Peterborough United chairman unconcerned about losses of almost £1.4 million because the club have built the most valuable squad in their history
Peterborough United chairman Darragh MacAnthony is completely unconcerned by the club’s loss of almost £1.4 million for the year ending June 30, 2019.
The latest accounts show Posh lost £1,374,873 in the last accounting period compared to a profit of £481,000 for the previous 12 months. This is despite the reported £4 million sale of striker Jack Marriott to Derby County falling in the accounting period.
Turnover dropped by almost 25% to £6,513,357 even though the profit on player sales rose from £1,461,468 to £4,428519 in the same period. Staff costs increased by 11.5% to £5,327,535.
But MacAnthony believes the value of the current playing squad makes the annual loss manageable.
MacAnthony said: “If you look at the squad we have put together now and the valuations of Toney, Eisa, Maddison, Kent, Dembele and Reed plus the teenage brigade of Ricky-Jade Jones, Burrows, Barker, Tasdemir and Kanu, it’s the most valuable squad we’ve ever had in my opinion.
“So I’m not worried about the losses.”
Posh have already turned bids of £4 million for Toney and £2 million for Jones, while Maddison has a buy-out clause of £2.5 million, although he could leave for nothing when his current contract expires at the end of this season.
Posh spent a club record £1.3 million on top-scorer Eisa last summer.
The Posh accounts will be presented at the club AGM on Monday, December 16 (noon) at the Weston Homes Stadium.