Northampton Town accounts 2018/19 released: chairman Thomas pleased with 'progress' as club post reduced losses
The Cobblers lost £1.67million in 2018/19, down from £2.2 million the previous year, despite relegation from Sky Bet League One.
The accounts show Northampton bought players for £100k during the aforementioned financial year and the club now owe over £5m to companies owned by the directors.
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Hide Ad“These figures represent the previous season, 2018/19, and do show a loss, but we were fully expecting this due to it being the season following relegation," said Thomas.
"We are actually pleased that we were able to reduce the overall loss from the previous year of 2017/18, especially considering the significant reduction in income after that relegation.
“Credit has to go to the staff at the club who work hard on a daily basis to hit targets and keep incomes up in tough circumstances.
"Significant progress has been made this season to improve the club finances and reduce the losses, not just in this current season but also for future years. We are yet to see the real impact that Covid-19 will have on this year’s figures, but as of what we know so far the financial results should still be very much improved on 2018/19."
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Hide AdOn the club's growing debt, Thomas added: “It’s also worth noting that we as owners control the debt so there is no outside debt, which enables us to continue to support the club financially and continue to operate as a going concern, which the auditors confirm within their report.
“These financials not only show our commitment to the club, but also our commitment to try and make the club more sustainable going forward. They confirm our view that we need to use all the assets available within the business to progress, including the development land and the East Stand.
“We are pleased that the accounts note the change of ownership of County Developments (Northampton) Limited in 2019 to the football club which if we are able to conclude a mutually beneficial deal with Northampton Borough Council could add very valuable funds directly into the Football Club.”