Club accounts

St Johnstone run up biggest loss of £1.5 million

St Johnstone is looking to curb costs

Premiership football club St Johnstone ran up a £1.5 million loss last year, its biggest in the modern era.

New chief executive Stan Harris described the financial performance over the last year as “unenviable”, following a £1.2m profit in the previous 12 months.

In a statement to shareholders, he said: “The financial challenge of running a Premiership football club from a provincial standpoint continues to be difficult.

“Season 2022/23 was no exception, with the expenditure outstripping income by a sizeable amount.

“The over budget investment in the first team did not transpire into the success the previous board expected.

“This financial performance necessitated having to make some heavy adjustments for season 2023/24 in terms of playing and administration resource.”

His comments reveal the cost of turning round the club which has spent the money banked from the sale of star assets Ali McCann and Jason Kerr in August 2021. 

“Basically, we had to strip out to rebuild. Contractual obligations and injuries tempered any further 2023/24 budget balancing decisions,” said Mr Harris.

“That said, I fully understand that we need to continually strive to improve performances and the make-up of the team.

“To that end the manager will be fully supported and given a budget commensurate with our income but also allow him to strengthen the team.”

Around £4.5m was spent on all associated activities and Mr Harris said it was the board’s intention “to reduce this spend substantially” while also looking at alternative revenue generation. “However, this will not be a quick fix,” he said.

Cash reserves of £4.56m give the club something to build on.

Owner Geoff Brown put his 75% stake in the Perth club on the market towards the end of last year but there is no immediate prospect of a sale.

“While there have been interested parties, no offers have been made that would facilitate a sale,” Mr Harris noted.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.