Phoenix 2021 First year accounts

[TRUE BELIEVER]

Don't know if anyone else has seen them but Phoenix have published their first year accounts.

The highlights of which are that a loss of £0.6m for the initial year from 27th January 2021 ( date of incorporation) to 30th June 2021 and wages of £1.5m for all staff were reported. Wages were approximately 65% of a total turnover of £2.3million.

Not a lot can be made from these as they cover the initial period from the takeover to the end of June when the club was playing behind closed doors and with limited staff in the offices and youth players on the pitch.

What is interesting is that although our turnover from business activity was only £0.7m derived mainly from distributions and grants for covid we also received £0.9m for transfers of our youth players, Kyle Joseph and Joe Winstanley along with money from Dan Burn's transfer in 2018 which I assume was part of the payment structure agreed at the time.

It will be interesting to see how these figures compare when the next set of results are published.

 

[moonay]

Yep, yep and yep.

They have a plan, they have a budget, and they have (most) people on board. Not a bad start.

 

[Wlatic]

It all looks really encouraging. With the example we've set so far the EFL may need to look into point deductions for the 2nd year after administration.

 

[king_dezeeuw06]

It's hard to make anything of the figures, as the new ownership inherited the situation and wouldn't have had the ability to really influence anything within that short space of time.

It'll be much more interesting to see the next finances which will show a lot more.

I don't think the full details have been published of the accounts but from what i've seen there was no mention of the cost of the club counting as debt. We've seen owners transfer the cost of buying a club onto the club itself over the years, so hopefully it indicates that isn't the case here.