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Can a lower league club run without big losses?

It's a question this article from The Guardian poses in relation to League Two Stevenage: How can you run a sustainable club?

Running a sustainable Football League club is possible only if you are lucky, according to the Stevenage chairman, who is about to offer shares in his club to supporters. Phil Wallace has presided over the most successful period in Stevenage FC’s history since he bought the team in 1999.

But with clubs in the Football League experiencing growing financial uncertainty – 52 of the 72 clubs reported losses in 2017-18 – Wallace says it is no longer enough simply to run your club well if you want to keep your head above water in the lower leagues.

Stevenage finished just a point outside the League Two play-offs last season and posted a small profit in 2017-18. But the results were in large part due to the sale of the young defender Ben Wilmot to Premier League Watford and Wallace, whose main commercial interest is the Lamex Food Group, believes unexpected windfalls are increasingly important in keeping smaller clubs afloat.

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