Wednesday, April 24, 2024

Grimsby Town slip to £930,000 loss despite turnover rise

Grimsby Town have slipped to a £931,000 loss in newly released accounts for the football club’s year ending May 2022, dipping from a £196,000 profit in the year prior.

Turnover however increased by over 26% from £3.5m to £4.4m thanks to the return of fans to the ground following the COVID-19 pandemic – to the highest level in nearly 20 years – and a successful season on the pitch which saw promotion to League Two. Matchday receipts increased to £1.4m compared to £680,000 in 2021 and there was an increase in revenue from commercial and hospitality activities.

Due to the prior year’s relegation, income from sources such as the Premier League, EFL and National League reduced from £1.5 million to £720,000.

Grimsby Town’s new owners invested £1.5m of loans into the company during the year, ensuring the club’s progress, some of which was used to repay debt in the form of loans from the previous principal shareholder and the balance was used to fund improving operations and infrastructure of the club.

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