St Mirren announce seven-figure loss as club open up on 'extremely disappointing' financial report
dailyrecord.co.ukSt Mirren have posted a concerning loss of £1.6 million in their latest annual financial report.The Buddies' statement for the period between May 2021 and May 2022 revealed the significant loss and pointed to the continuing impact of coronavirus as one of the key factors.The report, signed off by Saints chairman John Needham, also highlighted increased costs in upgrading the club's Ralston training ground as one of the main issues they faced.The chairman's report stated: "The year under review proved extremely challenging for all football clubs.
As a result of the impacts of Covid-19 extending longer than anticipated, and a number of increased and exceptional costs, we sustained a loss of £1,598,506."Covid restricted the return of fans at the start of the season and this depressed gate receipts and commercial income.
Costs were also hit by the cessation of the furlough scheme, increased costs in restarting operations and compliance with the rules designed to minimise the risks of Covid infection."On the field we initially maintained the playing budget in line with the previous season, but the signing of two players in the August Transfer Window and player bonuses took playing costs higher."A significant transfer deal collapsed on Deadline Day meaning that the increased playing costs could not be matched by the anticipated transfer income."Off the field there was a significant increase in the planned costs for the renovations at our Ralston Training Ground.
This was largely caused by changes to the size and specifications of the new building."The costs of running our Academy also increased beyond budget during the year.
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