Barnsley FC reveal modest loss in latest financial accounts

BARNSLEY have thanked Reds' supporters for helping to keep the club 'alive' and allowing it to prosper in 2020-21 which they have labelled as the club's most challenging time in 'generations.'

Oakwell.

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.

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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 club alive in 2020-21 - a season played out without supporters.

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."

Looking to the future, the statement said that the principal risks and uncertainties facing the club centred on the ongoing Coronavirus pandemic and the resulting absence of fans from Oakwell having a 'significant impact on matchday and non-matchday revenue streams allied to 'the UK's withdrawal from the European Union and the uncertain impact that it will have on the domestic and international transfer market.'

Cash management within the constraints of available working capital was cited as another issue.

The latest accounts revealed that revenue in 19-20 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 bills 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.