Even so... surwly that cant be right? Dont City have a huge academy thing with a school in it?
Isn't Pep the highest paid manager in the league?
Either City are dumbing their figures down somehow or we are talking ours up.
Surely?
We aren't talking ours up, I know that much.
I have an idea, but no proof to back it up.
The accounts list 15 subsidiary companies which were set up by H&G and haven't been closed yet, 13 of which are dormant.
These 13 companies were involved in the legal actions brought by h&g against Liverpool, FSG, JH etc
In July last year, Kop Football Holdings Ltd was wound down (closed) after being dormant for 2 years, this was the main holding company used by h&g, and owed in excess of £400 million.
What this means, is hundreds of thousands of documents, because of court cases and evidence produced by both sides.
FSG had to wait until all cases were closed (won or lost) and then also wait for the appeals period to run out.
As we know, FSG, LFC and JH won all the cases brought against them.
I consider this vexatious by h&g as they tried to spend a few million on lawyers and court cases rather than take the hit on personal liability. They were personally liable for a big chunk of that £409 million
So, we have a scenario, where there was ongoing litigation, eventually won, but an almighty mess was left behind.
I consider it likely that the extra staff and increased costs were in part due to (extra) in house counsel being retained (rather than paying a law firm by the hour), cleaning up the last of the mess left by h&g.
I know nearly 6 years seems like a long time, but in terms of litigation, it's not really.
You can guarantee that h&g tried to drag it out as long as possible though, and now all those documents have to be filed, stored in case of any future attempts at litigation.
Like I said, complete speculation, but it makes sense to me, and an indicator is the fact that Kop Football Holdings Ltd was closed shortly after the accounting period finished.