Blackpool FC financial accounts released for period covering 2017/18 season

The accounts show the club made a loss of 1.4m during the 2017/18 season
The accounts show the club made a loss of 1.4m during the 2017/18 season
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Accounts just released by Blackpool FC show the club made a loss of £1.4m during the 2017/18 League One season.

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This is actually down from £2.2m the previous year, although the club was still losing about £75,000 every week during 2018 in the midst of the fan boycott.

The club’s losses were reduced thanks to the sales of previous players Brad Potts and Bright Osayi-Samuel to Barnsley and QPR respectively.

The report, which covers the financial year up to June 30, 2018, also shows the club’s turnover was £3.3m, up slightly from £3m.

The club was left with a year end cash balance of £369,000, down significantly from £6m the previous year.

Gate receipts plummeted, almost being halved from the previous year’s accounts. Just £376,042 was brought in due to the ‘Not A Penny More’ campaign, compared to £660,764 the previous year.

The club’s wage bill rose 26 per cent, although this is mainly down to the accounts covering a 13-month period, rather than 12.

The cash from season ticket sales increased ever so slightly from £223,801 to £267,318, while bar and food sales increased from £346,510 to £472,686.

Spend on youth development rose from £349,800 to £411,637.

A profit of £1.8m was made on player sales, including sell-on clauses, compared to £247,250 in 2017.

The value of tangible assets decreased from £419,594 to £258,931.

Under the club’s strategy and objectives, it is said the new directors will be “focused on achieving promotion back to the Championship”.

To achieve this aim, the club are keen to buy talented players within financial parameters, develop young players through the academy system and increase the club’s turnover through “all revenue streams available”.

Going forwards, the “principal risk” facing the club continues to be its divisional status due to the “material effect” a relegation would have on all revenue streams, the report added.

The directors also believe that any regulation changes imposed by the FA or the EFL could have a similar impact.

Reference is also made to the backdrop of the dispute between previous shareholder's, the Oyston family and Valeri Belokon, which had a significant impact on the day-to-day management of the club.

However, the club has now been sold to Simon Sadler, spelling the end of the fan boycott, which the directors hope should mitigate any risks.

But it is warned that future costs in the next two years are likely to exceed revenue streams and further funding will be required.

The accounts were signed off by new board member Ben Hatton and were audited by Sedulo Audit Limited, replacing AI Cherry Chartered Accountants.

To read the full report, click here.