Swindon Town lost more than £1m last financial year
The club’s annual report includes figures up until the 31st May 2024
Swindon Town’s annual accounts show that the club has lost £1.3 million over the last financial year.
The club published its annual financial report today (27 February) which includes figures up until the end of May 2024.
While the club showed a debt of £6,770,911 in its 2023 accounts, the latest figures reveal that the shareholders’ deficit came to £8,111,047 in 2024.
TrustSTFC have repeatedly expressed their concerns about a “lack of experienced football club leadership” which they believe to be “detrimental to success both on and off the pitch”.
A statement from October 2024 read: “In recent meetings with the Chairman we have been told that opportunities to address this are being explored but we have shared our frustration and strong disappointment that this has taken too long and is fundamental to fixing many of the other issues around the Club.
“Whilst we have not been given access to confirm this, we understand that additional funding has been injected into the Club which continues to operate on a loss making basis. The Chairman has given assurances that he will continue to fund the ongoing operation of the Club but as we have highlighted before, this funding is being treated as a debt to the Chairman and at some point, this debt will be greater than the value of the Club”.
Earlier this month, Swindon Town owner Clem Morfuni stated at the Advisory Board meeting on 6 February that no management accounts or financial breakdowns would be provided to the Advisory Board, TrustSTFC or to supporters.
Instead, the club will only provide “statutory annual accounts with a Fair Game explanation” going forward.