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Dundee FC reports a loss of close to half a million pounds

Dundee FC reports a loss of close to half a million pounds

Dundee have reported a loss of £425,748 for the last full financial year.

The figure, for the period to the end of May 2018, represents an increase in arrears of over £70,000 on the previous year.

And the Dark Blues have already said they expect to be hit by further losses this year.

With manager Jim McIntyre being given cash for 11 new signings in the January transfer window, they are expected to increase substantially.

The compensation package for the former management team of Neil McCann and Graham Gartland will also mean a further hit.

Though American owner Tim Keyes, through his company Football Partnership Scotland (FPS), will continue to subsidise the club.

That support will also see them forge ahead with plans for the brand new stadium near the city’s Camperdown Park, though it’s been admitted progress on that has been slower than anticipated.

The owners will also increase their shareholding at Dens Park to at least 75% – something they wanted to do via the purchase of class A ordinary shares from the club’s supporters society.

The fans, though, knocked back that offer and have opted keep the special shares that give them the right to veto any sale of the club or even moves such as the change of stadium, though they have stressed their backing for that.

Those rights are something that will remain even when FPS increase their holding.

Signing off the accounts, the directors revealed a bigger wage bill had a lot to do with the hike in losses.

“Gate income from Betfred Cup matches helped increase turnover. However, this was offset by an increase in administrative expenses from higher wage and salary payments as a result of changes made during the year to the management team and the first-team playing squad,” they said in an statement.

However, they stressed the owners’ commitment to the club remained strong, adding: “The directors are forecasting a loss for the year to May 31 2019.

“The company’s major shareholder, FPS, continues to provide the necessary support to fund these losses as the directors focus on reducing the trading deficit and moving towards profitability.”

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This article originally appeared on the Evening Telegraph website. For more information, read about our new combined website.