Why do their excuses always feel 2-3 seasons out of date?
Tis incredibly bad according to their own accounts. Just a brief scan, but a few things stand out (though those with more accountancy skills than I will obviously pick thjese apart far more accurrately).
1. They made a loss of £40m before player trading, and £80+m after player trading. So, not only did they not attempt to cut losses, they actually spent approx £30m on transfers (heh, Beto) to make their situation even worse. They can complain all they like about losses elsewhere, but spending money on transfers while under scrutiny from last year's losses is just hubris.
2. They haven't acquired funding for the next stage of the new stadium.
3. They got loans, but they were contingent on PL status, if they go down they are wiped out.
4. To stay a going concern for the next 12 months will require a cash injection from the current majority shareholder (Moshiri) or the new one (777). In other words, not only are they scootered if relegated, they are scootered if the new owner doesnm't come in.
4. The biggest losses were commercial, and it's presented as a morality decision to end Russian sponsorship (it wasn't, it was a directive), but I thought that sponsorship was a one off payment for the stadium sponsorship, i.e. it was due to run out this year anyway.
The cynic in me says the whole thing is designed to appeal to the PL not to dock them more points this season (or they will enter administration), but even if they stay up it feels like a stay of execution. They will need a massive cash injection just to get the stadium finished and avoid piling up more debt again next season.
