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Takeover

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Grumpy Old Man said:
They do the work for all his companies. I'm probably going to show my bias (I qualified with one of the then big 6 firms), but they're a small firm, and I'm not sure they're up to the job. Football clubs have a few specialised disclosures which are normally made over and above the legal minimum, and they seemed unaware of them. I don't think there's anything underhand; I just think they aren't very good, technically.
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That is my major concern..One of the big houses, I would have thought, would be better placed ,considering the new owners ambitions. Any ambiguous past dealings will come to light fairly quickly if they haven't done so already in the DD.
 

Grumpy Old Man said:
They do the work for all his companies. I'm probably going to show my bias (I qualified with one of the then big 6 firms), but they're a small firm, and I'm not sure they're up to the job. Football clubs have a few specialised disclosures which are normally made over and above the legal minimum, and they seemed unaware of them. I don't think there's anything underhand; I just think they aren't very good, technically.
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are they particularly vcomplicaed accounts.
molthemackem said:
That is my major concern..One of the big houses, I would have thought, would be better placed ,considering the new owners ambitions. Any ambiguous past dealings will come to light fairly quickly if they haven't done so already in the DD.
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safc is a very very small company..the DD has been pased hasnt it?
what are the ambitions of the new owners? to run safc usstainably is what I heard..
molthemackem said:
Methinks shenanigans... 😟
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not really...one can (as i do0 disgaree with the decisions..but its fairly standard practice.
molthemackem said:
There will be larger scrutiny once the Takeover has been announced.
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the due diligece is wqhereany new owners will want that stuff to be founfd out..not afterwards..and they will have very good accountants..

hasnt due diligence already been passed? so no shenaginas?
 
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kildaremackem said:
are they particularly vcomplicaed accounts.

safc is a very very small company..the DD has been pased hasnt it?
what are the ambitions of the new owners? to run safc usstainably is what I heard..

not really...one can (as i do0 disgaree with the decisions..but its fairly standard practice.

the due diligece is wqhereany new owners will want that stuff to be founfd out..not afterwards..and they will have very good accountants..

hasnt due diligence already been passed? so no shenaginas?
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What the feck have you been drinking?
 
bobster999 said:
Don't forget they're philanthropists as well. With rich philanthropists they gain a lot more by seeing their money being put to good use and seeing progression
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the idea that a professional football club could be considered philantrphy sickens me..they should just gove the money to a childrens hosptial or something..

or create loads of jobs in the depressed north east..
 
kildaremackem said:
are they particularly vcomplicaed accounts.

safc is a very very small company..the DD has been pased hasnt it?
what are the ambitions of the new owners? to run safc usstainably is what I heard..

not really...one can (as i do0 disgaree with the decisions..but its fairly standard practice.
Click to expand...

There were errors in at least one of set of accounts last year (intangible assets referencing a not, but the relevant data wasn't there), the football club accounts omitted the industry standard contingent liability note regarding untriggered transfer clauses, and there was, in my opinion, inadequate disclosure in the directors' report and the main body of the accounts in comparison with similar clubs. Look at Burnley's accounts for an object lesson on how to get it right. The current auditors are clearly unaware that the accounts of a football club have a far wider range of stakeholders than just the shareholders.

SAFC is not a very small company. Its number of employees and its balance sheet size are such it has no filing exemptions at all. Statutorily, it's a large company.
 
Grumpy Old Man said:
There were errors in at least one of set of accounts last year (intangible assets referencing a not, but the relevant data wasn't there), the football club accounts omitted the industry standard contingent liability note regarding untriggered transfer clauses, and there was, in my opinion, inadequate disclosure in the directors' report and the main body of the accounts in comparison with similar clubs. Look at Burnley's accounts for an object lesson on how to get it right. The current auditors are clearly unaware that the accounts of a football club have a far wider range of stakeholders than just the shareholders.

SAFC is not a very small company. Its number of employees and its balance sheet size are such it has no filing exemptions at all. Statutorily, it's a large company.
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oh right..i thougt they had chosen to take advantange og exemptions..but maybe that was just madrox?
 
Grumpy Old Man said:
There were errors in at least one of set of accounts last year (intangible assets referencing a not, but the relevant data wasn't there), the football club accounts omitted the industry standard contingent liability note regarding untriggered transfer clauses, and there was, in my opinion, inadequate disclosure in the directors' report and the main body of the accounts in comparison with similar clubs. Look at Burnley's accounts for an object lesson on how to get it right. The current auditors are clearly unaware that the accounts of a football club have a far wider range of stakeholders than just the shareholders.

SAFC is not a very small company. Its number of employees and its balance sheet size are such it has no filing exemptions at all. Statutorily, it's a large company.
Click to expand...

Not that it requires a seconding, but I agree about the level of quality of the accounts.
 
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