Roland Wycherley: 'Strong actions' have helped improve Shrewsbury Town's finances
The 'strong actions' taken at the end of the 2023 campaign are starting to have an impact on Shrewsbury's improving finances - says chairman Roland Wycherley.
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After the 2022-23 season, then Town boss Steve Cotterill left Shropshire after guiding the club to a 12th-placed League One finish - their second-highest for more than 30 years.
But that came at a cost, as Shrewsbury's accounts for that period showed a huge black hole in their finances, which saw them record £3.1 million worth of losses.
Salop's cash reserves had fallen from £1.5 million to £80,000, and it is fair to say Shrewsbury are still recovering from it.
In their most recent set of financial results, Town revealed they had reduced those losses significantly in 12 months - they are now down at £1.6 million for the 2023-24 season.
That is still unsustainable, but Shrewsbury's financial struggles have abated a little - as they continue to seek outside investment.
Wycherley, Salop chairman for almost three decades, said: "The 2023-24 season followed the most challenging and difficult set of financial results in the club's history.
"It is with a little satisfaction that I am able to report that strong actions which were taken at the end of the 2022-23 season are beginning to impact on the financial stability of the football club.
"These improved financial results were against the backdrop of a 19th placed League One finish, successfully avoiding relegation and resulting in the 10th successive season in League One, the current longest-serving member of the division."
In the summer of 2023, Shrewsbury appointed Micky Moore from Cheltenham Town - he became their first-ever director of football.
In October of that same year, Salop made Liam Dooley chief executive officer after he left Sheffield Wednesday.
"The measures put in place," Wycherley continued. "Including a new vice-chairman, CEO and a director of finance and the implementation of a director of football and head coach model, have continued to drive these results on and off the pitch as we continue our search for bona fide investment.
"Whilst the finish of 19th in League One was a very worthwhile achievement given the financial challenges facing the club, the board is still working through a time lag on pre-agreed contracts and commitments made under the previous incumbents, which unfortunately does still impact on our ability to invest on the field as we would have preferred."
