Nottingham Forest lost over £12m in last financial year, accounts show
NOTTINGHAM Forest lost just over £12m during the last financial year, according to their annual accounts.
The figures leave the club just within the financial fair play guidelines agreed by Football League clubs.
But Forest will have to make some cutbacks if they are to adhere to the regulations during the next financial year, when they are only permitted to chalk up losses of £10m.
The losses chalked up in the financial year up to May 31, 2012 included an increased wage bill, that went up to £17.6m, up from £16.6m, which led to operating losses widening from £10.8m to £12.2m.
Business Cards From Only £10.95 Delivered www.myprint-247.co.ukView details
Our heavyweight cards have FREE UV silk coating, FREE next day delivery & VAT included. Choose from 1000's of pre-designed templates or upload your own artwork. Orders dispatched within 24hrs.
Terms: Visit our site for more products: Business Cards, Compliment Slips, Letterheads, Leaflets, Postcards, Posters & much more. All items are free next day delivery. www.myprint-247.co.uk
Contact: 01858 468192
Valid until: Friday, May 31 2013
The club’s pre-tax losses grew from £11.4m in 2011 to £11.6m.
The wage costs during the year were £3m more than the club’s turnover, which stood at £14.7m.
According to accounts filed at Companies House, the poor performances on the pitch, which saw the club narrowly avoid relegation, did have an impact on gates, which dropped from an average of 23,062 to 21,969.
With the economy taking a downturn in general, the club’s income streams were effected in many areas and turnover fell to £14.7m from £15.2m in the previous year.
Forest could face sanctions if they fail to adhere to financial fair play rules this season, which allow them to incur acceptable losses of £10m.
That figure will fall to £8m next season, with points deductions and fines likely to be incurred for any breaches.
The latest set of accounts filed cover the period before the takeover by the Al Hasawi family, who officially took control in July last year.
The club had been put up for sale just prior to the death of Doughty in February last year.
Doughty had previously funded close to £90m worth of losses through personal loans to the club, during more than a decade as owner and chairman.