BFC report £500,000 loss
Brentford FC today reported a loss of £500,000 loss for last season. Financial Director Alan Bird said "The operating loss was £864,548 and would have been touching £900,000 if David Heath had not worked without salary or expenses after his predecessor handed in his notice and left immediately in December 2007. Exceptional income reduced the net loss to £499,960 which is still a nonsense for a club/business of our size and certainly a long way from the earlier 'break even' ambitions."
Commenting on progress for the current financial year Alan says "I'm pleased to say that the core business is now in good shape and that the operating loss will be substantially reduced in the current financial year"
In his statement to shareholders in the accounts, Chairman Greg Dyke reports:
"At the time of writing the attendances for the 2008/09 season are stable and gate receipts are in line with budget, although down on last year. We have yet to see if the recession in the economy will impact our gates further. The club has budgeted to lose approximately £650,000 for the financial year ending 31 May 2009 and this loss is being substantially financed by further Matthew Benham loan facilities for which the Club is very grateful. Without Matthew Benham's support it is difficult to see how Brentford Football Club would have survived over the past three years. Should further short term funds be needed this year several directors have agreed to make them available on a temporary basis only although this is now unlikely to be necessary given our unbudgeted FA Cup television appearances which have brought in significant television fees.
"The Board took a decision to run the club at this level of loss in an attempt to gain promotion and thus improve our financial position considerably. We decided we would support the team manager to the maximum extent possible by way of ploughing every available penny into both the playing budget and playing facilities. If we were to gain promotion there would be an immediate and substantial increase in revenue from Football League payments, television monies and an increase in gates."
No date for the AGM has been announced
Further comment on this thread
Commenting on progress for the current financial year Alan says "I'm pleased to say that the core business is now in good shape and that the operating loss will be substantially reduced in the current financial year"
In his statement to shareholders in the accounts, Chairman Greg Dyke reports:
"At the time of writing the attendances for the 2008/09 season are stable and gate receipts are in line with budget, although down on last year. We have yet to see if the recession in the economy will impact our gates further. The club has budgeted to lose approximately £650,000 for the financial year ending 31 May 2009 and this loss is being substantially financed by further Matthew Benham loan facilities for which the Club is very grateful. Without Matthew Benham's support it is difficult to see how Brentford Football Club would have survived over the past three years. Should further short term funds be needed this year several directors have agreed to make them available on a temporary basis only although this is now unlikely to be necessary given our unbudgeted FA Cup television appearances which have brought in significant television fees.
"The Board took a decision to run the club at this level of loss in an attempt to gain promotion and thus improve our financial position considerably. We decided we would support the team manager to the maximum extent possible by way of ploughing every available penny into both the playing budget and playing facilities. If we were to gain promotion there would be an immediate and substantial increase in revenue from Football League payments, television monies and an increase in gates."
No date for the AGM has been announced
Further comment on this thread