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Last Week's News Summary
By: Rob Sedgwick
Last Week's News Summary
News From 8th July 2000
Rob was on holiday last week but here is a summary of the news while he was away.
Annual Financial StatementThe club released their annual financial statement for the year ending 31st May 2000, and announced the date of the AGM (26th July 2000, at 10:30 am at the Inn on the Park).
The key financial figures were
- Turnover: 2.8m (1999 was 2.9m)
- Operating loss: 1.6m (1999 was 1.2m)
- Sale of playersL 450K (1999 was 80K)
- Bottom line result: 1.0m loss (1999 was 1.0m loss).
The director's report
- GTFC has 1st division costs but 2/3rd division crowds.
- GTFC trying to expand commercial activities (new range of products in the shop and "a range of financial services soon to be made available")
- Rights issue is designed to increase working capital to expand playing staff and improve supporters facilities
- If planning permission is granted this will improve GTFC's ability to generate additional revenue on and off the pitch
- Increased revenue from TV and NTL Internet agreements, together with expansion of club commercial activities should "ensure a sound financial future for Grimsby Town Football Club, this is your board's aim"
More interesting titbits
- Blundell park revalued at only 377,000
- The staff costs (wages and signing on fees) alone exceeded the turnover
- The end of season overdraft is up from 214,000 to 350,000. Keep supporting Town Lloyds Bank!!
- Intangible assets (i.e. players on the balance sheet) is down from 721,000 to 507,000. This is calculated by depreciating transfer fees over the life of the players contract (e.g. 1m fee with a four year contract would depreciate at 25,000 per year for 4 years)
- In the year the club spent Â£168,000 on new players registrations and realised Â£455,000 from the disposal of players registrations
- Football staff fell by 3 (to 45) and admin staff increased by 3 (to 26). casual staff went up from 183 to 231.
Grimsby Town defender Mark Lever is now in talks with Bristol City to finalise a move to Ashton Gate. A move to Luton Town fell through with the sacking of Hatters boss Lennie Lawrence. Lever was reportedly set to join the Hatters this weekend until Lawrence's departure threw a spanner in the works.
Meanwhile Greg Strong has moved from Bolton to Motherwell for Â£150K, ending Alan Buckley's interest in the big defender, who was wanted by Buckley to replace Mark Lever.
This site is by the fans, for the fans, and we will consider articles on any subject relating to the Mariners whether it be related to current news, a nostalgic look back in the past, a story about a player, a game or games in the past, something about Blundell Park or football in general. Click here to submit your article!
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