Releagted from League One, Cambridge United have submitted their latest accounts reports football finance guru Kieran Maguire.
Revenue was £9.2m up
11%. There was a parallel increase in
wages of 11 per cent, total was £6.6m so they are 72 per cent of revenue. Operating loss was £3.7m up 45%. Borrowings
£2.9m (mainly to group company); Total
losses over the years amount to £14.0m.
Relegation led to a loss of £1n in commercial income.
CEO Alex Tunbridge highlighted the ongoing modernisation programme but said that the fall in commercial income ‘further highlights the challenging financial landscape in the lower leagues at a time when the new Football Regulator is getting up and running.
‘’Although we were relegated the Club has continued to
prioritise sustainable progress and development both on and off the pitch. We
conducted a Football Review during last season to strengthen the football
operations and create a long-term strategy to help give us the
best chance of on field success. ‘
‘Off the pitch we have been continuing to explore
the long-term position of the stadium, whilst deepening relationships
with key commercial and civic organisations across the city - through
'United for Cambridge' for example. This is an important moment
for Cambridge and its growth as a city, and as one
of its key civic institutions the football club wants to play
the most active part it can in helping shape its exciting
future. ‘
‘I am sure I speak
for everyone associated with Cambridge United in thanking our owners Paul and
Mark for their continued generous financial support of the football club, which
has been funded by the means of equity investment.’
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