Motherwell has released its Annual Report and Financial Statement ahead of the 115th AGM on 11 February. The club is in a strong position.
Despite losing out on four home fixtures after the early end to the season the club turned the previous year’s loss of £436K into a profit of £347K.
There were notable increases (£500K) in income from broadcasting rights and a doubling of prize money and UEFA solidarity to £340K. The sale of James Scott added another £1M to the kitty. The accounts also show £151K under the heading Donations.
The director’s report stresses the importance of the club’s academy in delivering a flow of talented players and the vital contribution made by the Well Society.
Although the current financial year has to bear the loss of turnstile and other match day income due to the restriction in attendance during the pandemic next year’s accounts will reflect the deposit of the transfer fee for David Turnbull.
“David and his representatives also handled the situation impeccably and with honour, allowing the club to recoup a fee that will provide a cushion to the economic challenges Covid-19 has brought about.”
The club has a Business Interruption Policy and has had entitlement to claim accepted. This together with the transfer income is expected to deliver in excess of £4M.
The longstanding and diminishing debt owed to Les Hutchison and John Boyle has been repaid and the only external debt is a £50K government bounce back loan which was taken to smooth cash flow during lockdown.
Improvements to the stadium continue with a new sound system, further pitch drainage and repainting of the steelworks.
Note 32 to the financial statement is
“The Well Society are the ultimate controlling party by virtue of their majority shareholding.”
The AGM will take place via Zoom on Thursday 11 February.
Shareholders who wish to attend the AGM are required to provide an email address to the company secretary at firstname.lastname@example.org no later than 5pm on 9 February 2021.