In 2017 they lost £303k after player sales. The year before, £130k.
Their actual operating losses for 2016 and 2017 were in the region of £660k per year before sales.
They needed a guaranteed £400k per year from player sales to keep the academy going which was a big risk.
Had they carried on, they projected the club would have run out of cash in April 2018.
Project brave was also going to lead to increasing academy costs by a third over the next couple of years.
Since 2011, they have brought in £3m in player sales. The academy cost £2.4m over that period, so a surplus from the academy of £75k per year.
Rather than big profits, it merely plugged a gap in their already financial hole. Had they went a year without transfer income, they would have run out of cash.
They have undergone their own wider cost cutting exercise recently (strangely not on the playing side). 2 seasons now with reduced prize money by being in the bottom section of the league (and having to sign 2 whole teams 2 years in a row to try to stave off a catastrophic relegation) and their financial situation is getting grim.
£60k compensation paid to Hartley, £70k (plus £40k fine), for McKinnon and things are getting worse.
Unethically, their spending has continued.
Their much publicised fan ownership scheme where their horrible hordes have pledged £600k is now on the verge of being shelved as their board drop their knickers and whore themselves to any investor that will listen (actually courting investment unlike Morton's back of a fag packet, mention in passing that you are open to offers) hoping to dig up an American investor out of nowhere.
One shareholder rumoured to be jumping ship this week. Rats from a sinking ship.
Edited by Jamie_M, 25 April 2019 - 10:28 AM.