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The losses mount

As the financial year comes to an end, there is a fast and furious race by clubs to submit their 2023/24 accounts and they all show losses.   Information courtesy of football finance guru Kieran Maguire.

Ayr United lost £187k in 23/24 taking total losses to over£1.7m. Club is dependent upon director loans of £585k to continue.   Scottish clubs are generally quite prudent so this is quite a big loss by their standards. 

Gillingham losses almost doubled to £4.3 million in 23/24. The losses were underwritten by a £1.3m donation and £2.2m of loans

Salford City lost over £5.3m in 23/24 taking total losses to over £28m since being acquired by new owners

Promotion chasing York City lost £235k in 23/24.

Scunthorpe United lost £499k in 23/24 despite losing two thirds of their employees. Club had over £4 million of liabilities at 30 June 2024.   Included in the Scunthorpe United accounts for 23/24 is a £250,000 bad debt write off. I wonder who is responsible for this, asks Maguire?

The club is seeking a fifth owner to cover losses as it anticipates promotion to the Nationnal League.

Facing criticism from angry fans, Scunthorpe have halted talks with FC 100,000, a  group wanting to buy a football club through online subscriptions.  It was co-founded by Will Brooks who was behind a similar venture at Ebbsfleet United, only for the club to run into difficulty as subscriptions plummeted.

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