POSH LATEST: Peterborough United post a loss of £1.9 million

Posh chairman/owner Darragh MacAnthony.
Posh chairman/owner Darragh MacAnthony.
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Peterborough United have reported a loss of just over £1.9 million for the year ending June 2015.

That figure compares unfavourably with a profit in excess of £1.7 million from the previous year.

That profit was mainly a result of the £6 million Posh received for the sale of striker Dwight Gayle to Crystal Palace. The £5.5 million sale of Britt Assombalonga to Nottingham Forest is covered in the latest accounts, but half of that fee went to the striker’s former club Watford.

The Posh business model has always been to buy young, talented players and sell them for big profits. Posh have not ruled out selling a player in the forthcoming January transfer window, but the latest accounts show the club remain dependent on chairman/owner Darragh MacAnthony for financial security.

Posh are paying back loans totalling £5.689m to DMA Holdings SA, a company in which MacAnthony has a financial interest.

The Posh turnover figure is down slightly from £6.32m to £6.24m in the corresponding years. Home attendances dropped by 1.8%, but the club remains committed to ‘iniatives and projects’ to improve this figure.

Posh paid out wages totalling £4.1m in the year ending June 2015 compared to £4.7 million in the previous 12 months. Staff numbers dropped by 14 to 203 (62 players).

The highest paid director (believed to be director of football Barry Fry) earned £220,000 in the last accounting period, compared to £71,000 the year before. Fry, who is in charge of all transfer business at Posh, has commission incentives.

The Posh AGM will take place at the ABAX Stadium on Monday, December 21 (noon).

MacAnthony will not be present, but in a covering letter sent to shareholders with the club accounts he stated: “We have experienced a few changes on the park during the last year which now see us with a new manager that has ultimately seen us playing with an attacking passion that I hope is exciting you as much as it is me.

“The goals are returning from all over the field and if we can pull up the drawbridge at the other end, then happy days.

“It was obviously disappointing missing out on te play-offs last season, but I’m extremely optimistic about our potential given the current squad’s talent, motivation and hunger to compete at the highest level.

“Consistency, concentration and competitiveness, that will do for me.”

*Posh paid £68,556 to agents between October 1, 2014 and September 30, 2015 in figures released by the Football League yesterday (November 30).

That’s the 10th highest amount by a League One club. Wigan spent the most, £1,461,088, while Bury didn’t spend anything at all.