Derek Chappell's Annual Report
"As your new chairman I am pleased to present the company's annual report for the year ended June 30th, 2008. The presentation of this report and accounts allows me the opportunity to introduce myself to shareholders and other readers of these accounts since my appointment as chairman in March 2008.
My key responsibilities are to oversee the strategic direction of the company and to manage the executive board that, in turn, manages the day-to-day running of the football club. I shall also channel my energies into lifting our football club back to the top flight of English football once again."
Full the full gloomy story click here
I've had a flick through and remembering these are up to the end of June 2008, the most damning of the statistics are as follows:An £11.5m loss compared to £9.9m in 2007.
The club's ongoing debt is £37m.
Turnover was £26.7m, down from £35.9m previously (and this includes parachute payments).
Ticket Income/Sponsorship/Banqueting and Retail income was £13.2m (down 21%).
15% of staff lost their job in the last year.
TV Income was £13.5m compared to £19m previously.
Season Tickets were down 2% to 16,800.
Average attendance (based on tickets sold and issued) of 23,159, down 12%.
Wage Bill down from £34.3m to £23.7m (down 30%).
Wages were 89% of turnover, it was 96% in 2007. It has to be less now surely?
Total cost of running the club of £41.7m.
Means the club are losing over £210,000 a week!
Gulp, and that does not take into account Mr Pardew's severance package! It is true that key members of the board are subsidizing the club daily, however let's not lose sight of the fact that is was they that took far too many gambles and made too many mistakes as stewards of our great club. It was only 4 years ago that the club made a 11m profit? What the f*** happened?
Ok, the fans said we were boring. Vanilla ice cream's bloody boring, doesn't mean that Ben & Jerry's
stop making it does it?