Peterborough United chairman remains positive despite club accounts showing a £2.3 million loss for the year ending June 2024.
Peterborough United FC have reported a loss of £2.317 million for the year ending June, 2024.
That is down from a loss of £3.532 million for the year ending, June 2023.
Turnover for the accounting year was £10.174 million down slightly from £10.544 million.
Staff costs were £7.432 million down from £7.746 million.
Posh made a profit of £4.069 million on player sales. This figure will not include the transfer fees received for Harrison Burrows and Ronnie Edwards who both left Posh in July, 2024.
Posh have net liabilities of over £16 million up from £15.9 million for the year ending June 2023.
Posh employed 251 staff in this accounting period, up from 239 in the previous year.
Directors’ remuneration was £348,499 up from £267,330, but three directors are now also paid employees of the club. The highest paid director, which will be Barry Fry, earned £181,510, down £40k on the previous year.
The accounts confirm Posh are heavily dependent on the financial backing of club owner Darragh MacAnthony.
MacAnthony told the PT tonight: “£6 million of the net liabilities are to me and Kelgary. I’m buying their shares back over time and it’s whittling down each year. Our real debt is well under £10 million now and declining each year. My aim is to have all debt under £5 million in 3 years.
“This football malarkey ain’t cheap! But we lost a million less than the year before which is a positive, plus in same time period we started repayment on OKR debt etc, so for a club our size to be in the play-offs, win a cup and lose less than £2.5 million is pretty good for a League One club methinks in today’s day and age.”
Kelgary Sports and Entertainment was the company used by former co-owners Stewart Thompson and Dr Jason Neale to purchase their share of Posh. A long-term loan settlement agreement was reached with Old Kent Road Financial Loan Adminco Ltd (OKR Financial), and MacAnthony acquired a significant number of PUFC shares previously held by Kelgary Sports & Entertainment enabling him to become the majority owner of Posh again.