halfcenturyup
Well-Known Member
- Joined
- 12 Oct 2009
- Messages
- 14,895
Fordham was designed to get revenue in, not hide expenses. Also UEFA were aware of it and discussed it with us in 2015, with no charges following. That was well before the Der Spiegel articles and not long after our FFP settlement agreement.
I've always thought that the key issue with it was whether we declared the image rights payments in our FFP submission but even if we didn't the amounts aren't likely to be material, probably around the £12-13m mark per annum.
It was certainly designed to get revenue in, but we don't know the details at all, do we?
I rather think the question is how Fordham was reimbursed for their losses and whether those reimbursements should have been / were included in the club's expenses? If you can put my mind to rest on that issue, then I would be more confident.
(Yes, I know it's only around 12 million a year, but over the five years, was it?, that's 60 million. Not enough to affect the true and fair view of the accounts as a serious issue, but enough to be embarrassing to the club if the expenses were found to be "hidden").
