Archived News from August 2004
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MTFC ACCOUNTS
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CHAD
Mansfield Town Football Club made a £82,921 loss in the year ending 30th June 2003, a variety of factors had contributed to the loss, these included the write off off a directors loan. The 2003 sheet showed that the chairman had borrowed another £80,000 from the club, taking the total to £495,000 and had then written off almost £240,000 of that outstanding debt. It was said that in the early years Mr Haslam had taken no wages, just travelling expenses, and it had been decided to allow him to write off the £240,000 in lieu of around £25,000 annual wages he was due. "Mr.Price told the meeting that throughout the 10 years he has been in charge,Mr.Haslam had transformed the Club,making it solvent and built a new Stadium. He said that in the early years Mr.Haslam had taken no wages,just travelling expenses,and it had been decided to allow him to write off the 240,000 pounds in lieu of around 25k annual wages he was due. Mr.Price pointed out that,for all Mr.Haslam has done,it represented a snip compared with what it would have cost the Club to have employed the commercial services of someone outside the Club to do the work. He also said that writing off that amount of loan would see the tax office repay the tax they had taken from the Club into the Stags' coffers and the tax burden shift onto Mr.Haslam to pay it personally. |
Latest | August 2004