The club’s latest accounts via Companies House have revealed a ‘modest’ loss of £280,000 for the last financial year ending on May 31, 2020.
A summary stressed that the club would have achieved a ‘breakeven’ figure for 2019-20 had it not been for the impact of Covid-19 in ensuring that the season was suspended in March and subsequently played out behind closed doors.
The financial challenges have been considerable since with the club utilising the furlough scheme and deferrals with the HMRC and also being indebted to the club’s supporters purchasing over 7,500 season tickets to keep the Oakwell club alive.
A statement read: “The board would like to place on record its thanks to each and every fan who supported the club through this period, which was undoubtedly the most challenging time for the club in generations.”
The latest accounts revealed that revenue in 2019-20 rose from £7.8m to £14.2m – chiefly due to increases in EFL basic award distributions and Premier League solidarity award money from £2.4m to £8.1m.
The club’s wage bill rose from £8.1m in 2018-19 to £11.1m and wage-related costs represented 78 per cent of turnover, viewed ‘as a sustainable level and well below the divisional average’, the statement read.
A profit of £2.8m was announced on player sales, which helped cover an operating loss of £3m.
Support The Yorkshire Post and become a subscriber today. Your subscription will help us to continue to bring quality news to the people of Yorkshire. In return, you’ll see fewer ads on site, get free access to our app and receive exclusive members-only offers. Click HERE to subscribe
Link to use: https://www.yorkshirepost.co.uk/subscriptions