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Speid explains JFF debt
by Ainsley Walters, Freelance Writer
Rudolph Speid - Andrew Smith photo
RUDOLPH SPEID, former Jamaica Football Federation (JFF) treasurer, yesterday defended his two-year tenure during the Crenston Boxhill administration, insisting the federation made profits for the years 2005 and 2006 but has always been dogged by a working capital deficit inherited from the previous Horace Burrell-led board.
"We inherited a broke federation and it is still broke, although we improved the finances," Speid said, responding to pronouncements from Burrell, who on Sunday regained the presidency of the JFF after delegates abandoned Boxhill.
No opposition
Burrell, who had no opposition in his presidency bid, afterward said he was "baffled" by the state of the JFF's books which, on preliminary estimates, showed payables at $83.4m and receivables at $27.7m.
"It's incredible that this is so, having heard these revelations of profitability on the radio, television and in the newspapers," the new JFF boss was quoted as saying in yesterday's Gleaner.
Speid, group financial controller/manager of The Gleaner Company Ltd., yesterday said he was not disputing the figures up to October 2007, quoted by the new JFF administration, but pointed out that was not all.
"I am not saying the figures for debt are inaccurate, except they did not quote all the receivables," he said.
"The JFF did make a profit during the two years I was treasurer," he said, pointing to figures of $17.2m and $16.3m for the years 2005 and 2006, respectively.
"What they can't reconcile is why profit does not equal cash and anybody knows that's not so in accounts," he added.
Speid went on to point out: "The JFF was always in the red after the World Cup year.
"At the financial year of March 1999, we made a profit of $8.8m after earning $127m from the World Cup in 1998 but, in the same breath, we had a working capital deficit of $36.6m.
"That's current assets minus liabilities. Payables were $79.2m against receivables of $42.6m," he pointed out.
Speid produced audited documents showing that in his second year, due to profits generated during his tenure, the JFF's working capital deficit was gradually reduced, from $28.8m in 2005 to $17.9m at December 2006.
"That's coming from $36.6m in 1999," he said. "Therefore, whatever payables are now on the books, some were carried forward from the previous administration," he explained, pointing to a loan of $15m owed to Burrell, which the Boxhill-led board said it was unable to pay.
by Ainsley Walters, Freelance Writer
Rudolph Speid - Andrew Smith photo
RUDOLPH SPEID, former Jamaica Football Federation (JFF) treasurer, yesterday defended his two-year tenure during the Crenston Boxhill administration, insisting the federation made profits for the years 2005 and 2006 but has always been dogged by a working capital deficit inherited from the previous Horace Burrell-led board.
"We inherited a broke federation and it is still broke, although we improved the finances," Speid said, responding to pronouncements from Burrell, who on Sunday regained the presidency of the JFF after delegates abandoned Boxhill.
No opposition
Burrell, who had no opposition in his presidency bid, afterward said he was "baffled" by the state of the JFF's books which, on preliminary estimates, showed payables at $83.4m and receivables at $27.7m.
"It's incredible that this is so, having heard these revelations of profitability on the radio, television and in the newspapers," the new JFF boss was quoted as saying in yesterday's Gleaner.
Speid, group financial controller/manager of The Gleaner Company Ltd., yesterday said he was not disputing the figures up to October 2007, quoted by the new JFF administration, but pointed out that was not all.
"I am not saying the figures for debt are inaccurate, except they did not quote all the receivables," he said.
"The JFF did make a profit during the two years I was treasurer," he said, pointing to figures of $17.2m and $16.3m for the years 2005 and 2006, respectively.
"What they can't reconcile is why profit does not equal cash and anybody knows that's not so in accounts," he added.
Speid went on to point out: "The JFF was always in the red after the World Cup year.
"At the financial year of March 1999, we made a profit of $8.8m after earning $127m from the World Cup in 1998 but, in the same breath, we had a working capital deficit of $36.6m.
"That's current assets minus liabilities. Payables were $79.2m against receivables of $42.6m," he pointed out.
Speid produced audited documents showing that in his second year, due to profits generated during his tenure, the JFF's working capital deficit was gradually reduced, from $28.8m in 2005 to $17.9m at December 2006.
"That's coming from $36.6m in 1999," he said. "Therefore, whatever payables are now on the books, some were carried forward from the previous administration," he explained, pointing to a loan of $15m owed to Burrell, which the Boxhill-led board said it was unable to pay.
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