Yeovil Town are expecting to announce 'a significant loss' when they reveal their accounts for the 2008-09 season. The Glovers are in the process of finalising the accounts for last season and will publish them around the end of June.
Glovers Chief Executive Martyn Starnes cites three events as having affected the club's finances during that season with the Western Gazette listing them as the retirement of midfielder Marc Bircham, the road traffic accident involving fellow midfielder Darren Way, and the parting of company with manager Russell Slade. Bircham retired at the end of January, whilst Way's accident kept him out from December onwards and Slade left in mid-February.
Starnes also blames the lack of any transfer income and cup runs for the club, although the club have made a point in the past of stating that they do not budget for club runs. All of these factors added up to significant losses for the club according to Mr Starnes and he admitted that last season had been very difficult to manage because of it. The CEO had this to say on those factors:
"We had no transfer income, no cup run of any significance and we had very difficult situations with respect to three individuals - one of which was Marc Bircham's injury situation, and another was the tragic crash involving Darren. They were both players who were important to us with regards to their abilities but also the fact that their value was reflected in their wages and they had to be replaced in the squad."
Starnes doesn't reveal what sort of size of losses he is meaning by 'substantial', but stated that the club did have cash reserves to cope with the situation:
"From a financial point of view last season was very difficult and we will be reporting a significant loss. Because of the way the club had been run we had the resources to ride out that loss and it is just as well that we did."
The transfer of defender Lee Peltier to Huddersfield Town took place on June 30th 2009 - the period end date for the 2008-09 accounts, so given the Chief Executive states there was no transfer income, it should probably be assumed that payment from the Terriers will fall into the 2009-10 books. Probably helped by the sale of Peltier, Starnes states that this season's books are looking far better, having done an interim review:
"We have now done an interim review from the beginning of the season and we have got everything back on the rails and we expect to, at the very least, break even and we hope to return a profit."
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