Millers publish financial statements for year ended June 2024
https://www.themillers.co.uk/news/20...Bar4VpaOkssSlg
'While the cost of inflation across the pyramid will understandably be taken into account by our supporters, the club can confirm that the 2024/25 playing budget has increased well-beyond that consideration, rising in total by just short of 50% on our last season at the level in 2021/22.'
Well that's money well spent!
Millers publish financial statements for year ended june 2024
READ | MILLERS PUBLISH FINANCIAL STATEMENTS FOR YEAR ENDED JUNE 2024
Club News
By Rotherham United
Rotherham United can confirm that the club has filed our strategic report and financial statements for the year ended June 2024.
Having secured our Sky Bet Championship status at the end of the 2022/23 campaign, the club set about deploying the next phase of a strategy which would aim to establish itself at second tier level, in the process structuring a playing budget which marked the highest set in the club?s history.
Maintaining our Sky Bet Championship status was once again outlined as the primary target for the 2023/24 campaign in a division containing an ever-increasing number of clubs with recent history of playing in the Premier League and others benefitting from parachute payments or significant overseas investment. Regrettably and despite our best efforts on and off the field, a tough season ultimately ended in a disappointing relegation.
While our on-field fortunes did not meet the expectations we had set out for the financial year, there were a number of positives to take from our strategy off it, which saw turnover including that generated through player trading increased by 22%. - with fees received ? at least in-part - for the likes of Viktor Johansson, Ben Wiles and Georgie Kelly - and a rise in commercial income of 3%.
These increases in revenue helped to offset the season?s overall operating losses which totalled ?1.7m even after the aforementioned income ? a figure ?600k higher than the previous campaign?s (2022/23) loss of ?1.1m.
Although the club were able to generate additional revenue during our stint in the Sky Bet Championship through revenue streams including media coverage, Season Ticket sales, corporate hospitality and merchandising, the financial landscape as a whole continued to undergo a transformation with other notable running costs significantly rising. Outgoings including pitch repairs and increased utility costs more than doubled in a holistically challenging season in 2023/24, while compensation agreements for departing staff also impacted the bottom line.
Despite all of this ? and as is now common knowledge - Chairman Tony Stewart has continued to quantify his ongoing passion and ambition for Rotherham United by setting the club?s highest ever budget for a season in the third tier. While the cost of inflation across the pyramid will understandably be taken into account by our supporters, the club can confirm that the 2024/25 playing budget has increased well-beyond that consideration, rising in total by just short of 50% on our last season at the level in 2021/22.
The Board continues to meet regularly to discuss the long-term vision for the football club with our aims still firmly set on establishing Rotherham United as a second tier club.
As always, we will continue to assess and critique our own internal practices but our recent history clearly outlines that that the club must operate using a model which sees promising young talent acquired for a relatively low cost to be developed and sold for a profit.
Despite the losses shown in our accounts ? and largely thanks to your support and that of our Chairman through his own personal investment and that of ASD Holdings ? the club continues to be financially sustainable in an increasingly volatile industry.
Safeguarding the long-term future of football in Rotherham will always be at the forefront of our priorities. The club is a notable employer within the town and we are pleased to have seen our staff base grow significantly over recent years despite the increase in operating losses, allowing us to offer opportunities to people within the local region that would not otherwise exist. Beyond that and with the help of our highly-successful Community Trust, our aims away from football continue to be centred around offering opportunities to people within the locality to experiences they may not otherwise be able to access.
It feels appropriate to conclude by reaffirming to our supporters that the Chairman and Board?s desire to succeed burns as brightly as ever, despite the challenges we have been required to navigate over recent seasons.
We would like to thank our supporters for their unwavering backing and hope that the transparency regarding the club?s finances as detailed in this article helps to create a more publicly accessible image of where the club is at and how it has reached this point.
The club?s accounts will appear in their entirety on the GOV.UK website at the following link in the coming days.
? 2024 Rotherham United FC
