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.