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Town Accounts Reveal Huge Loss
By: Rob Sedgwick
Date: 02/11/2011
GRIMSBY Town lost almost one million pounds in the previous financial year, the published accounts revealed today. Although widely anticipated the loss once again reiterates what a huge problem Town face just to stay in business.
The Mariners gambled on getting promoted in the first season of non-league football, a gamble they lost. They have placed a similar gamble this season, having a budget more in line with a League Two side, rather than what their gates and other current income can justify. With Town nowhere near the play-off places it's not a gamble that looks like paying off this year either.
TV money is down by almost a half from what it was in the Football League (although ironically Grimsby appear far more often on TV in the Blue Square Premier than they ever did in the League) and gate receipts down by nearly a third from when Town were in League Two (smaller away crowds plus a drop in home support).
The vast majority of Town's debt is benign in the form of loans to John Fenty and the other directors, so is not an immediate problem as none of them are likely to want to get it back. However the immediate problem remains the huge doubt of who is going to plug the gap after Christmas and for the foreseeable future. Former Chairman John Fenty's resignation last month means nothing is likely to be resolved until the AGM later this month.
Short of the directors funding the club the only alternative facing Town is a massive cut in staff costs across the board throughout the club, including the playing budget.
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