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A Football Club

Sector: Sports
Owner Type: Multiple shareholders with no one shareholder owing more than 1% of the allotted share capital.
Turnover: £500,000

Background

  • £1/2 million turnover football club with outstanding property deals for the sale of its existing ground and move to new stadium.
  • Forecast to breakeven in 08/09, however in reality debt uncleared from previous trading patterns.

Causes

  • Regular losses over a number of years had rolled up into a long term loan.

Turnaround Attempts

  • To bring past two years accounts up to date to show the extent of losses.
  • To prepare projections for the forthcoming year for cashflow and profit and loss.
  • To bring all results to the attention of the Board.