£7.2m loss

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£7.2M loss is really bad. Every piece of poor recruitment costs a fortune - transfer fees, sign on, wages, lost income from low league finishes, no Europe, and on top of this paying off managers and their coaching teams. We have also stagnated our own youth players development by wasting our resources on poor recruitment. McKirdy as an example probably cost in excess of £1M when you add up the various fees associated with his signing and stay at the club. David Gray would therefore have been only one of the options we could have pursued when Montgomery went. That’s not a slight on him, just shows we weren’t in a position to pay compensation for recruiting another managerial team to take over. £18M turnover is vanity really. I also wonder if we were really in a position of paying £1M for Luke McCowan - there was no plan B signing after Celtic went in for him. A first choice loan goalkeeper also smacks of - we’re broke.

I hope the Gordons are squaring this one up.
 
Zab said:
I think Mackay is doing a decent job - the two transfer windows he’s been over were far more composed and sensible than anything previously seen under the Gordon’s. Off all the problems and wastes of money at the club, he’s not one IMO.

No idea what value Marshall adds, or how much he costs us, but it is hard to see the point in his role given the financial backdrop.

Also totally agree on MacPherson - any chairman overseeing such appalling performance financially, plus allowing his CEO to straight up lie at the last AGM*, needs to be gone.

*Ben Kensell said this in Feb 2024 "If I'm sat here talking about this in a year's time, I think you'll see some very healthy numbers coupled with sporting success.

"Despite the tricky period we're in at the moment I know what I can see on our balance sheets and it looks a lot better than what is being reported in the accounts." At least that utter charlatan is gone.
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We will disagree to agree mate on the MacKay point, for me we already have the Bournemouth person who is head of our recruitment. David Gray has gone against MacKay on a number of occasions which was mentioned and brought to our attention on the PM board.
 
I don't understand how the number hit that height.

Wages to turnover is too high, but not apocalyptically so. Was Monty on a huge wedge?
 
21/05/2016 said:
Can someone financially literate explain to me what 'losses' actually means. I get it superficially, but does it mean that we are 7.4 poorer than last year, or that we spent that amount more than we earned? What does it actually mean and what are the consequences?
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I'm not financially literate...but basically for the financial year ending June 2024 we brought in a hell of a lot of money.....but we paid out a hell of a lot more money than we brought in.
 
£3m on safe standing which doesn’t generate anymore income is madness. Did they not do any due diligence before spending £1m upfront! Shit show on and off the park since they took over.
 
hibbybilly said:
Was nae secret Celtc were after him. Unless the Gordons have already covered the loss? I think they wid have said if they had tbh.
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I think the Gordon's sanctioned the transfer and were going to pay for it directly.
Reckon he strung us along to improve his offer at Celtic.

I really do think we tried to sign him. And I don't think we'd have made 3, 4, 5 offers if he hadn't given us an indication he'd move.

Tried the old, you'll be a star player here, bit part player there. Made our best offer and Celtic bettered it.

For all the mistakes Ian Gordon and co have made. They do get deals done, rightly or wrongly, usually if they decide they want someone, they get them.

I believe they were played by the player and his agent.
 
Hearts and Aberdeen still have a higher wage bill than us.

That's mental.

Anyone remember what our cash in bank was? Have we just spunked all our available money, or is this credit and debt?

Losing money and still having payments to make is worse than just losing money? Right? 😵‍💫
 
I'm going against the grain, what's new?
I don't think that the revelations of a shite 150th proclamation nor dire financial will hinder our splendid supporters nor team interfere with the job in hand. In fact the knowledge that there is no hiding place due to the figures they will all have seen will contribute to a high scoring Hibernian win tonight. If not I'll take it on the chin.

BIG G
 
Has anyone read through the detail?

A couple of things seem to have happened:

One staff has increased from 44 to 77 accompanied with a £2M increase

Hibs have written off £1M+ as a company went into liquidation and were due Hibs and the debt won’t be recovered. I wonder who this is, maybe Terry Healy.
 
Purple & Green said:
Has anyone read through the detail?

A couple of things seem to have happened:

One staff has increased from 44 to 77 accompanied with a £2M increase

Hibs have written off £1M+ as a company went into liquidation and were due Hibs and the debt won’t be recovered. I wonder who this is, maybe Terry Healy.
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I’d imagine it is Terry Healy, dates are about right.
A chunk of extra personnel would be Hibs Ladies team.
 
Purple & Green said:
Has anyone read through the detail?

A couple of things seem to have happened:

One staff has increased from 44 to 77 accompanied with a £2M increase

Hibs have written off £1M+ as a company went into liquidation and were due Hibs and the debt won’t be recovered. I wonder who this is, maybe Terry Healy.
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I'm not sure the full detail is available yet, I've not seen it, but yeah that seems part of it.

44 to 77 for £2m is £66k each for the increased numbers. Astonishing, who are they?
 
Doc Shrink said:
I’d imagine it is Terry Healy, dates are about right.
A chunk of extra personnel would be Hibs Ladies team.
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A quick search at Companies House and fuck fuck & fuck me again me (No I'm not Bonnie Blue....).... Alarm bells and red flags all over the shop.... Who did the due diligence on this sponsorship? How the fuck could a company that size be allowed to enter into sponsorship of anywhere and I mean anywhere near that amount.
 
C4MMY said:
I thought it was that sportemon nft thing they launched failed then disappeared
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Could be the sportmongo thing but I’m thinking if they’ve booked a loss then they’d already booked the income in previous years.
 
Also there’s amortization of £2M, which on first glance seems to be playing staff related
 
Doc Shrink said:
I’d imagine it is Terry Healy, dates are about right.
A chunk of extra personnel would be Hibs Ladies team.
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Do the Hibs ladies team generate us any extra money, or just end up costing us money at the end of the year. If it's the later, we need to shut that shit down.
 
SuperTortolano said:
Do the Hibs ladies team generate us any extra money, or just end up costing us money at the end of the year. If it's the later, we need to shut that shit down.
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I wouldn’t say we should shut it down but we certainly ought not to be ‘over investing’ in it.

Let’s be honest it’s closer to community work than it is to the men’s team and should be funded accordingly.
 
21/05/2016 said:
The women's team isn't the problem!
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if you have a squad of 20 players on 30k (taking Smurfs figure, and yes I know it will vary) a manager on a bit more and travel costs, facilities costs etc, you’re probably looking at a spend of 750k or more. Not ‘the’ cause of our woes, but received wisdom in these situations - which ain’t always right - is you look to lop off things that aren’t your core money making business. It may therefore be an example of ‘the’ cause; losing sight of living within our means and focussing on what pays the bills.
 
hibbybilly said:
We're no skint. The Gordons are multi millionaires.
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Hmm - skim corporate profits & loan interest etc. to bydand sports while laying off debts to the football club.
Seen heard it all before - they chancers will still eventually leave, making a profit, selling the "Holy Ground" etc. but leaving the football club drowned in debt.
But hey, let's all pony up to their shit.
 
Harp of Hibernian said:
Hmm - skim corporate profits & loan interest etc. to bydand sports while laying off debts to the football club.
Seen heard it all before - they chancers will still eventually leave, making a profit, selling the "Holy Ground" etc. but leaving the football club drowned in debt.
But hey, let's all pony up to their shit.
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The Gordon’s could leave their money in the bank and make more on interest than they ever could out of Hibs.
 
For all those worried about asset stripping scenarios, hopefully some reassurance. In asset stripping you buy a company that is undervalued then sell of its parts which are actually worth more than the business as a whole. For example, the land underneath a factory is worth more than the output of the factory.

The opposite is generally the case with football clubs as came to the fore when rangers died. Ibrox was valued as a 50k (or whatever it is) football stadium. That value is in fact only realisable if the Huns are putting 50k bums on seats, or if someone else has the need of a 50k stadium in a shit part of Glasgow.

If these conditions are not met, the stadium has negative value. It is a cost that needs to be borne to demolish it before the land it sits on, in a shit part of Glasgow, and in the teeth of hostility from politicians and civic planners, can be reused.

The same applies to Easter Road and Hibs other assets (excepting that the area is grand rather than shit; but it’s also not the Grange).

The idea that rich Americans would absorb a lot of grief for years to realise fucking buttons compared to what they could get elsewhere, by conspiring to asset strip a small football club on the other side of the world is implausible.

They could still fuck us up through incompetence - but they’re not Gordon Geckos.
 
21/05/2016 said:
The women's team isn't the problem!
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It's part of the problem if it's losing us money, especially if there's next to no chance of it making us money. The club needs to trim the fat from top to bottom and if that saves us a half million to a million a year, then dump the program.
 
SuperTortolano said:
It's part of the problem if it's losing us money, especially if there's next to no chance of it making us money. The club needs to trim the fat from top to bottom and if that saves us a half million to a million a year, then dump the program.
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Thx Elon 😎
 
FTJT said:
Call me an idealist but I always thought the point of Hibernian Football Club was to play football; which the women's team, in an exciting development, do. Quite well in fact.
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And if it's heavily losing money that's okay?
 
I still think as long as they wear the same badge, the club should help sustain it.
The club celebrate then when they do something good.

Youth team probably costs far, far more than it pulls in too. Can't even sit back and say it develops players for sale. Because it doesn't, not really.

The women's team isn't a part of the problem. Not this specific problem.
Pretty sure the government, SFA, SPFL and other organisations give grants to the women's game too.

It might well cover itself.


I'd get rid of individual people that cost hundreds of thousands a year before looking at a whole program.
 
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