Dundee’s losses have increased over the last financial year, their latest accounts have revealed.
The shortfall for the year ending May 31, 2018 has risen to £425,748.
The loss the previous year was £354,000 and the Dens Park club’s directors don’t envisage turning a profit in the next 12 months either.
However, the American owners remain committed to providing the “necessary support to fund these losses”.
In a club statement, increase in wages has been put down as a big reason for the current financial picture.
In 2017’s accounts players sales (Kane Hemmings and Greg Stewart) brought in £737, 501 and in 2018 that figure (Jack Hendry) was £530,687.
Dundee are still committed to moving stadium but progress on that front has been “slower than anticipated”.
The statement read: “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.
“The directors are forecasting a loss for the year to 31 May 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.
“Plans to build a new stadium continue to move forward although progress has been slower than anticipated.
“FPS intends to increase its stake and commitment to the company by raising its shareholding to at least 75% of the voting equity. This would allow FPS to claim Group Tax Relief and offset the trading losses of the company against its other business activities.
“The directors would like to thank all of our supporters, shareholders, staff, sponsors and partners for their support as we continue to work together to create a successful team and a robust and profitable business.”
