Losing nigh on £1,000,000 in a single weekend 👏

Congratulations to the club for getting closer to promotion than for many years.

4 hours ago, Kingsmills said:

Congratulations to the club for getting closer to promotion than for many years.

What's that got to do with the abject failure of the concerts?  We were told they would bring in what they've just lost.  Heads should roll.

On 7/21/2022 at 10:12 PM, STFU said:

What's that got to do with the abject failure of the concerts?  We were told they would bring in what they've just lost.  Heads should roll.

We're the concerts we'll attended? Did we make money?

52 minutes ago, caleyboy said:

We're the concerts we'll attended? Did we make money?

 

On 7/21/2022 at 4:13 PM, STFU said:

Losing nigh on £1,000,000 in a single weekend 👏

🤷‍♂️

11 minutes ago, STFU said:

 

🤷‍♂️

where did you get that info from?

 

Why does it matter where the info came from?

7 minutes ago, STFU said:

Why does it matter where the info came from?

Credibility and accuracy.

Can someone talk sense on this thread please, what is this all about? 

My interpretation is that STFU is stating that the club lost £1m due to the concerts earlier this month, whilst others are asking the source of his information.

To my knowledge, nothing has been said publicly, but I’m happy to be corrected on that if the figure has been stated and is correct. 

It seemed to be fairly common knowledge among people at the match today.

The next set of published accounts will verify it if nothing comes out from the club before then.

9 minutes ago, STFU said:

It seemed to be fairly common knowledge among people at the match today.

The next set of published accounts will verify it if nothing comes out from the club before then.

If a new company was set up for "concerts" it's unlikely to show on football club accounts

I'll stick my neck out and wager STFU is talking one load of horse manure.................

Just now, caleyboy said:

If a new company was set up for "concerts" it's unlikely to show on football club accounts

New companies also have to publish accounts, so losses will show there.

1 minute ago, DWH said:

I'll stick my neck out and wager STFU is talking one load of horse manure.................

I'll take that wager.

 

19 minutes ago, STFU said:

New companies also have to publish accounts, so losses will show there.

But the new company is not ICTFC, is it. Given that ICT didn’t have much money to start with, a £1m loss would have put the club into administration but that doesn’t seem to have happened.

Edited July 23, 20222 yr by Yngwie

Inverness Caley Thistle Concert Company Ltd is a separate legal entity and in its last filed records was owned by Dalgarno and Morrison.

This is probably one of the worst posts on this site and has absolutely nothing to do with the Football Club. Someone please shut it down.

14 hours ago, Yngwie said:

Inverness Caley Thistle Concert Company Ltd is a separate legal entity and in its last filed records was owned by Dalgarno and Morrison.

In normal operations in the music business, it's the promoter who carries the risk.  The artists get paid and the venue gets paid, and the promoter is left with the bottom line - profit or loss.

If the shows did lose £1M, and the football club (FC) and the Concert Company (CoCo) are really separate, then it may just be that the FC agrees not to be paid, in which case it doesn't lose anything more than the costs of the usual venue services, such as security, catering, etc, which it may well have paid for.

However, a question is whether the CoCo borrowed a lot of money beforehand to stage the concerts, or if it now owes money to the artists, staging company, etc.  In other words, are there other creditors seeking payment? 

My wife and I are not lawyers, but we think that if the FC and the CoCo are indeed completely separate - not parent/subsidiary or two subsidiaries of a common parent - then assets of the FC cannot be used to pay off the debts of the CoCo - unless the owners (shareholders) of the FC had beforehand approved a formal agreement that FC assets could be used in that way.  If that had happened, then I think we would surely know about it, because the shareholders - including the Supporters Trust - should have had to vote on it.  (Interesting related question - does the current Board of the FC control more than 50% of the shareholder voting rights?)

The next CoCo accounts will be filed by the end of June next year, and the FC accounts covering July 2022 won't be filed until Feb 2024.  So I tend to agree with caleyboy - in the absence of further information, there's no point in speculating.

Thankfully we don’t need to wait that long, the original poster seems pretty confident about his claim and will be along shortly to clarify exactly how the club has lost £1m….

I very much doubt the Club would be so reckless 

From what I see, this is NOT ICTFC related so should either be shut down or moved to another forum.

This topic has a great deal to do with the Club.  My understanding is that the Concert Company was set up as a separate company so that the profit from concerts would be channelled into the Club, but the Club would not be liable for any losses.  If the concerts have made a loss, this impacts on the Club in 2 ways.  Firstly, the Club would not receive the income boost hoped for.  Secondly, unless they have taken out some hefty insurance premium to cover potential losses, the Directors of the Concert Company will be liable for any losses, and given there is overlap between the Directors of the Club and the Concert Company, these Directors would not be in a position to put the amount of money into the Club that they otherwise would.  The financial outcome of the concerts is therefore of very considerable relevance to the Football Club.

Whether the concerts made a profit or a loss, I don't know.  What is clear is that there were a lot of empty seats on both nights and particularly for the Duran Duran concert.  I think it safe to say that the concerts will not be providing the level of income the Club Board were hoping for.  

The Concert Company was set up with the idea of holding concerts on an annual basis.  Large concerts with well known performers require long term planning; bear in mind that tickets for the recent Bocelli concert went on sale last June.  Whilst the full accounts for the Concert Company won't be available for a long time yet, there will be some real urgency behind the scenes in assessing provisional figures and organisational problems before confirming plans for next year.  If the outcome of this assessment is that concerts can take place next year in the expectation of making a profit, then we can reasonably expect an announcement of who will be performing within the next 2 or 3 months.  We are also still awaiting a date for the Club AGM when we can expect to hear an update on the situation. Last year the AGM was in September so we should get  some indication of how successful the concerts were in a financial sense before too much longer. 

On a more upbeat topic, it is good to see the announcement of a new sponsorship deal with Footasylum.

As someone has already said, it is generally the promoter that takes the hit in something like this so don't think this impacts on the club financially. This just looks like another of the anti club/board rants by the original poster who appears to have a huge dislike for the club. 

14 hours ago, DoofersDad said:

This topic has a great deal to do with the Club.  My understanding is that the Concert Company was set up as a separate company so that the profit from concerts would be channelled into the Club, but the Club would not be liable for any losses.  If the concerts have made a loss, this impacts on the Club in 2 ways.  Firstly, the Club would not receive the income boost hoped for.  Secondly, unless they have taken out some hefty insurance premium to cover potential losses, the Directors of the Concert Company will be liable for any losses, and given there is overlap between the Directors of the Club and the Concert Company, these Directors would not be in a position to put the amount of money into the Club that they otherwise would.  The financial outcome of the concerts is therefore of very considerable relevance to the Football Club.

Whether the concerts made a profit or a loss, I don't know.  What is clear is that there were a lot of empty seats on both nights and particularly for the Duran Duran concert.  I think it safe to say that the concerts will not be providing the level of income the Club Board were hoping for.  

The Concert Company was set up with the idea of holding concerts on an annual basis.  Large concerts with well known performers require long term planning; bear in mind that tickets for the recent Bocelli concert went on sale last June.  Whilst the full accounts for the Concert Company won't be available for a long time yet, there will be some real urgency behind the scenes in assessing provisional figures and organisational problems before confirming plans for next year.  If the outcome of this assessment is that concerts can take place next year in the expectation of making a profit, then we can reasonably expect an announcement of who will be performing within the next 2 or 3 months.  We are also still awaiting a date for the Club AGM when we can expect to hear an update on the situation. Last year the AGM was in September so we should get  some indication of how successful the concerts were in a financial sense before too much longer. 

On a more upbeat topic, it is good to see the announcement of a new sponsorship deal with Footasylum.

Most of what you say is pure speculation, directors investing in club, expected income  from concerts etc etc. If losses are as big as is suggested it is highly unlikely that the directors would take the risk again. The FC directors are responsible for generating income for the company to survive and the two FC directors who took the risk setting up the Concert co should be applauded, on the assumption that it was created solely to generate income for the FC. In my opinion, this should be moved to another area of the site.

On 7/25/2022 at 6:54 AM, caleyboy said:

Most of what you say is pure speculation, directors investing in club, expected income  from concerts etc etc. If losses are as big as is suggested it is highly unlikely that the directors would take the risk again. The FC directors are responsible for generating income for the company to survive and the two FC directors who took the risk setting up the Concert co should be applauded, on the assumption that it was created solely to generate income for the FC. In my opinion, this should be moved to another area of the site.

I didn't say it in my post but I absolutely agree with you that the Directors who took the risk in setting up the Concert Company should be applauded.  But I don't understand why you disagreed with my post as in your post you seem to be agreeing with what I said.  You say "If losses are as big as is suggested it is highly unlikely that the directors would take the risk again." Again, I agree with you, but the consequence of that is as I stated, that the club would not then benefit from the income streams the Concert Company was set up to provide.  I also don't understand why you say this thread has nothing to do with the club when you yourself acknowledge that the Concert Company was set up to generate income for the Club.  I agree that the original post with its unsubstantiated, speculative claim is not helpful, but topic of the success or otherwise of the concerts is an important one and is very much relevant to the club.