Financial Results – Page 24

Chelsea postpone break even target

December 15, 2010 by WG

Chelsea were hoping to break even by 2010, but they have had to postpone their target for another year. The need to balance the books becomes more urgent, however, as the Uefa financial fair play rules loom on the horizon.

They are expected to announce a seventh successive year of losses, but are hopeful of breaking even in a year’s time. Losses are expected to be bigger than the £44.4m reported in the preceding year, in part because of an early exit from the Champions League last season.

Shakers lose over half a million

December 3, 2010 by WG

Bury have seen their losses in the last financial year rise from £115,861 to £557,056. That’s a lot of money for a League 2 club and perhaps reflects the old adage that you don’t invest in a football club but pour money down a black hole.

Hartlepool owners lose their patience

December 2, 2010 by WG

Increased Oil Recovery (OR) have owned Hartlepool United since 1997 and in that period have spent over £12m on the club. But their patience is running out. What particularly aggrieves them is that the local council won’t sell them the club’s ground so that they can invest in major improvements, although some money has already been spent.

Big losses at Blades

November 28, 2010 by WG

Sheffield United reported a financial loss of £18.6m this week. Chairman Kevin McCabe announced that he was standing down the next day. He emphasised that his decision was not to do with the financial results but the fact that he is based in Brussels from where he does most of his international property business.

Millwall cuts its losses

November 17, 2010 by WG

Millwall increased turnover by 15 per cent to £7,5m in the 12 months to June 2010 which helped to reduce operational losses by 22 per cent from £4.4m to £3.4m. An Open Offer to all shareholders is aimed at raising £11.2m to reduce borrowings.

Bristol City in a financial mess

November 4, 2010 by WG

Bristol City chairman Steve Lansdown has admitted that the club’s current balance sheet is ‘a mess’ after the club reported losses of £11.8m in the year ended 31 May 2010, almost double the record shortfall of £6.6m recorded a year earlier.

Draws are back in fashion

October 23, 2010 by WG

Bookmakers William Hill have reported a more than 20 per cent rise in third quarter revenues and all because drawn football matches are back in fashion. This time last year there was such an absence of drawn matches in the Barclays Premier League that boomakers were facing double digit declines in net revenues. The problem was made worse by winning streaks among the most heavily backed Premier League clubs.

Hibs stay in the black – just

October 18, 2010 by WG

Scottish football has been afflicted by financial problems since the collapse of the Setanta deal. Hibernian are one of the more successful clubs, but their financial position has deteriorated over the years and they have only just managed to stay in the black.

United mired in debt

October 9, 2010 by WG

Manchester United generated operating profits of £100.8m in the year to 30 June, the first Premier League club to break through the £100m barrier. New commercial deals helped to push revenues up by 2.9 per cent to £286.4m. Commercial revenues now make up 28.9 per cent of income, but match day revenues were down 7.9 per cent to £108.8m and now represent 35 per cent of turnover.

United figures due

October 8, 2010 by WG

Full year figures from Manchester United are due today. It is expected that the club will have made record operating profits, topping £100m for the first time, thanks to increased matchday, broadcasting and commercial revenues. Despite failing to sell 2,200 season tickets in the summer, all the club’s home games this season have sold out.