Dundee have announced a £2.8 million loss for the year ending May 2023.
The Dark Blues completed the 2022/23 season as Championship winners, gaining promotion to the top flight at the first time of asking.
However, there was a high price for maintaining a squad capable of winning the title and returning to the Premiership.
Owners Football Partners Scotland covered the shortfall and have re-affirmed their commitment to the club.
Dundee’s published accounts show a loss of £2,862,820 for the period between May 2022 and 2023.
The club’s expenditure on salary dropped from £3.2m in 2022 to just over £3m in 2023 but turnover fell from £4.9m to £3.2m.
That means Dee’s wages-to-turnover ratio rocketed from 65 per cent to 95 per cent.
‘Make additional funds available’
Dundee’s financial statements said: “The company has made a loss for the year of £2,862,820 (2022-£892,440).
“At the year-end, there was a deficit of £6,249,728 (2022-£3,392,308) of shareholders’ funds.
“The board of directors has received an undertaking in writing from Football Partners Scotland L.P. that it will continue to make additional funds available to the company in situations where these funds are required.”
Last year’s loss follows one of £900,000 for 2021/22, with the club citing Covid restrictions impacting their bottom line that year.
Dundee had come out of the pandemic with a profit of £74,279 after posting losses in the previous four years totalling over £3.3 million.
‘Dedication’
A Dundee statement posted on their website – but not yet shared on social media – reads: “The accounts for the year ending 31st May 2023 have been approved and signed by the directors.
“With the dedication of the owners to get promoted from the Championship we kept a Premiership budget with a Championship income.
“This resulted in a financial loss but this was expected in order to return Dundee Football Club to Scotland’s top flight.
“Football Partners Scotland (FPS) will continue to provide the financial support for the company.”
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