The financial statements for the last financial year are due soon and from the City perspective, they will probably be more warmly greeted than their 1963-64 counterparts. That said, the paucity of dividend payments remain.
FA rules used to be considerably tighter than they were now with directors unable to draw salaries for the best part of a century. That was to prevent the clubs being bled dry but also a recognition of the central role that they played in the community. Were such rules to be in place now – along with the maximum 5% dividend payout – would clubs be such an attractive investment opportunity? Certainly they would make supporter ownership a more feasible option in the game’s upper echelons.
Overall losses of £77k (£2.6m in 2012) include £45k (£1.5m) net loss on transfer activity or as this report puts it more eloquently, “the market for human flesh”.