Town made a loss of more than £14 million in the year to June 2010. The significant loss was not unexpected with Marcus Evans’s cash funding last season’s transfers and increased wage bill.
The figures are revealed in an information sheet sent to shareholders in the PLC, which owns 12.5% of the club, outlining Town’s overall financial position. It was sent along with the PLC’s annual report and accounts ahead of its AGM, which will be held in the Sir Bobby Robson Suite in the South Stand on Tuesday 7th December.
During the year to June 2010, the Blues’ loss on ordinary activities before taxation was £14.18 million. The equivalent figure in the year to June 2009, Marcus Evans’s first full year at the club, was £12.67 million.
Player and coaching staff costs rose from £12.03 million in 2008/09 to £13.45 million in 2009/10. As a percentage of turnover player and coaching staff costs rose from 82.1% to 85.3%.
Overall staff costs were up to £17.05 million from £16.10 million, that’s 108.1% of turnover, compared with 109.9% in the previous year.
Turnover was up from £14.66 million in 2008/09 to £15.77 million in 2009/10 with commercial income down from £6.02 million in 2008/09 to £5.4 million and income from the Football League, including TV and radio fees, up to £4.01 million from £1.94 million a year earlier. Gate receipts were down from £6.70 million to £6.36 million.
The club’s direct costs were up from £18.7 million to £19.4 million due to additional player wages. Administrative costs were down £600,000.
The information sheet says the following regarding Town’s current debts: "At 30th June 2010 the club had… [a] total interest-bearing debt of £38 million (intra-group debt £36 million, external debt £2 million). The external debt is the balance owed to the remaining loan note holders. ITFC is not in debt to any financial institution.â€
Regarding players, the sheet reveals that the six players coming in during the year to June 2010 cost £7.2 million, while the four players sold brought in £1.1 million. Since the end of the current set of accounts, another £800,000 has been committed on transfer fees with £3.3 million realised from sales.
At the PLC’s AGM shareholders will vote on whether to re-elect PLC board members David Sheepshanks and Richard Moore.