Shrewsbury Town reveal £275,000 losses
Shrewsbury Town Football Club recorded a six-figure loss last year as the club funded its promotion campaign.
Accounts released today show the League One club made an overall loss of £275,047 in the year to June 30, compared with a profit of £20,046 12 months earlier. But in his end of year report chairman Roland Wycherley said the club has also invested.
He said: "The financial accounts partially reflect a period of investment in the playing staff to secure promotion last year.
"It was a successful season and we look forward to progress on the pitch and off it in 2012-13."
He said the club was in a sound financial position, particularly compared to other football clubs.
"We steadfastly maintain our policy of sound business practice towards the financial security of the club," he added.
"We are one of the few clubs to that have a positive bank balance and a debt-free stadium. The manager is aware that funds are available to support the development of the playing squad and he chooses who to recruit with those funds receiving the board's support.
"As we have joined League One, Graham Turner will seek to improve the quality of his squad with an increased budget for spending on players' wages."
The figures reflect a fall in turnover for the club from £4.415 million in 2011 to £3.877 million last season, which led in turn to a halving of the gross profit – a figure which does not include overheads – to £350,919.
Over the year the wage bill fell from £2.56 million to £2.48 million. Season ticket income rose to just short of £500,000, from £398,920 the year before.
The accounts cover the period when Matt Richards, joined from Walsall, along with Carl Regan, who has since left, from Bristol Rovers and Terry Gornell, now on loan to League Two Rochdale, who signed from Accrington Stanley.
All were involved in the promotion push.
By Business Editor Thom Kennedy
