Early this morning, THFC issued a statement containing a snapshot of the club’s financials and an update on the redevelopment of the stadium.
You can read the statement in full here.
Off the pitch, the books for 2013 are improved, profit for the year after interest and tax was £1.5m (2012: loss £4.3m) and an element in this may well be the increased worth of participating in the Europa League which was worth £11.3m to us, up from the 2012 worth of £9.9m.
We were reminded about the AIA deal, just in case we’d overlooked that, and then we get a slightly more detailed breakdown of the redevelopment plans.
A juggle has been done with properties purchased that are no longer core to the redevelopment. I say juggle, THFC use the word “divestment”, but in essence, this means THFC no longer has the borrowing in relation to the excess properties, that is now the responsibility of TH Property Ltd – owned by ENIC.
ENIC have also stumped up £40m towards the redevelopment. This is an interest free, unsecured loan of £40m. Think of this as your parents paying the deposit on your new home.
The CPO is proffered as the only reason the whole deal has stalled, so well done to a sheet metal business for bringing a Goliath empire to its knees.
The word “Sainsbury’s” is never used, instead “the supermarket” is referenced once. Could it be that it has dawned on them that the S word is a byword for discontent? Probably not.
Then to the football.
This season we have had to make significant changes, both in respect of coaching and playing staff and yet we are currently only two points less than last season’s tally.”
Translated, you’ve narrowly averted civil disorder.
Whilst this season’s performances and results have not lived up to expectation, we believe our squad has potential and it is important that we all now show commitment and teamwork to get the best possible finish to the season.”
Are you bringing in Eileen Drury as Tim’s #2, then?
We have fantastic, strong support. Our current 36,000 seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000.”
No mention of having fans over policed by stewards, then arrested and issuing banning orders before trial then?
Our focus therefore is to continue to invest in and develop the squad – we shall not look to a summer of major upheaval, but rather to strengthen in key positions – to play the style of football for which we are famous – and to deliver the new stadium.”
So Tim’s toast, and the penny’s finally dropped we need a left back, then.
We are optimistic for the long-term future and believe our efforts will make this great Club even greater over time. Our supporters are our life-blood and we shall ensure that they are our most important stakeholder as we move forward.”
Tell it to the judge.
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