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Some oddities in Gills accounts

Kieran Maguire of the Price of Football has noted some oddities in Gillingham's accounts for 2016/17 which were submitted late. He comments, 'Accounting note says transfer fees excluded from turnover but turnover note includes it. Doesn’t give confidence in the auditors who are paid to check this. Non depreciation of stadium bizarre too.' In addition, 'the accounts say the club is controlled by GFC Holdings Ltd, a company that was dissolved a month ago.'

Excluding player sales and the Centreplate legal case Gillingham lost £18,000 a week from trading in 2016/17. The club made £674,000 from player sales.

The wage bill was up 1.1% in 2016/17. Total wage cost £68,000 a week for 80 employees, about the same that Alexis Sanchez earns in a day. Paul Scally was paid £198k (plus loan interest).

The club paid £67,000 in interest in 2016/17, of which £63,000 was on loans from directors. They have total loans of £2.3 million, all from directors.

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  1. Unknown5 July 2018 at 07:30

    There are always 'oddities' in the accounts of football clubs ... the GFC Holdings thing apparently was an error and was resolved inside a week?

    ReplyDelete

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