Preston, Justin at Luton. Da Silva on loan from Chelsea #nffc
Read 6 tweets
A thread on the #nffc season for 2018/19. You’ll laugh, you’ll cry, you’ll wonder why we can’t ever have nice things...
August 2018: Collectively off our tits on optimism. Reds channel 1970s Brazil against West Brom. Perfect the art of playing “brilliantly shite” in draws vs Wigan and Brum. What if. What fucking if... Guedioura’s 70-yarder vs WBA actually went in?
September 2018: Joao Carvalho doesn’t run. He glides. He doesn’t rev, he purrs like a wolverine. Some daft Portuguese twat is sat there wondering why he accepted just £13 million for him. Three wins. Get Grabban off fucking penalties, would ye?
Read 14 tweets
Nottingham Forest’s 2017/18 financial results covered the first full season under the ownership of Evangelos Marinakis (80%) & Sokratis Kominakis (20%), who bought the club in May 2017 from Fawaz Al-Hasawi, when they finished 17th in the Championship. Some thoughts follow #NFFC
#NFFC reported a £6m loss before tax compared to a £32m the prior season, though the £38m drop is a bit misleading, as it was largely due to loan write-offs decreasing from £40m to £5m. Revenue rose £1.9m (9%) to £22.7m, but profit on player sales fell £4.7m to £10.1m.
#NFFC £1.9m revenue increase was due to more broadcasting revenue from the EFL, up £0.8m (10%) to £9.0m, and higher ticketing income, up £0.9m (14%) to £7.4m, as attendances grew by 21%. Commercial income was flat overall at £5.2m, while player loans rose £0.2m to £1.1m.
Read 36 tweets
Nottingham Forest lost £390,000 a week in 2017/18 & needed player sales and loan write offs to reduce losses #NFFC
Nottingham Forest total losses now £146 million and would be touching £200m except for loan write offs from various owners #NFFC
Forest paid £122 in wages for every £100 of income, which is lowest wage/income ratio for six years #NFFC
Read 14 tweets
An incredible night.

Those final stages when the fans carried the team over the line and the scarves were going. The City Ground has very rarely been better #NFFC
Our rebel gallery #NFFC
Eric Irons was a Jamaican who served in the RAF during WWII. He settled in Nottingham after the war.

Irons fought for racial equality and helped mend relations after the Nottingham race riots in 1958. He later became Britain’s first black magistrate.
Read 10 tweets
Birmingham City’s 2017/18 financial results covered a season when they finished 19th in the Championship, only avoiding relegation on the final day, and had three managers: big-spending Harry Redknapp, Steve Cotterill and Garry Monk. Some thoughts in the following thread #BCFC
#BCFC loss before tax more than doubled from £16.4m to a barely credible £37.4m, primarily due to massive investment in the squad: wages rose £16.1m (71%) from £22.5m to £38.6m, while player amortisation increased by £5.0m from £2.6m to £7.6m.
The higher #BCFC loss arose even though revenue grew by 9% (£1.6m) to £19.1m and profit on player sales was up £1.9m to £2.1m. All revenue streams increased: broadcasting £0.6m (9%) to £7.6m, match receipts £0.6m (13%) to £5.1m and commercial £0.4m (6%) to £6.5m.
Read 37 tweets
I published a study last week on where Premier League clubs source their money and what they spend it on by reviewing the clubs’ cash flow statements over the last decade. Today I do a similar exercise on Championship clubs – where the picture is very different.
In the 10 years between 2008 and 2017 Championship clubs had over £2.8 bln of available cash with the vast majority of financing £2.5 bln coming from their owners (loans £1.9bln and shares £0.6 bln)
So an incredible 87% of Championship clubs’ cash came from owner financing with just 7% from operating activities. This is in stark contrast to the Premier League with 54% from operations and 42% from owners. There was also £41m from (net) player sales & £45m from bank balances.
Read 22 tweets
Although the 2016/17 financial results for the Championship are now a season out-of-date, they are the most recent published by the clubs, so people might still be interested in the comparisons as the new season kicks-off. Some thoughts in the following thread.
In contrast to the Premier League, only 6 clubs in the Championship made money, led by #NFFC £32m & #BarnsleyFC £13m. In this very competitive division most clubs over-extend in a bid to reach the lucrative top flight. Largest losses at 2 promoted clubs: #NUFC £47m & #BHAFC £39m.
Some clubs’ figures impacted by significant exceptional items, so #NFFC (£40m) and #ReadingFC (£9m) were boosted by loan write-offs. In contrast, promotion bonuses adversely affected #HTAFC £12m, #NUFC £10m and #BHAFC £9m. Newcastle also booked £22m onerous contract provisions.
Read 26 tweets
Leeds United’s 2016/17 financial results covered a season when they finished 7th in the Championship under former head coach Garry Monk, thus just missing out on the play-offs #LUFC
2016/17 also saw Massimo Cellino’s three-year reign come to an end, as fellow Italian Andrea Radrizzani first bought a 50% stake in December 2016 before taking 100% ownership in May 2017. He reportedly paid £45m to acquire #LUFC.
#LUFC reported a £1m profit, around £10m better than the previous season’s £8.9m loss, mainly due to £6.1m increase in profit on player sales to £8.9m, though revenue also rose £4m (13%) to £34.1m.
Read 39 tweets
Blackburn Rovers’ financial results for 2016/17 covered “a season to forget for #Rovers fans”, as the club was relegated from the Championship to League One with manager Owen Coyle replaced by Tony Mowbray. The good news is that they have immediately bounced back in 2017/18.
#Rovers loss worsened by £2.3m from £1.5m to £3.8m, mainly due to £7.1m (32%) reduction in revenue to £14.9m and £6.0m fall in profit on player sales to £10.4m, offset by cost cuts: wages £3.4m (13%) to £22.0m, other expenses £4.8m (51%) to £4.5m & player amortisation £1.8m.
Main reason for what #Rovers Finance Director Mike Cheston described as “a significant drop in income” was the loss of parachute payments £10.5m, though the blow was softened by £4.3m solidarity payments. Match day and commercial slightly declined, by £0.2m & £0.1m respectively.
Read 35 tweets
Nottingham Forest recently published financial results for 2016/17, when they finished 21st in the Championship, narrowly avoiding relegation. After the season concluded, the club was purchased from Fawaz Al Hasawi by NF Football Investments Ltd. Some thoughts follow #NFFC
NF Football Investments Ltd is owned by Evangelos Marinakis (80%) & Sokratis Kominakis (20%). Marinakis is a Greek shipowner, who also owns perennial Greek champions Olympiacos. The takeover was concluded on 18th May 2017, i.e. at the very end of the 16/17 reporting period #NFFC
#NFFC reported a £32.1m profit against a £2.2m loss the previous season (a £34.3m improvement), largely due to loan write-offs increasing by £22.7m from £17.7m to £40.4m and profit on player sales rising £10.4m to £14.7m, mainly the sale of Oliver Burke to RB Leipzig.
Read 36 tweets

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