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Town to publish 'healthy' audit results
SWINDON Town officials are confident that the club is in its ‘healthiest financial position for years’ as the Robins prepare to reveal the results of an audit today.
Financial experts Hacker Young reviewed Town’s accounts earlier this year, after director Sangita Shah revealed no such process had been undertaken at the County Ground for ‘10 to 15 years’.
Shah has been busy writing a simplified commentary of the accountants’ findings and those findings will now be presented to supporters.
Amongst the key information to emerge will be that the club’s debt has been slashed and that the football wage bill will continue to be reduced.
Shah's statement said: “In a nutshell, the club is in a far healthier financial position than it has been for a number of years. The debt in the club has reduced from £13.1m to £2.95m.
“Furthermore, this debt of £2.95m is held as a debenture against the club by messrs (Andrew) Black and Sir Martyn Arbib and is long-term, ultimately realisable upon the redevelopment of the stadium if this ever happens.
“The underlying net loss of running the club has substantially fallen from £3.6m per annum to £1.2m. This is a reflection of shrewd and prudent management both off and on the field.
“On the field, under the aegis of Lee Power in his capacity as director of football, we have seen a marked improvement in the quality of football - a fact borne out by our current seventh-placed league position - and all this whilst substantially cutting the players’ wages bill to £2.4m.
“The style of the football that the Robins have played has clearly rallied our supporters as we have seen our average match attendances rise to 8600.
“Off the field, the former chairman, Jed McCrory, led the charge to substantially reduce overheads and identify other revenue streams.
“This is an ethos that we will continue to follow.
“The board is committed to protecting the long-term future of the club, and putting its finances on a sustainable footing. And to that end, by the end of the season, irrespective of whether we are promoted or not, we will be taking measures to ensure that the net running costs of the club are covered by its income.
“Without compromising the team and using our excellent links with Premiership clubs, we will continue to reduce the football wage bill.
“Further cuts in back office costs have already been implemented and we are actively canvassing sponsors to support us.
“As insurance, we can confirm that any future shortfall in running the club has been underwritten by Lee Power to the satisfaction of the Football League.
“The motto for the club is ‘Salubritas et Industria’ (healthy and industrious). The board have embraced this sentiment. We would like to thank all the supporters for their tremendous support and encouragement. Without you there would be no Swindon Town FC.
“Lee has made no secret of his intention to propel the club into the Championship and beyond, where it rightfully belongs.”
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