Future’s bright despite the big losses
Boro lost more than £150,000 in the last financial year despite several cash windfalls. Chairman Phil Wallace revealed this week that the club lost more than £151,00. He admitted: We re not happy with these figures and if we hadn t received an unexpected
Boro lost more than £150,000 in the last financial year despite several cash windfalls.
Chairman Phil Wallace revealed this week that the club lost more than £151,00.
He admitted: "We're not happy with these figures and if we hadn't received an unexpected transfer sell-on fee for DJ Campbell to Birmingham City during the year and sold Anthony Elding, the loss would have been over the £250,000 mark.
"After reaching the promotion final the previous season and missing out on promotion so narrowly, we invested heavily in players last season to reach the play-offs again, then didn't make it and this is the financial consequence.
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"Fortunately we have the financial ability and resources to cope with losses of this magnitude when they arise, but it's still a warning shot to all of us what can happen in a short space of time if you chase a dream and lose."
Wallace continued: "We've now done everything we can commercially off the pitch at the level we're playing at and we've invested a significant amount of money - in excess of £3 million over seven years - aimed at income producing assets to keep losses under control.
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"Last season was a wake-up call and a clear warning. Subsequently we've learned our lesson, regrouped and restructured this past summer.
"We've invested this season in new, young management and players and we're now at an exciting crossroads with results starting to go for us and, just as importantly, we're delivering a style of football that we believe our fans want to see, which is very important to the board.
"The secret of survival, growth and prosperity now and in the future is in gate income.
"If we can provide entertaining football and get people to watch our games in sufficient numbers, then we can make some commercial sense of the current spending levels on players and kick on into the Football League."
Boro need to attract an average of 2,750 at home games to break even according to Wallace.
The chairman also said the sale of George Boyd to Peterborough was right for all parties.
"Now that we've invested part of the fee received in new players and a larger squad, the balance will help stabilise the club for a while.
"We've supported the management team by bringing in players and moving others out to create a young, vibrant squad which we hope can provide the highest levels of entertainment to the fans that are the lifeblood of the club.