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Season 2011-12
The Mail Bag

The Missing £5 million?

 14 Comments: First  |  Last

Just thought I would highlight a key figure in the accounts I have just received, so that you and others can ask the question in any future letters to the club/media:

In the post balance sheet event section (page 28), it states that, since 31 May 2011 there were net transfer fees receivable of £13 million.

I recall that a figure of £18 million was widely reported in the media as the proceeds of the sales of Arteta, Yakubu, Beckford, and Vaughan (presumably this excludes the loan fees/costs of Yobo and Drenthe and the mysterious Argentine top scorer).

At the time, I thought we should have got in excess of £20 million for these four players. So where is the missing £5 million?

Did we only get the £5 million originally offered for our Spanish gem?

I shall, as a shareholder, ask Mr Evans for an explanation, but I doubt if I will get a reply.

Paul Carr, Norwich     Posted 16/12/2011 at 16:14:52

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Chris Halliday
1   Posted 16/12/2011 at 20:50:00

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I read somewhere that we got £4m up front for Arteta and the rest over the contract.
Al Reddish
2   Posted 16/12/2011 at 21:14:34

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Maybe one of the clubs is paying their fee over a couple of seasons, I am sure I read Leicester paid £2m up front and the rest to follow.
Paul Carr
3   Posted 16/12/2011 at 21:59:21

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The accounting note will show the total due irrespective of when it will be paid
Thomas Williams
4   Posted 16/12/2011 at 23:03:16

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By my reckoning, the £18M received for the 4 players is not included in that report.

Report ends May 31st, we sold the players in August.
Matt Traynor
5   Posted 16/12/2011 at 23:07:30

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Paul, I'm sure Al #1 is on the right path though. Although the figure touted for Beckford was £4m, I'm largely sure that the actual fee was much lower, and the balance was performance-related (Promotion, not sure about personal).

I am pretty sure that you can't include conditional payments in the accounts. They would have to be treated the same as provisions.
Rob Hollis
6   Posted 16/12/2011 at 23:10:03

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I have not looked at the accounts, my own are depressing enough, but was that what we were owed at that date? If not then what the club was owed would be less any upfront cash that would be in the bank.

Either way you can manipulate accounts quite legally to paint the picture within reason you require. Fortunately my bank manager supports Leeds so he won't be reading this. I would not read too much into it.
Vijay Nair
7   Posted 16/12/2011 at 23:31:32

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There was a sum of money paid to Real Sociedad, Arteta's original club wasn't there? Prob not 5 mil though..
Vijay Nair
8   Posted 16/12/2011 at 23:40:30

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Sorry meant to say Arteta's PREVIOUS club Real Sociedad. I think Antiguoko were his original club.
Colin Fitzpatrick
9   Posted 17/12/2011 at 00:05:34

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I think that?s a perfectly valid question for which you?ll probably get a perfectly valid answer.

I?m no expert but personally I always find this site very helpful:

The total here does appear to agree with your estimation of the total value of the transfer but all fees will be subject to the FA transfer levy, so there?s some of the answer, and a proportion of the fee may also go to the player, if for instance the player doesn?t request a transfer, in other words he?s just sold by his club, then they?ll gets a percentage, if the player does, then the club takes the lot, less the levy ? probably the reason why we always have players suddenly requesting at the death ? Rooney, Lescott, Johnson, Arteta? Then there's any clauses regarding selling on that may be applicable and finally are agents fees only paid by the buying club? Those parasites appear to get a bite of everything; we paid £3m last year!!

Irrespective of the payment period I?d have thought the money still needed to be accounted for and any balance would be carried over into the next accounts?

Like I said, I?m no expert.....
James Flynn
10   Posted 17/12/2011 at 03:27:12

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Well Paul, we generally discuss what's best for the team, not an individual shareholder's pocketbook.

Good you posted though. Just another EFC owner concerned with himself more than the Club. You must be a Kenright etal favorite.

You'll be relieved of your worry soon enough.
Colin Fitzpatrick
11   Posted 17/12/2011 at 12:44:48

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To be honest James [#10] I don't think Paul is concerned with his own pocket, he's just like the vast majority of shareholders, concerned that a couple of people, directed by another, aren't acting in the bast interests of the club.
Eric Myles
12   Posted 17/12/2011 at 13:10:03

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What struck me from the accounts was the £9 million overdraft.

Considering that the bank made us sell players because they feared the overdraft woud exceed £25 million by the end of this season, I would expect that figure to increase unless there are further sales.
Andy Callan
13   Posted 18/12/2011 at 16:36:08

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I'm sure it all isn't as simple as that mate.

I wouldn't even bother askin'.

Just accept it and give up, like the majority of us have done....

Matt Traynor
14   Posted 18/12/2011 at 17:00:14

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James #10, I doubt there's a single small shareholder (a lot of fans just own the 1 share) who expect any sort of return on their investment. The club hasn't paid a dividend in living memory.

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