Hull City claim they have made “huge progress” in reducing the club’s annual losses.
Last year, in the Tigers’ 2012/2013 accounts, Hull lost £25.6m as they won promotion back to the Premier League under Steve Bruce.
But the latest figures, released last night, for the 2013/2014 accounts show Hull have turned around their fortunes. Combined figures for Hull and sister company SuperStadium Management Company Limited show a loss of only £1.7m.
Hull’s success on the field – where they reached the FA Cup final in May, reaping an extra £3.9m – has certainly seen the club’s financial outlook improve.
The club’s 11-month figures, falling into line with the footballing year, up to June 30 this year show an actual pre-tax profit of £9.4m. The £6.1m costs from July, where there is no income due to the summer break, reduces the profit to £3.3m for the last 12 months.
A statement read: “Hull City Tigers Limited have announced their financial results for the year to 30th June 2014, an 11 month period.
“The Tigers shortened their reporting period last year, to be in line with the football season. Whilst the figures show a pre-tax profit of £9.4m (including £3.9m generated from the FA Cup run), this excludes July’s costs of £6.1m, as this is a month burdened by overhead with no Premier League or matchday income for the club. Thereby reducing the profit down to £3.3m for a 12 month period.
“The club’s sister company, SuperStadium Management Company Limited, reported losses of £5m for the same shortened period of 11 months, this includes right offs to the stadium mortgage inherited from the previous ownership.
“On balance the 2013/14 accounts would show a combined loss for the Tigers and SMC of £1.7m for a full 12 months of trading, this represents huge progress for the club considering the 2012/2013 accounts showed a loss of £25.6m.”
Hull revealed the latest financial figures do not include the outlay of over £47m on players paid out by the Tigers this summer. The report added: “After the year end, in order to continue the very successful season had by the club, new signings costing in excess of £47m have been made.”