'Well in the red again

The directors' report points to three factors as the main contributors to the loss. 

There was an agreement to alter the distribution of the SPL's commercial pot that included a substantial reduction in the prize money allocated to the runner up position but the club's bonus deal with the football staff is not mirror that change.

The early cup exits proved to be costly.  Although we had a share of the gate at Ibrox from the league Cup tie, the cut Aberdeen received from our home Scottish Cup clash was made on the basis that all spectators paid at the gate regardless that season tickets were valid.  This benefit to season ticket holders appears to be under threat.

Transfer income fell below expectation. 

The directors also express disappointment that no main sponsor has been found to replace the Clydesdale Bank.  The effect on this season's commercial distribution is clear.

Changes to the board over the year ended 31 May 2013 include the addition of Brian McCafferty and Graham Barnstaple as Well Society nominees and the departure of John Boyle(still the majority shareholder) and Andrew Lapping.  Once again the club makes it clear that it operates "without any borrowing facilities or support of a benefactor" and that the success of the Society will be "critical to the long term sustainability of the football club". 

No doubt these issues and others will form the basis of the discussions that will take place at the AGM on Monday 17 February at Fir Park.

Report from AGM 107.

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