How can clubs survive on such losses yet chairmen speak some sense, " 'Speculate to accumulate' is a mantra for the ignorant and it has no place in modern day football at this level." Is it me or do parts of the article from the official site contradict?
"Stevenage Borough report that "In a straight talking summary of the financial year intended for the fans, Borough chairman Phil Wallace said "We lost over £151,000 last season. We’re not happy with these figures and if we hadn’t received an unexpected transfer sell on fee for DJ Campbell to Birmingham City during the year and sold Antony Elding, the loss would have been over the £250,000 mark. 'After reaching the Promotion Final the previous season and missing out on promotion so narrowly, we invested heavily in players last season to reach the play offs again, didn’t make it and this is the financial consequence. This brings the accumulated losses since I've been here to well over £1 million and somehow we have to stop this continual drain on our cash flow.
. 'Speculate to accumulate' is a mantra for the ignorant and it has no place in modern day football at this level. We've now done everything we can commercially off the pitch at the level we're playing at and we've invested a significant amount of money - in excess of £3 million over 7 years - aimed at income-producing assets to keep losses under control. Last season was a wake up call and a clear warning. Subsequently we've learnt our lesson, regrouped and restructured this past summer.
. 'The secret of survival, growth and prosperity now and in the future is in gate income – if we can provide entertaining football and get people to watch our games in sufficient numbers, then we can make some commercial sense of the current spending levels on players and kick on into the Football League"
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Silly money
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Topic: Silly money (Read 1436 times)