Blackpool FC financial accounts released for period covering 2018/19 season

Accounts just released by Blackpool FC show the club made a loss of £2.1m during the 2018/19 League One season.
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This figure, which covers the period of transition from the end of the Oyston ownership to the receivers, interim board and the first few weeks of Simon Sadler’s reign, is up from £1.4m the previous year.

The report, which covers the financial year up to June 30, 2019, also shows the club’s turnover rose from £3.3m in 2018 to £4.6m in 2019.

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The club had year-end cash and bank balances of £199,000, down from £369,000 in 2018.

Given the fan boycott ended in March 2019, it is no surprise to see gate receipts in 2019 increased from £376,000 the previous year to £1.4m.

However, turnover from season ticket sales declined from £267,000 to £206,000, although bar and food sales increased from £472,000 in 2018 to £502,000 in 2019.

Wages and salaries, meanwhile, went up by £440,000 to £4.44m.

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The club made a profit of £219,000 on player transfers, down from £1.8m the previous year when the club sold Bright Osayi-Samuel and Brad Potts.

Spend on youth development increased from £411,000 to £485,000.

The report states: “The club has been run against a backdrop of shareholder dispute which has impacted on day-to-day management and resulted in a fan boycott with attendant impact on gate receipts and related sales.

“Prior to the year end, the club was sold and the fan boycott ended and the directors anticipate that this will mitigate the risks associated with these factors.”

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The report also discusses the financial impact the coronavirus pandemic is likely to have on the football club.

“In common with virtually every other business in the country, the company has been experiencing the effects of the coronavirus pandemic,” it states.

“Whilst the full impact of this exceptional situation on the company cannot be assessed with complete certainty at the current time, the directors believe they have taken all possible steps to protect the company.

“The company has furloughed a number of staff to mitigate costs but are planning on these returning within a relatively short timescale as the directors anticipate that activity will continue to gradually increase.

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“Future projections have been prepared to June 2021 to include an assessment over the pandemic, which at the time of this report means that, due to lockdown, the club is unable to have any fans in attendance at the stadium for matches and it is currently unknown how long this will be enforced for.

“Due to this, the forecasts confirm that the company is expected to record losses and incur further significant cash outflows and accordingly the directors acknowledge that this indicates a material uncertainty over the company’s ability to continue as a going concern and that steps require to be taken to address this.”

However, the report goes on to state the directors have a “reasonable expectation” that the company will have sufficient resources to continue its operational existence for the foreseeable future.

A loan owed by former parent company Blackpool Football Club (Properties) Limited was written off to the value of £30m.

Former chairman Karl Oyston owes £161,000, in which “full provision” has been made.

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