Dundee United have revealed a loss of £3,011,088 in their latest accounts.
The new financial report covers the Tangerines’ 2019/20 promotion season, which was truncated by the Covid-19 pandemic.
The headline loss was not unexpected amidst heavy, twin-pronged investment in the Tannadice academy and first team.
The effects of Scottish football’s sudden shutdown when Covid-19 hit in March 2020 also played their part in squeezing revenue towards the tail end of the reporting period.
Losses under Mark Ogren’s ownership now total around £6.7 million, with front-loaded investment in infrastructure – along with the aforementioned academy and first team expenditure – yet to show a significant return.
However, turnover to June 2020 rose for the first time since the club’s relegation to the Championship, with a near-£800,000 increase reported.
In a statement, Ogren reflected on the results and hailed supporters for the continued backing.
He said: “Due to the Covid-19 pandemic, 2020 will be remembered unlike any other year no matter where in the world or what your business is.
“The impact will continue to extend into the economy and society for quite some time but with the support of our fans who continue to financially support our strategy to take United forward, we will come out of this a far stronger club.
“Our support were magnificent in the backing they gave the club even when there was so much uncertainty about being able to attend matches, and we recorded record season ticket sales for 2020/21.
“While I fully understand the financial hardship that Covid-19 has caused for many people, I hope that those that can afford to do so choose to waive any credits due to them and renew their season ticket for 2021/22 during the current loyalty period.
“Season ticket and corporate hospitality sales are vital elements of the club’s financial budget and will help ensure we continue to build and strengthen the club for success.
“Our academy is the future of the club and I am excited by the high performance operation that is in place.
“Alongside our community work in partnership with Dundee United Community Trust, these are shining examples of what we can achieve and everyone here will do whatever it takes to push Dundee United forward and make our supporters very proud of their club.”
The United board of directors added: “The board would like to thank the fans for their unwavering support since Mark Ogren took ownership of the club in 2018 but particularly in helping the club successfully navigate all the challenges we faced in 2020.
“From the fundraising efforts during the legal case to substantial donations made by the DUSF and by individual supporters, all your support is truly appreciated, thank you.
“Together, we will do whatever it takes to make Dundee United a continued success story both on and off the park.”