Money Trouble At The Rec?

Just as supporters are debating the issue of whether Terry Brown should stay or go, Stenhouse has revealed financial news surrounding the football club which at first glance, look shocking.

The full post:

"I have just received my copy of the notice to hold the AGM next month, with the accompanying Financial statement for the year ending 30th June 2006.

At the risk of slight disloyalty to my fellow shareholders who have yet to read their copy - I think it is only fair to let the supporters know the true financial story of the club. If I have upset anyone, I apologise, but I think that the supporters have a right to know.

The main points are on first reading:

The club lost after tax £202,000 in the year ending 30 June 2006.

This compares to a loss of £18k the previous year.

Mr McGinty will consider part-time status if he has to.

Turnstile revenue down by £155k

First team & management costs up £22k (due to loan players covering the injury crisis.

Mr McGinty is overseeing a number of behind the scenes changes to increase revenue."

The news comes as many supporters expected the club to have made losses, and the more important aspect will be how the club will finance itself in the future.

Although a return to part-time status wouldn't have been at the top of everyones list, with figures like these, it may be necessary to avoid future failure.