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It was ?3.1m at May 2012 according to this. Doesn't feel like very much but I think the debt was still on the books back then, which suppresses the net asset value. It's not the best indicator of a company's valuation really.

Simplifying, our assets will be any spare cash, the value of the stadium, land and the value of player registrations. Liabilities will be any debt. Difference between two is net asset or book value.

Players and stadium value are both very subjective so could be that the book value undereggs the true position if say the market value of the stadium has gone up but we're still valuing at cost ten years ago.

Best way to value the business would be to look at profit projections. Really crudely, we made post tax profit of ?13.5m last year so if you owned the business for ten years it'd be worth ?135m to you.

Obviously it's not quite as simple as that. We'd hope TV money would go up, the ground would get bigger and gate revenues would grow so it might be more than that (although on the flipside if we sign Gareth Bale in 2017 all projections are off).

You'd also have to look at opportunity costs i.e. what returns you could get if you had money burning a hole in your pocket that you could maybe invest in another (less ridiculous) business instead of a football club, which you would use to discount the profit flows.

That's all from a technical viewpoint though - ultimately it depends on the buyer and the seller and who wants the deal to happen most.

Posted By: pat_abb, Sep 3, 20:50:55