Damned United windfall helps Chesterfield balance books

SPIREITES' accounts have revealed the club continued to enjoy relative financial stability despite a disappointing season in the league's basement.

For the year ending June 30, 2008, the club made an operating loss of 24,708, but after the sale of new ordinary shares, the overall deficit was less than 9,000.

Turnover was reduced from 2.9 million to 2.6m due mainly to a decrease in gate receipts – the previous season had featured a decent Carling Cup run and a televised game against West Ham.

In addition, the previous season saw Caleb Folan moving to Wigan so transfer revenues were down, as well.

Revenues in 2007-08 were enhanced by a 50,000 windfall for allowing Saltergate to be used as a location for the film The Damned United covering Brian Clough's 44-day reign at Leeds United (due for release in March).

There were savings of 127,726 on wages, down to 1,828,194, despite having to absorb Community staff into the budget after central funding was pulled.

Chairman Barrie Hubbard says financial stability has been achieved during a challenging trading year.

He said: "We have managed to produce figures which in the football world are very acceptable, even though it becomes more difficult each year to try and balance the books."

Financial director Alan Walters highlighted that over the last four years the financial position of the club has improved.

The club has made a net profit in this period and the number of shares issued has increased resulting in a healthier overall position.

Debenture and secured loans now stand at 1,666,205 million, an increase of 103,000 on the previous year.

Walters said: "The difficulties of operating from the outdated stadium at Saltergate continue to restrict the club's ability to earn additional income from other sources, which the majority of other clubs now enjoy."

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