MFC accounts 2023/24

Rigsby2021

Rigsby2021

Member
Published today at Companies House.....

Interesting reading and once again show how much the club relies on the chairman's financial support, £148m of debt converted into shares during the year and a further £13m provided by him in loans since the end of June.

Over £18m spend on transfers to 30 June 2024, and a further £15.8m since then. Partly offset by £17m profit on player sales.

Ticket income pretty much the same as 22/23.

MIDDLESBROUGH FOOTBALL & ATHLETIC COMPANY (1986) LIMITED filing history - Find and update company information - GOV.UK

MIDDLESBROUGH FOOTBALL & ATHLETIC COMPANY (1986) LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
find-and-update.company-information.service.gov.uk find-and-update.company-information.service.gov.uk
 
£27 millions wage budget for the whole company, including 95 playing staff. Looks like the £10 million quoted by websites is a total guess like some posters suggested.

Be interesting how much of the £27 million is on the 95.
 
We knew the debt to equity moves last year were massive, but it's impossible to overstate the reality of just how much concrete and steel Gibson has added to our foundations in the last year.
Our P&S (FFP) position is excellent, boosted by the revaluation of Tangible assets, but more over the £148m equity conversion now means the club has a positive nett shareholder value for the first time in decades.

Sadly despite making lots of profit from player sales, and improving turnover, the club still loses a lot of money every year it plays in this league. Ultimately those losses need future cover by the owner.
The club's total revenue barely covers the £31.4m Staff Costs.
Profit from player sales is covering Admin expenses inc Amortisation.
BUT there is still a huge hole in cost of sales not covered by income of any source.
The finances of Championship clubs is a mess. Without a benevolent owner like Gibson, a club has no chance of operating sustainably without Parachute Payments.

Gibson deserves promotion for lots of reasons: his massive financial commitment and doing it by the rules being key.
If he gets that promotion and stays there, he now has a club that would have value and some chance of recouping some of that quarter of a billion he has sunk, not just pledged.
I really hope he is successful.
 
indeedido said:
We knew the debt to equity moves last year were massive, but it's impossible to overstate the reality of just how much concrete and steel Gibson has added to our foundations in the last year.
Our P&S (FFP) position is excellent, boosted by the revaluation of Tangible assets, but more over the £148m equity conversion now means the club has a positive nett shareholder value for the first time in decades.

Sadly despite making lots of profit from player sales, and improving turnover, the club still loses a lot of money every year it plays in this league. Ultimately those losses need future cover by the owner.
The club's total revenue barely covers the £31.4m Staff Costs.
Profit from player sales is covering Admin expenses inc Amortisation.
BUT there is still a huge hole in cost of sales not covered by income of any source.
The finances of Championship clubs is a mess. Without a benevolent owner like Gibson, a club has no chance of operating sustainably without Parachute Payments.

Gibson deserves promotion for lots of reasons: his massive financial commitment and doing it by the rules being key.
If he gets that promotion and stays there, he now has a club that would have value and some chance of recouping some of that quarter of a billion he has sunk, not just pledged.
I really hope he is successful.
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Spot on. I don’t want promotion so I can watch the best teams. I want it so the money can help Gibson and the future stability of the club. UTB
 
It looks like we are in a healthy position.Certain player's with a high value.We look like an attractive buy for the future,debt free , decent stadium and crowds , good facilities and the hotel and golf course to add .A place in the premier league to cap it of would be nice.
 
Paulroddam7 said:
Getting promoted won’t change that.
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That's not actually true. It's a lot to do with weird ways that money is accounted for but in the first year back the massive increase in income will more than cover the increase in wages and other running costs. Over a couple of seasons, if you stay in the Premier then you have to keep buying players who demand greater wages and that will take us back into making a loss territory but that first season you will most likely make a decent profit. If we get relegated we then get parachute payments which, alongside, income from a decent player sale or two sets us up as the richest club in the Championship.

Yes, we might spend, say, £100m on buying players but because of the way they are accounted for, you effectively pay for that £100m at around £25m per year. Sell one or two players at a decent profit each season and you can also keep your head above water.
 
The problem is, we get promoted we need all the cash to invest in more players to give us a hope of being competitive and avoiding relegation - and before we spend a penny the players who got you there have their reward.

I know a championship player had a 100% pay rise on promotion built into their contract as an example.

Then that money needs to be spent every year to keep you going, one or two bad years (and it happens as football is cyclical) then you are in the deep stuff.

And as you don’t win as much, fans start drifting away so when you go down you are faced with trying to win those fans back.

Bournemouth, Brighton, Brentford, Wolves, Forest, Fulham etc - at some point they’ll be back in the Championship (and possibly below).

Having said that I’m fully expecting a two tier 32 club Premier League within the next 10 years, promotion and relegation only between those 2 leagues with an element of re-election for those finishing at the bottom of the second tier.
 
Thank God for Gibson. Yet some people still think he doesn't do enough. I imagine we are the envy of most clubs fans.

You can see what ridiculous bids for the likes of LL / Hackney or Rav must be seriously considered. It's not down to ' no ambition ' etc if we sell.

We spent a fair few quid by champo standards in the summer. You can't knock him. He still throws money at managers.
 
Left_peg said:
A quarter of a billion invested over the years.

What an incredible man
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I can’t say it’s an investment! If it was he would be expecting a return and I just don’t see us ever turning a profit.

Always amazes me why he bothers, nothing but stick for ticket prices, lack of ambition, etc.. but still plowing his own money in and no signs of it stopping. Not only has he lost £250m but if he had used this as an actual investment could have certainly seen it grow.

Perhaps if we get to promised land he may be able to sell, but personally I don’t and hope he never does.
 
The_Big_Woodowski said:
I can’t say it’s an investment! If it was he would be expecting a return and I just don’t see us ever turning a profit.

Always amazes me why he bothers, nothing but stick for ticket prices, lack of ambition, etc.. but still plowing his own money in and no signs of it stopping. Not only has he lost £250m but if he had used this as an actual investment could have certainly seen it grow.

Perhaps if we get to promised land he may be able to sell, but personally I don’t and hope he never does.
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Very true.

I love the fact that we’re owned and ran by a bloke who loves the club and the town and knows what an important part of life on Teesside the club is.

**** being owned by sheikhs or Americans
 
Paulh10 said:
It looks like we are in a healthy position.Certain player's with a high value.We look like an attractive buy for the future,debt free , decent stadium and crowds , good facilities and the hotel and golf course to add .A place in the premier league to cap it of would be nice.
Click to expand...

That's an amazingly optimistic precis. MFC is still losing money, the rate of losses is increasing, the club is absolutely and entirely reliant on its parent company.

On the positive side, transfers out are mitigating the losses to some extent.

Rockliffe Hall is a separate company that loses money as well, so that's not a sweetener to help with the bitter pill.

When MFC changes hands Steve Gibson loses money either from writing off his debt or from owning 65 million shares in a company loses £10 million on revenues of £32 million.

There may be some some rich altruistic bloke out there who is prepared to take over the company. I really hope so for Steve Gibson's sake.
 
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