Mad Dog Posted 10 September 2004 Posted 10 September 2004 Amazing. A profit of £5.3m for the year. You realise there are probably about 8 football clubs in the country, if that, that made a profit last year? Moan all you like about how tight the club are and stuff, but that's a pretty great result in my book. And we've done that without anyone rich pumping money in, eg. Portsmouth, Bolton, Fulham, Birmingham etc. Leicester City today announced pre-tax profits of £5.3m for the year ended 31 May 2004 compared to a loss for the same period ended 31 May 2003 of £4.1m.The profit reflects the 2003-04 season which was played in the Premier League. Membership of the Premiership contributed to a record average crowd of 30,900, record season ticket sales of 21,100 and record shirt sales of 35,000. The financial results are for the first full year of trading since the club came out of administration and show figures significantly ahead of the forecast for the period. City's chief executive officer Tim Davies said: "I am pleased to announce our results for the year ended 31 May 2004, which reflects our first full year of trading after the Company successfully took the football club out of administration and gained promotion to the FA Premier League. "Despite relegation at the end of the season, the Company operated significantly ahead of budget for the year. Our profit for the year before taxation was £5.3million. This profit has helped offset the significant losses which the Company reported for the period ended 31 May 2003 and thus our cash position has been maintained within our borrowing limits." Davies added: "During this financial year we have hosted an England international, enjoyed entertaining Barcelona in a pre season friendly, seen a full strength Brazil play here and in competing in the FA Premier League, welcomed the very best English football has to offer in our marvellous new stadium. However, despite all the commitment, passion and work rate showed by Micky Adams, his team, the players and all our staff and shareholders, relegation means the team are now competing in the newly branded Coca Cola Championship. "I would like to thank our fans whose support throughout the last 18 months has been fantastic and unwavering. Since the move to the Walkers stadium we are now one of the best-supported football clubs in the country. To be precise, last season we were the 12th largest football club in terms of support in the Premiership. "However, I would also like to emphasise the importance the Company is placing on considering and securing its future in decision making and on its corporate governance. We must not lose sight of the fact that Leicester City Football Club did not have a future just over 18 months ago before the new consortium took over. Although this may have made on the field success more difficult, some would say virtually impossible, our focus for the long term must be on financial stability whilst working towards, and achieving the potential that the Walkers Stadium provides us in becoming one of the premier football clubs and businesses in England."
Guest Posted 10 September 2004 Posted 10 September 2004 Whilst this is good news, no doubt, I don't think the Company will be turning in results like this for the next financial year. Not with the current attendances.....
Scow Posted 10 September 2004 Posted 10 September 2004 Whilst this is good news, no doubt, I don't think the Company will be turning in results like this for the next financial year. Not with the current attendances..... 18033[/snapback] Indeed, along with the substantial drop of income with being in the Championship. Good news nonetheless though.
TrickyTrev Posted 10 September 2004 Posted 10 September 2004 Not that suprised. MOST of our silly contracts have expired and we are now able to run a club at a profit. Pitty all that money is probably going to go into wiping our debt though.
dhermon Posted 10 September 2004 Posted 10 September 2004 our wage bill this season if half that of the last so thats not to bad. now if only our team was half as good names on paper are just that! time to get their fingers out and show some real pride!!
Guest freund Posted 10 September 2004 Posted 10 September 2004 so we have money to spend on players now
Mad Dog Posted 11 September 2004 Author Posted 11 September 2004 If we do somehow end up getting promoted this season, I think we'd have quite a significant amount to invest in the team. Elliott, Walker, Scowcroft & Benjamins contracts would be up for one thing saving us a couple of million a year!
gagandeep Posted 11 September 2004 Posted 11 September 2004 If we do somehow end up getting promoted this season, I think we'd have quite a significant amount to invest in the team. Elliott, Walker, Scowcroft & Benjamins contracts would be up for one thing saving us a couple of million a year! 18205[/snapback] and the only player i would miss out of those would be walker. Maybe we could get him to sign for another 2 years.
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