Blackpool FC's £7.5m profit after disastrous season

The financial report, showed that the club remained in the black while many others racked up debts.

It turnover slipped a little from £18.2m in the previous year to £18m with about £12m of that cash coming in a result from the so-called parachute payments paid after its time in the Premiership.

The club’s pre-tax profits fell from £9.5m a year earlier to £7.5m in the season that started with the club having only eight registered players and no manager in a disastrous preseason.

The accounts also show that loans made by the club to the parent company and its subsidiaries has risen to £28.2m from £27.7m.

These loans have been a source of controversy among some fans who believe that the money should have been kept in the club itself and used to support its progress rather than help out other Oyston owned companies.

During the year the club had 124 employees down from 150 the previous year and these included Karl Oyston and Owen Oyston the principal directors.

A statement in the annual report said: “The company faces a period of transition but the company is not considered to be at risk as the club has considerable cash deposits gained form parachute payments from the Premier League, it is also still receiving transfer instalments, hence the company has the resources to see it through this period of transition and the future.”