Archived News from November 2014
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MTFC FINANCES: HOPEFUL CLOSE TO BREAK-EVEN
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Chairman hoping Stags will break-even
mansfieldtown.net, 12th November 2014 Mansfield Town chairman John Radford is hopeful that the club will come close to breaking even at the end of the current season. Read more at http://www.mansfieldtown.net/news/article/chairman-hoping-stags-will-break-even-2077814.aspx#XwTkO8tX5D2zs939.99 Mr Radford has transformed the club’s fortunes since taking over the Stags in September 2010 and helped propel the club’s return to the Football League in 2013. The club’s accounts for 2012-13, which are set to be presented to shareholders at an Annual General Meeting at One Call Stadium tonight (Wednesday), record a loss of almost £1.2m. Last season’s financial forecast is expected to show a deficit of around £700,000, with the figure anticipated to decrease even further by the end of the current season. It is expected to be the strongest financial showing for years. Mr Radford said that considerable strides had been made in reducing losses and improving turnover. He said: “The club’s commercial activity is continuing to improve and we have also seen a better utilisation of the playing squad this season. “The club is in a better financial state and we should be much closer to breaking even by the end of this season. “We hope to achieve this figure whilst ensuring that our resources towards the playing side are competitive in Sky Bet League Two.” Finance director James Beachill said: “The only real concern is that attendances have fallen this season. Good home gates are the ‘bread and butter’ of any football club. “Our commercial sponsors continue to be the main cash-injectors of the club. We need the support of the Mansfield public to back the club to enable it to move forward even further.” --------------- Stags chairman Radford hopeful as Yellows edge back to black chad.co.uk, 12 November 2014 Mansfield Town chairman John Radford is hopeful that the cash-strapped club will finally come close to breaking even at the end of the current season. http://www.chad.co.uk/sport/mansfield-town/stags-chairman-radford-hopeful-as-yellows-edge-back-to-black-1-6947110#.VGMVL8Q47HM.twitter Mr Radford has transformed the club’s fortunes since taking over the Stags in September 2010 and helped propel the club’s return to the Football League in 2013. The club’s accounts for the Conference championship-winning season 2012-13, which were presented to shareholders at the club’s annual meting at One Call Stadium last night, recorded a loss of almost £1.2m. Back in the Football League, last season’s financial forecast is expected to show a deficit of around £700,000, with the figure anticipated to decrease even further by the end of the current season, which is expected to be the strongest financial showing for years. However, manager Paul Cox has seen his playing budget slashed by half, though it is likely to increase over the next month or two after a major injury crisis saw 11 first team player missing at one stage. Mr Radford said that considerable strides had been made in reducing losses and improving turnover. He said: “The club’s commercial activity is continuing to improve and we have also seen a better utilisation of the playing squad this season. “The club is in a better financial state and we should be much closer to breaking even by the end of this season. “We hope to achieve this figure whilst ensuring that our resources towards the playing side are competitive in Sky Bet League Two.” Finance director James Beachill said: “The only real concern is that attendances have fallen this season. Good home gates are the ‘bread and butter’ of any football club. “Our commercial sponsors continue to be the main cash-injectors of the club. We need the support of the Mansfield public to back the club to enable it to move forward even further.” Season 2012/13 was the fourth year in a row that the club made a loss of over a million pounds with deficits of 2012/2013 - £1,184,433, 2011/2012 - £1,045,936, 2010/2011 - £1,086,487, 2009/2010 - £1,063,556, and 2008/2009 - £555,133. Turnover (income) at the club was the highest since 2003/2004. It more than doubled from £1,167,727 to £2,387,448 due to the Championship-winning season and the FA Cup run, which included the televised games against Liverpool and Lincoln City However, administrative expenses also increased from £1,803,425 to £3,047,572 mainly due to club wages increasing by nearly £1m from £1,344,256 to £2,328,070, the figure including the 13.8 per cent National Insurance Contributions paid by employers plus bonuses in a promotion-winning season. The losses at the club have been financed by loans from Radford’s One Call Insurance Services Limited and by loans from former directors, Andy Saunders and Steve Hymas, although their loans funded the losses at the club from June 2008-September 2010 when John Radford bought the club. The accounts state that One Call Insurance Services Limited and other companies controlled by Mr. J.L Radford, director, advanced sums to the company, which at the year end amounted to £3,648,715 (2012 - £2,017,374). The loans are interest free and repayable on no specific terms. At 30th June 2013, loans made to the company by former directors amounted to £1,161,630 (2012 - £1,239,843). ------------------ |
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