Plymouth Argyle made a profit of £1m last year despite funding the highest wage bill in the club’s history. Accounts for the year ending 31 May 2008 show the Pilgrims turned round a loss of more than £700,000 in the previous 12 months to £1.1m profit. The Pilgrims made £3.8m profit on the transfer market last year, enabling them to finance their highest ever wage costs despite their gate income becoming the fourth lowest in the Championship. Chairman Paul Stapleton was frank about the inevitability of transfer fees being used to bail out the club as a trading concern.
Plymouth Argyle made a profit of £1m last year despite funding the highest wage bill in the club’s history. Accounts for the year ending 31 May 2008 show the Pilgrims turned round a loss of more than £700,000 in the previous 12 months to £1.1m profit. The Pilgrims made £3.8m profit on the transfer market last year, enabling them to finance their highest ever wage costs despite their gate income becoming the fourth lowest in the Championship. Chairman Paul Stapleton was frank about the inevitability of transfer fees being used to bail out the club as a trading concern. He commented, ‘Preston were telling me only recently that they had to sell David Nugent to cover two years’ losses.’ Mr Stapleton believes that the Championship is becoming more and more competitive each year with many of Argyle’s rivals enjoying a huge financial advantage. The league has six clubs this season with parachute payments of £12m when Argyle’s turnover is only £8m.