Albion announce £3million loss for last year

[El Presidente]

Albion's operating losses soared over the £3 million mark for the year ending June 2008.

But the Falmer Stadium project moving closer to reality has enabled the Seagulls to announce a pre-tax profit of £877,014.

The club spent a further £2.618 million on Falmer, hiking the total since 1998 to £6.215 million.

The stadium costs have previously been written off in the accounts, because of the uncertainty over planning permission.

The planning approval won in July 2007 and work commencing on the stadium site has now allowed the costs to be included as an asset on the balance sheet.

Chief executive Martin Perry said: “The fact that we made a profit should not be allowed to disguise the big losses we suffer while at Withdean.

“These costs prevent us from moving the club forward. It means that the delivery of the stadium remains an absolute priority.

“The stadium is now fully underway and we are on programme for opening in August 2011.”

The profit figure in Albion's ninth season at Withdean was boosted by £429,000 from the sale of players.

Average home attendances in League One dropped by 127 to 5,702 and turnover by £100,000 to £4.1 million.

Staff costs rose by £200,000 to £3.9 million, due mainly to the setting up of a Falmer project office.

The club wrote off £80,000 for the cost of buying the industrial winch used to drop Ernest into his seat.

Chairman Dick Knight has paid tribute to major investor Tony Bloom for his financial support as the haemorrhaging continues at Withdean while the move to Falmer draws closer.

Knight said: The losses sustained through the many seasons at Withdean have always been contained by additional funding provided by directors and shareholders.

“Now, finally, the end is in sight. The board is very grateful in particular to Tony Bloom for the exceptional assistance he is providing.”

 

[strings]

The club wrote off £80,000 for the cost of buying the industrial winch used to drop Ernest into his seat.

That could have been spent on Falmer, or a new player, or something!

Ernest OUT!

 

[Brighton Breezy]

Better hope we don't go down then, because the average attendance will drop a hell of a lot more...

 

[Uncle Spielberg]

10 seasons at Withdean.

 

[wehatepalace]

That could have been spent on Falmer, or a new player, or something!

Ernest OUT!

I disagree Dick Tight clearly sees the importance of Ernest's ARS !

 

[Easy 10]

Lucky our directors have deep pockets, or we'd be doing a Stockport.

 

[Brighton till i die]

Lucky our directors have deep pockets, or we'd be doing a Stockport.

Yup.... but luckily they feel its a means to an end.

 

[Easy 10]

The board has come in for a lot of stick this season over the Wilkins/Adams debacle, but its worth remembering its them who are keeping this club alive and kicking. We are fortunate to have a group of Directors who are prepared to bankroll the club to such an extent. They made a collective bad call on bringing back Adams, that much is now clear. But all the while they're pumping millions into the club and Falmer, I'd say they are ENTITLED to make the occasional mistake and error in judgement.

They're getting the important stuff right. That gigantic pit next to the A27 proves it.

 

[DIFFBROOK]

The board has come in for a lot of stick this season over the Wilkins/Adams debacle, but its worth remembering its them who are keeping this club alive and kicking. We are fortunate to have a group of Directors who are prepared to bankroll the club to such an extent. They made a collective bad call on bringing back Adams, that much is now clear. But all the while they're pumping millions into the club and Falmer, I'd say they are ENTITLED to make the occasional mistake and error in judgement.

They're getting the important stuff right. That gigantic pit next to the A27 proves it.

Spot on

 

[strings]

The board has come in for a lot of stick this season over the Wilkins/Adams debacle, but its worth remembering its them who are keeping this club alive and kicking. We are fortunate to have a group of Directors who are prepared to bankroll the club to such an extent. They made a collective bad call on bringing back Adams, that much is now clear. But all the while they're pumping millions into the club and Falmer, I'd say they are ENTITLED to make the occasional mistake and error in judgement.

They're getting the important stuff right. That gigantic pit next to the A27 proves it.

Absolutely the case in my opinion.

 

[Was not Was]

The board has come in for a lot of stick this season over the Wilkins/Adams debacle, but its worth remembering its them who are keeping this club alive and kicking. We are fortunate to have a group of Directors who are prepared to bankroll the club to such an extent. They made a collective bad call on bringing back Adams, that much is now clear. But all the while they're pumping millions into the club and Falmer, I'd say they are ENTITLED to make the occasional mistake and error in judgement.

They're getting the important stuff right. That gigantic pit next to the A27 proves it.

Word. Let's not forget this.

 

[algie]

The board has come in for a lot of stick this season over the Wilkins/Adams debacle, but its worth remembering its them who are keeping this club alive and kicking. We are fortunate to have a group of Directors who are prepared to bankroll the club to such an extent. They made a collective bad call on bringing back Adams, that much is now clear. But all the while they're pumping millions into the club and Falmer, I'd say they are ENTITLED to make the occasional mistake and error in judgement.

They're getting the important stuff right. That gigantic pit next to the A27 proves it.

When you engage your brain you do post some excellent stuff.

 

[Hotchilidog]

The board has come in for a lot of stick this season over the Wilkins/Adams debacle, but its worth remembering its them who are keeping this club alive and kicking. We are fortunate to have a group of Directors who are prepared to bankroll the club to such an extent. They made a collective bad call on bringing back Adams, that much is now clear. But all the while they're pumping millions into the club and Falmer, I'd say they are ENTITLED to make the occasional mistake and error in judgement.

They're getting the important stuff right. That gigantic pit next to the A27 proves it.

I doubt there'll be a better post on here today. Absolutely spot on Easy.

 

[Easy 10]

I was only joking.

 

[Gazwag]

The planning approval won in July 2007 and work commencing on the stadium site has now allowed the costs to be included as an asset on the balance sheet.

I assume we have also now been able to write off the CGT Liability on the Goldstone sale as it can be "rolled over" into Falmer

 

[Knotty]

I doubt there'll be a better post on here today. Absolutely spot on Easy.

When it comes to common sense, there has probably not been a better post all season, let alone today.

 

[seagullsovergrimsby]

Basically LDC and FPC have cost this club in the region of £3m with their vindictiveness , as we fought 2 public inquiries and WON

 

[Horton's halftime iceberg]

It says we spent £3.9 million last year on staff wages, how does this compare to other clubs around us in league 1 and 2, it sounds a lot. How many staff (players) do we have and what is the average wage.

Are we punching above our weight or do teams like Cheltenham and Hereford operate on smaller budgets than us.

 

[El Presidente]

I assume we have also now been able to write off the CGT Liability on the Goldstone sale as it can be "rolled over" into Falmer

No, rollover relief only lasts for TEN years

 

[El Presidente]

It says we spent £3.9 million last year on staff wages, how does this compare to other clubs around us in league 1 and 2, it sounds a lot. How many staff (players) do we have and what is the average wage.

Are we punching above our weight or do teams like Cheltenham and Hereford operate on smaller budgets than us.

We're about mid table as far as wages go.