Babylon
Active Member
http://www.thebluearmy.co.uk/details.asp?k...102006363610531
Leicester City today revealed they made a profit of £1.6million last season.
It marks a turnaround in fortunes for the club after they reported a £3.5m loss for the 2004/05 campaign.
Chief executive Tim Davies said most of the profit came from the £3m sale of David Connolly to Wigan and that it had already been spent on strengthening the squad.
"We have always said that any profits made by the club will be invested back into the team," said Davies.
However, a fall in match attendance saw gate receipts slump by almost a quarter to £4.82m, while money from TV and radio and retail and merchandise, such as replica shirts, also fell.
This resulted in a 10 per cent drop in turnover to £20.15m in the year to May 31. But revenue from the Alliance & Leicester shirt sponsorship deal, match-day advertising, executive suites and other sources increased slightly.
And to help deliver the profit, wages for the club's 202 staff were slashed by a third to £10.36m, more than half of which went to the 27 players. The same number of players had been paid £11m in 2004/05.
Davies, the club's highest-paid administrative employee, saw his total pay package, including pension contributions, reduced by 18 per cent to £161,000.
He said the results included compensation paid to Craig Levein following his sacking.
"Our balance sheets on the face of it are relatively healthy," said Davies. "I'm pleased, but disappointed at the same time because we finished 16th in the Championship, which wasn't good enough for a club like Leicester. Our aim is for promotion this season."
Connolly was sold in September last year and the money used to buy strikers Elvis Hammond, Matty Fryatt and Iain Hume. Some of it was also spent on bringing Ryan Smith on loan from Arsenal.
City received their last £7m Premiership parachute payment last season. Davies hopes to offset the loss of this as much as possible from other sources.
"Clearly, the performance of the club will continue to underpin the activities of the company, but we need all elements of the business to make a positive contribution to results," he said.
Income from conferences and banquets was £3.32m, down from £3.34m last season, but they made up a slightly larger proportion of turnover.
Davies said December's rugby match between South Africa and the Rest of the World was a prime example of the non-football events they were looking to attract to the stadium. He also said the club was still looking to host large concerts at the venue.
So we made a profit last year. BUT... we don't have the £7m parachute payment, we haven't sold a player for £3m and gate receipts will be down even more.
Where exactly are we going to make up £10m +.
We are ****ed.
Leicester City today revealed they made a profit of £1.6million last season.
It marks a turnaround in fortunes for the club after they reported a £3.5m loss for the 2004/05 campaign.
Chief executive Tim Davies said most of the profit came from the £3m sale of David Connolly to Wigan and that it had already been spent on strengthening the squad.
"We have always said that any profits made by the club will be invested back into the team," said Davies.
However, a fall in match attendance saw gate receipts slump by almost a quarter to £4.82m, while money from TV and radio and retail and merchandise, such as replica shirts, also fell.
This resulted in a 10 per cent drop in turnover to £20.15m in the year to May 31. But revenue from the Alliance & Leicester shirt sponsorship deal, match-day advertising, executive suites and other sources increased slightly.
And to help deliver the profit, wages for the club's 202 staff were slashed by a third to £10.36m, more than half of which went to the 27 players. The same number of players had been paid £11m in 2004/05.
Davies, the club's highest-paid administrative employee, saw his total pay package, including pension contributions, reduced by 18 per cent to £161,000.
He said the results included compensation paid to Craig Levein following his sacking.
"Our balance sheets on the face of it are relatively healthy," said Davies. "I'm pleased, but disappointed at the same time because we finished 16th in the Championship, which wasn't good enough for a club like Leicester. Our aim is for promotion this season."
Connolly was sold in September last year and the money used to buy strikers Elvis Hammond, Matty Fryatt and Iain Hume. Some of it was also spent on bringing Ryan Smith on loan from Arsenal.
City received their last £7m Premiership parachute payment last season. Davies hopes to offset the loss of this as much as possible from other sources.
"Clearly, the performance of the club will continue to underpin the activities of the company, but we need all elements of the business to make a positive contribution to results," he said.
Income from conferences and banquets was £3.32m, down from £3.34m last season, but they made up a slightly larger proportion of turnover.
Davies said December's rugby match between South Africa and the Rest of the World was a prime example of the non-football events they were looking to attract to the stadium. He also said the club was still looking to host large concerts at the venue.
So we made a profit last year. BUT... we don't have the £7m parachute payment, we haven't sold a player for £3m and gate receipts will be down even more.
Where exactly are we going to make up £10m +.
We are ****ed.
Ones a Liverpool supporter.
