Chief executive James Whiting in positve mood as Cobblers file their annual accounts
Chief executive James Whiting says Northampton Town remains in a 'stable' position despite the club posting losses of more than £500,000 for the financial year ending June, 2020.
That loss was a significant improvement on the £1.6m losses recorded in the previous 12 months, with Whiting stating that the club may well have broke even if not for the suspension of the league two season in early March due to the Covid-19 pandemic.
Turnover for the 12 months actually increased by around 10 per cent.
The club today released their financial statement for the year running from July 2019 to June 2020, and although there are warnings that the true effects of Covid-19 on the club will not be felt until next year's accounts are released, Whiting was in a positive mood with how the club performed up until last summer.
He paid tribute to the support and generosity of the club's supporters in the Covid-19 pandemic, as well as the owners, chairman Kelvin Thomas and director David Bower of Northampton Town Ventures Limited, who continue to back the club financially and ensure it remains a going concern in difficult times. Northampton Town Ventures Limited are currently owed more than £4.5m.
“These accounts cover the club’s financial performance in the 2019/20 season where turnover increased by around 10 per cent and show that while the club still made a loss of just over £500,000, this was a significant improvement on the loss of the previous financial year and was still achieved despite the impact of Covid-19 beginning to be felt," said Whiting.
“These accounts also confirm the continued support of the owners who have been an important part of the club’s Covid-19 financial response, along with the generosity of supporters who donated refunds on match tickets and season tickets, along with other factors.
"The Covid-19 impact will be seen much more in next year’s accounts, but by using a lot of the mitigating options highlighted in the report, the club, despite the significant challenges faced with Covid-19, remains stable.
“This year, for the first time and to provide added transparency, the club have filed a more complete set of financial statements over and above legal requirements and also included a Financial Results and Business Review section.
"To those supporters and other stakeholders interested in the financial performance and position of the club, we hope the financial statements and additional information provided will be of interest.”
Key bullet points
Club turnover increased by 10 per cent, despite the fact the final four home games of the 2019/20 season were called off, and the play-offs were then played behind closed doors.
The club's annual losses were reduced from £1.6m to £500,000.
The average attendance for the season increased slightly, despite the club not playing the final four home games when well placed for a play-off push in Sky Bet League Two.
The club believes that had the final four games taken place, and had the team qualified for the play offs and then played them in front of crowds, the financial performance would have been even better.
The club's financial situation has been helped by owner funding and supporters donating match ticket and season ticket money, meaning the club remains stable despite playing behind closed doors.
The club's academy was ranked 26th out of the 72 EFL clubs and 10th out of other Category 3 academies over a three-year period, staffing levels increased by roughly 25 per cent across academy and education departments, and there has been continued investment in academy, education and community work.
The full accounts can be viewed here...