|FOOTBALL CLUB TO DECLARE £1m PROFIT FOR 2016/17
(Friday 17th November 2017 - words by Paul Lewis)
Wycombe Wanderers Football Club will declare a profit of just over £1m when formal accounts are published later in the 2017/18 season. The baseline profit was revealed in the Wycombe Wanderers Supporters Trust accounts released to members prior to the Trust AGM to be held on Wednesday 29th November 2017 at Adams Park. It will be the third successive season the Football Club has announced a profit - a first for the Club since gaining promotion to the Football League for the 1993/94 season.
The accounting period includes the time when the Club received an estimated £1.4m from the ‘sell-on’ clause as a result of the transfer of Jordon Ibe from Liverpool to Southampton. Other significant income was generated through extended runs in both the FA Cup and Football League Trophy.
The £1m profit for the 2016/17 season comes on the back of a profit of just over £36,000 for the 2014/15 campaign, rising to £470,000 for the 2015/16 season – the latter figure was boosted by an estimated £350,000 windfall from the FA Cup Third Round ties with Aston Villa in January 2016 - the first tie at Adams Park being shown live on BT Sport.
The 2016/17 season saw more FA Cup revenue generated – although, without the finanical benefit of live TV coverage, the income did not reach the levels of 2015/16 – even through Wanderers reached the 4th Round for only the second time in the Club’s history and attracted a sell-out crowd for the tie with Spurs at White Hart Lane. There was also a further boost to the WWFC coffers as a result of sponsorship income from the latest incarnation of the ‘Football League Trophy’. Wanderers’ run to the Semi-Finals bought in £110,000 in sponsorship income despite pitiful attendances in all but the Semi-Final defeat away to Coventry City.
But it will be inclusion of the ‘Ibe’ money that will attract the most interest – especially as the money was used to pay-off the debt to previous owner Steve Hayes in full. The revelation that an estimated £1.3m debt to the former owner had been paid off, was by far the biggest talking point at the 2016 Trust AGM. Trust members heard confirmation that the Club had received the 'sell-on' fee from Liverpool for the sale of Jordon Ibe to Bournemouth and the cash windfall had been used to pay off the money owed to Hayes in full. The effect of this has been to reduce the long term debts of the Football Club by around £1.2m to £2.2m.
The last occasion Wanderers announced profits for three consecutive seasons came during the Martin O'Neill years when a surplus was shown for the 1990/91 FA Trophy winning season, through to the debut season in the Football League (1993/94). Up until the 2014/15 season, the Club had only shown profit in two of the previous twenty seasons and during the same period had clocked up combined losses of over £11m.
Other significant activity during the 2016/17 season included Football Club Charman Andrew Howard stepping down from his position and being replaced by Trust Chairman Trevor Stroud. Howard, who had been in the Chairman role for three years, moved into a new Sporting Director role with the Football Club.
The AGM agenda will include the election of Trust Directors, plus a presentation of last year’s activities and a general Question and Answer session session with Trust Board members, Andrew Howard and Club General Manager Michael Davies.
The Trust Directors retiring by rotation are Mark Burrell, David Cook, John Derben and Dale Jenkins. There will also be three Trust members seeking election to the Board. They are Lisa Bowker, Tony Hector and Peter Lerner. All six nominees will be in the Caledonian Suite at Adams Park from 1.00pm on Saturday 25th November, prior to the Yeovil Town match, should you wish to meet them.
Trust membership at the time of the AGM annoucement at just over 1,100, an all-time high but with a net increase of just 20 compared to the same time the previous season (36 new members and 16 failing to re-new).
The Trust are also likely to use the AGM as a vehicle to promote the ‘500 Club’ share scheme. This has been relaunched in time for the January 2018 transfer window – with just over £16,000 being raised to date from just over 100 fans.
More information on the scheme available at www.500wanderers.co.uk
Trust AGM 2017 - Notice to Trust Members
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