Newton Heath were the predecessor club of Manchester United and were admitted to the Football League. The first annual meeting of the shareholders of the company was held at the end of May 1893 in the New Congregational Schoolroom. (2017 figures are produced using the Bank of England inflation calculator).
The club had debts of £314 (£38,357 in 2017 prices), but this was accounted for by the fact that they had been paying off old liabilities. If it had not been for these extraordinary charges, there would have been a profit of £220 (£26,875). The total receipts for the year amounted to £3,769 (£460k) of which was £2,951 (£360k) was gate money. Total staff costs were £2,094 (£255k). This amounted to a 55 per cent wages to turnover ratio, not far out of line with the 50 per cent ratio recommended today by Deloitte. Hotel and travelling expenses were £407 (just under £50k).
The Chairman said that ‘the net result of their year’s working was that they were putting £130 (£15.9k) into the pockets of the Lancashire and Yorkshire Railway Company. The directors of that company had treated the large body of working men comprised in that club very badly indeed, and it was time that they and the Dean and Canons [who were the freeholders of the ground] knew what was the feeling of the people of Newton Heath in the matter. The time had come when they should act on their own and not be subservient to anyone in the future. (Applause).’
The club later encountered financial difficulties and became Manchester United in 1902.
Comments
Post a Comment