RFC 2014 accounts

[STAR Liaison]

Completely off topic Star, but you'll need to change the kit colour next to Cardiff away travel now...

Nightmare!! And we've just tweeted our congrats to their trust. Terrific job by all their fans. Wouldn't have bothered if I'd known it would involve us in so much extra work, though.

[PieEater]

Yes there's someone who writes a full breakdown article. Not on HNA although it often gets linked. At least I've seen it in the past.

I think it's someone linked to STAR and it appears on http://star-reading.org/ but not forever as they take old news off and only keep the new news.

The latest report / analysis by a knowledgeable STAR member (aren't we all?) has just been posted on the STAR website 9th Jan 4.55pm so that should add some facts to this thread.

That's a really good article by Dave Hunt, clear and with as little accountancy speak as possible.

It's also a pretty good insight into the club and the Thais. There's more detail in that than I've seen from the OS, who is this guy Jack?

Just one question, the loss is £7.3m for the year yet we passed FFP to get below £3m. Presumably this means there was a loan from the Thais largely recovered by the £4.15m player sales/signings post accounts?

[STAR Liaison]

Jack is Taweesuk Srisumrid. We call him Jack, as he himself does on his business card. He is a director of RFC but not an owner. He manages / represents the owners' interests and is the man that STAR has met.

I can't answer PE's other question - ignorance rather than reluctance.

[Ian Royal]

Briefly we must keep losses below £3M but can allow it to get to
£8M if owners inject equity – the Football League defines this as a secured loan. However, exclusions
are allowed and these include depreciation of tangible fixed assets and youth development costs. In
our submission to the Football league these exclusions brought the losses below £3M and so we
passed FFP for last year’s accounts.

Doesn't this from the article answer the question fully?

[3points]

Nothing new in the Star write up other than about the ownership. I understand that it was Nigel Howe who was in control of the decision to sack Adkins. IWS no longer that actively involved post-takeover.

I still expect the Thais did not take on the full 46m of debt, but TSI (and SJM) were paid a much lower value than par for it. The only people who would have got full value would have been Vibrac.

[westendgirl]

Just one question, the loss is £7.3m for the year yet we passed FFP to get below £3m. Presumably this means there was a loan from the Thais largely recovered by the £4.15m player sales/signings post accounts?

There is an article on the STAR website that they have had permission to reproduce about how it works.

There are exclusions such as Youth Development Costs so the cost of the Academy and Community Scheme (and promotion bonuses which is irrelevant for RFC) and other costs so when they are taken out the loss is below £3m

HTH