£293,000 Board’s concern as Fenmen debts rise
THERE will be bad news for Wisbech Town shareholders when they attend the club s annual meeting at the end of the month. The club will present financial statements for the year ended May 31, 2006 and they show that the club carried forward a total loss of
THERE will be bad news for Wisbech Town shareholders when they attend the club's annual meeting at the end of the month.
The club will present financial statements for the year ended May 31, 2006 and they show that the club carried forward a total loss of almost £300,000.
The total deficit of £293,142 included a loss of £81,929 made during the financial year and a major contributing factor was a 200 per cent rise in players' wages and travel expenses.
This figure rose from £16,538 in 2005 to £49,315 at the end of May, 2006.
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The financial report states: "The directors are concerned at the financial loss made in the year and have now made significant changes with the drastic cuts in level of outgoings paid to players for travel expenses for the 2007-08 season.
"This has, however, only become possible with greater reliance on local area youth talent which, in turn, has been borne out of development of the club's own football centre for youngsters, direct involvement with local schools and County FA training schemes for referees, coaches and first aiders."
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The report also states: "The directors consider the position for the following year to May 2007 to also be bleak, but anticipate the drastic reductions to the players' enrolments together with other financial measures could give rise to a break even position for the 2007-08 season.
"This is not a satisfactory long-term situation but plans for sale of the existing club premises and purchase of a new pitch, clubhouse and training ground on the edge of town are expected to provide both new facilities and enable the club to regain a sound financial footing."
The club's annual meeting will take place at 7pm on Wednesday, August 29.
- WISBECH Town chairman John Petch has resigned from his position due to ill-health.
Barry Carter will take over as acting chairman until the annual meeting.