and bringing in two loans and pleading with the banks not to kill us this year maybe it's about time Bill Kenwright familiarised himself with the accounts.
Other Operating Costs
£1,475,836
£1,521,988
£1,704,769
£1,650,186
£1,239,621
£5,552,000
£2,914,000
£12,120,000
£17,360,000
£16,416,000
£11,694,000
£21,078,000
£21,213,000
£23,797,000
Bill Kenwright's Explanation
Simon, “Just going back to the finances, this conversation has gone all over the place…..you were saying before that you can account for where the money has gone…" Bill, “I didn’t say that, what I said was the accounts are there" Simon, “Yeah, I know and to be honest I don’t think that anyone is taking a salary out or anything, but one of the things that people are scratching their heads about is this rise in other operating costs, it’s gone from…" Mark, “It’s gone to £24m so there’s twenty odd million there that Evertonians don’t know about… what’s that’s going on; that’s why we’ve come here, we’ve asked Robert to fill us in…" Bill, “When you say other operating costs what do you mean?" Simon, “That’s what it says in the accounts, other operating costs" Mark, “That’s why there’s so much confusion, they’ve steadily risen…." Bill, “I’m sure… whatever accounts you get they go through the most stringent structure imaginable; It’s just a heading, what’s the heading again?" Mark & Simon, “Other operating Costs" Bill, “And how much is it?" Mark, “£24m" Simon, “And that has steadily risen over the…" Bill, “Hold on hold on; then you haven’t got the £53m for the players? Hold on, fifty three plus twenty four, well that leaves you four or five for the other………are these other operating costs David? I don’t know, I have no idea"
Mark “Well, surely as Chairman you should be aware what these other operating costs are?" Bill, “No, absolutely not, and why should I? I can’t break down the accounts for you…" Mark, “This is why some Evertonians are saying money is going missing" Bill, “Guys, listen, there’s the door if you think that.
NOW HE EITHER SHOULDN'T BE IN CHARGE OF A CORNER SHOP NEVER MIND A PL CLUB OR HE IS HIDING SOMETHING.
After Selling £18m Worth Of Players
posted on 2/9/11
Those figures I've used are MK's from Toffeeweb to quote him.
"£1,475,836
£1,521,988
£1,704,769
£1,650,186
£1,239,621
£5,552,000
£2,914,000
£12,120,000
£17,360,000
£16,416,000
£11,694,000
£21,078,000
£21,213,000
£23,797,000
Those are the "Other Operating Costs" from the last 14 sets of Annual Reports and Accounts.
The concern is that the final number represents an incredible 25% of turnover. The first numbers represent around 5% of turnover and could easily be ignored. The average growth rate over the last 10 years is something like 33% pa, which is astounding.
That increase is massive.
posted on 2/9/11
comment by Toblerone Boots (U4965)
posted 20 hours, 9 minutes ago
I'm with Crispy to a point, albeit I think he's shooting the wrong rabbit by focusing on the operating costs.
My view is that this smacks of debt reduction prior to a sale. The business lost circa £5M in cash according to the last accounts. We've brought in approx £25M in cash since Xmas, when you tot up the Bellefield sale, Pienaar, Vaughan etc. & we've reduced the wage bill by more than the cash shortfall in the last accounts.
I don't buy Kenwrights bleating about the nasty banks wanting their cash back, sorry but I think it's total BS. I think they're clearing debt from the balance sheet to maiximise their return when they sell (which might well be imminent for all we know) as the debt will be subtracted from the price offered for the club.
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I think you may well be onto something but surely you agree it's implausable that BK does not know what OOC's are like he claims and that was my point.Why would he claim ignorance unless he had something to hide.
As for being for sale take a look at Dave Prentice's article in the Echo
Here’s a snippet: Bill, “Of course Keith Harris is involved….Keith Harris is involved on a daily basis.
Bill went on to tell a story concerning Keith Harris; he’d put forward two guys who, in his opinion, were suitable potential owners of Everton Football Club.
Harris claimed the two guys controlled a hedge fund; one was the head of ICI in the Far East and a second an inventor.
They conducted due diligence and Everton were ready to sign an agreement when Bill smelt a rat; investigators discovered that ICI had never heard of the person concerned, he actually lived in a one bedroom flat, and the second guy, the inventor, was based in Manchester.
That brings to mind a quote I’ve used on this page before, but it bears repeating. It was uttered by Manchester United chief executive David Gill.
“Keith Harris will go anywhere that there’s a bit of publicity around. That’s his modus operandi, but his track record in football isn’t anything to write home about.”
So why is he still being used by Everton?
Read More http://www.liverpoolecho.co.uk/everton-fc/everton-fc-news/2011/08/19/dave-prentice-keith-harris-a-man-whose-modus-operandi-is-nothing-to-write-home-about-100252-29264205/#ixzz1Wlb4uYaE
I actually believe BK used the Blue Union meeting to pave the way for a negative net spend and to play the victim card and further split the fanbase.
posted on 2/9/11
Ah, the same Keith Harris you were wanting to see have a more active role in selling the club
posted on 2/9/11
Cripsy - the club should provide shareholders with some detail around the OCC, if they've requested it, as I understand some have. They have no obligation legally to do so, but it would provide clarity & kill the conspiracy theories, but the mere fact that they haven't, can't be taken as an act of guilt.
I don't think there'll be anything in there that points to what you're suggesting. Don't forget the accounts are audited & what you're suggesting is illegal. I think the fixation on these numbers is detracting from the real issues & comes over a bit 'tin foil hat', thus alienating some from the real debate.
posted on 3/9/11
Comment Deleted by Article Creator
posted on 3/9/11
Do you honestly think BK doesn't know what they are as he claimed in the Blue Union meeting ?
If the answer is yes then a best case scenario is that he is totally incompetent.It's unbelievable that he doesn't know what they are so why is he acting dumb ?
posted on 3/9/11
After his time as a management accountant, theatre king and chairman you expect him to know everything
posted on 7/9/11
You revel in his mediocrity.Why ?
posted on 7/9/11
He is a succesful business man, how much money do you have saved up in the bank
posted on 7/9/11
True