Shrewsbury Town’s move to the £15 million New Meadow could double the club’s annual income, chairman Roland Wycherley said today.
Annual trading figures announced yesterday revealed the club made a profit of £307,000 for 2005/6, largely due to player sales of £692,000, including Joe Hart’s move to Manchester City.
The club’s underlying trading performance was a £385,000 loss - following a pattern of around £6,000 to £7,000 losses week on week.
But Mr Wycherley believes the club’s home of 97 years Gay Meadow currently restricts its income and the new ground would secure the club’s financial future.He said the new 10,000- seater stadium in Oteley Road, which will be open for the start of next season, would double the club’s income from about £1.5 million a year to £3million.
“While we are at the Gay Meadow, our income is restricted and seldom differs from about £1.5 million a year,” he said. “That simply isn’t sufficient to compete in the Football League and achieve a level of profit necessary to fund re-investment and ensure long term security.
“In contrast, our new site, wholly owned by the club and free of debt, has the facilities needed to generate much greater income and secure the club’s future.
“Our phase one target is to double the club’s income to £3 million and extensive plans are in place to achieve this.”
The club also revealed yesterday that Mr Wycherley personally loaned and underwrote a total of £2.68 million to the club to ensure work started on the New Meadow last March, saving it about £4 million.
He said it showed the board were not involved with the club for personal reward and had overcome numerous obstacles to keep league football in the county.
“We are ordinary businessmen whose passion for STFC has led us to personally underwrite its finances during very troubled times,” said Mr Wycherley. “Above all, everyone can now see the fantastic stadium we are building and know that it is a huge asset for Shrewsbury and Shropshire.”
By Steve Todd
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