Post by QPR Report on Apr 12, 2010 12:18:56 GMT
Yeovil Official Site
CLUB POSTS LOSS
Posted on: Mon 12 Apr 2010
Yeovil Town FC have announced a post tax loss of £956,541 ( 2008 Profit £19,989) for the year ended 30 June 2009 on turnover of £2,723K which is £1,292K less than the previous year. A year on year reduction in direct and administrative expenses of £393K failed to compensate for the 32% fall in revenue
Although the general economic situation had some effect on the Club's revenue with gate receipts £241K lower than the previous season at £1,113K, the major impact on the bottom line was attributable to the player transfers account which went from a profit of £739K to a loss of £50K.
The absence of player sales and the lack of progress in any of the cup competitions had a significant impact on the Club's finances at a time when the Board had made available additional resources to enhance the playing squad.
Regrettably, that investment failed to produce the expected return in terms of further player sales, revenue from extended cup runs or continued upward progress in the League.
Unfortunately, the nature of the football business is that a considerable proportion of a Club's expenditure is fixed in nature due to players' contracts and essential running costs which cannot be quickly adjusted.
Yeovil Town's situation was further exacerbated by the injuries to Marc Bircham, who had the most lucrative contract in the Club's history, and the appalling traffic accident which ultimately ended Darren Way's playing career.
The contracts for both players had to be honoured and replacements had to be recruited to maintain the playing strength as the Club endeavoured to avoid the threat of relegation. It was therefore not possible to bring the Club's operational costs directly in line with its revenue during the course of the 2008/2009 season.
Although the Club had the resources to sustain the losses incurred last season, the Board could not countenance a repeat of that financial performance.
The management team and staff have worked closely together over the last twelve months and with their hard work and commitment a substantial improvement in the situation has been achieved. With just under three months of the financial year left there is an expectation and belief that the Club will return a small profit this season.
With just three home games remaining the Club would like to thank everyone for their fantastic support this season.
Attendances look as though they will be slightly ahead of last season reversing a three year decline, which in these difficult economic times, is a significant achievement.
Despite the uncertainty created by the recession and upcoming elections the Club remains optimistic and confident that with the help of its supporters, sponsors and staff, it can develop and progress in a positive manner over the next few years.
www.ytfc.net/page/NewsDetail/0,,10673~2022106,00.html
CLUB POSTS LOSS
Posted on: Mon 12 Apr 2010
Yeovil Town FC have announced a post tax loss of £956,541 ( 2008 Profit £19,989) for the year ended 30 June 2009 on turnover of £2,723K which is £1,292K less than the previous year. A year on year reduction in direct and administrative expenses of £393K failed to compensate for the 32% fall in revenue
Although the general economic situation had some effect on the Club's revenue with gate receipts £241K lower than the previous season at £1,113K, the major impact on the bottom line was attributable to the player transfers account which went from a profit of £739K to a loss of £50K.
The absence of player sales and the lack of progress in any of the cup competitions had a significant impact on the Club's finances at a time when the Board had made available additional resources to enhance the playing squad.
Regrettably, that investment failed to produce the expected return in terms of further player sales, revenue from extended cup runs or continued upward progress in the League.
Unfortunately, the nature of the football business is that a considerable proportion of a Club's expenditure is fixed in nature due to players' contracts and essential running costs which cannot be quickly adjusted.
Yeovil Town's situation was further exacerbated by the injuries to Marc Bircham, who had the most lucrative contract in the Club's history, and the appalling traffic accident which ultimately ended Darren Way's playing career.
The contracts for both players had to be honoured and replacements had to be recruited to maintain the playing strength as the Club endeavoured to avoid the threat of relegation. It was therefore not possible to bring the Club's operational costs directly in line with its revenue during the course of the 2008/2009 season.
Although the Club had the resources to sustain the losses incurred last season, the Board could not countenance a repeat of that financial performance.
The management team and staff have worked closely together over the last twelve months and with their hard work and commitment a substantial improvement in the situation has been achieved. With just under three months of the financial year left there is an expectation and belief that the Club will return a small profit this season.
With just three home games remaining the Club would like to thank everyone for their fantastic support this season.
Attendances look as though they will be slightly ahead of last season reversing a three year decline, which in these difficult economic times, is a significant achievement.
Despite the uncertainty created by the recession and upcoming elections the Club remains optimistic and confident that with the help of its supporters, sponsors and staff, it can develop and progress in a positive manner over the next few years.
www.ytfc.net/page/NewsDetail/0,,10673~2022106,00.html