MillionMilesAway
Well-Known Member
That's a little unfortunate for something like forbes! Or do forbes just not care?
He's still forwarding links to his piece in the last hour.
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CFG financial results plus increased Chinese stake
- Thread starter bluekeith
- Start date
That's a little unfortunate for something like forbes! Or do forbes just not care?
He's still forwarding links to his piece in the last hour.
No but there's something badly wrong with his report.
He's assumed that anything in CFG's accounts that isn't a City cost has been buried in NYCFC/Melbourne's accounts. He's effectively saying that we're moving a pile of costs overseas in order to make City's accounts look good. This is a serious accusation.
But he's not realised that there are the two other companies, City Football Marketing and City Football Services which account for the majority of the costs he believes are being hidden. I've done the correct calculation & demanded a retraction/correction from Forbes for this potentially defamatory article. I've also copied in the club so they can take their own action.
Really shit, irresponsible and poorly-researched reporting for such a supposedly respected source.
I'd be interested to hear an update or explanation if they ever get back to you regarding the complaint.
Prestwich_Blue
Well-Known Member
Well the ****'s blocked me on Twitter after I listed all the operating expenses he said belonged to NYCFC & Melbourne as belonging to four other companies in the group and proved that his figures were wrong. He's clearly not a serious journalist.I'd be interested to hear an update or explanation if they ever get back to you regarding the complaint.
JGL07
Well-Known Member
They don’t like it up ‘em. They do not like it!Well the ****'s blocked me on Twitter after I listed all the operating expenses he said belonged to NYCFC & Melbourne as belonging to four other companies in the group and proved that his figures were wrong. He's clearly not a serious journalist.
Well obviously doesn’t.
Prestwich_Blue
Well-Known Member
I've gone straight to Forbes and tweeted them the correct figures. No way they're getting away with this.They don’t like it up ‘em. They do not like it!
Well obviously doesn’t.
billfromthehill
Well-Known Member
Curtis?Well the ****'s blocked me on Twitter after I listed all the operating expenses he said belonged to NYCFC & Melbourne as belonging to four other companies in the group and proved that his figures were wrong. He's clearly not a serious journalist.
Prestwich_Blue
Well-Known Member
No. He blocked me ages ago but I think I called him a fat **** rather than query his accounting techniques. This is some no mark called Bobby McMahon.Curtis?
oakiecokie
Well-Known Member
You can call him a fat **** also ... Blobby McMahon.No. He blocked me ages ago but I think I called him a fat **** rather than query his accounting techniques. This is some no mark called Bobby McMahon.
I've gone straight to Forbes and tweeted them the correct figures. No way they're getting away with this.
Admire your stance with this, good luck.
lazza
Well-Known Member
The other interesting bit of information is that Chinese group CMC, who bought 13% of CFG for just over £260m back in 2015, bought another 1% in July last year but this time paying £73m for that stake. This means that they have a 14% stake in CFG, which they've paid about £335m. Doingthe maths, that makes CFG worth around £2.4bn, with Sheikh Mansour's 86% alone worth £2bn. As he's invested (as far as I can see) around £1.4bn so far, that's a tidy little return.
For comparison purposes, the rags are currently valued at $3.25bn, which is about £2.3bn at current exchange rates. Therefore we are a little bit more valuable than they are currently.
I'm no rag sympathiser, but just for the sake of accuracy, I guess City - at around 90% of the value of CFG - is worth 0.9 x £2.4bn, so about £2.15bn. Just a shade less valuable than that lot, but our trajectory is well and truly upwards and they'll soon be a dot in our rear view mirror :)