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Brighton seagulls spike losses when pandemic hits £ 25m – Soccer Sports

David Owen

January 27 – Brighton & Hove Albion loses after a season described by Tony Bloom as “one of the most challenging seasons in club history” at the Progressive South Coast Premier League club Enlarged.

At the pre-tax level, losses for the year to June 30, 2020 tripled from the previous 12 months to £ 67.2 million. Bloom, like many other professional sports businesses, explained that “the unexpected decline in sales from covid has resulted in a significant increase in budget losses.”

The club said the overall impact of the pandemic on the 2019-20 results would be to “increase the net loss by about £ 25.3 million.”

Sales fell by more than £ 15m to £ 132.9m. The recession would have been bigger, but “other income” was £ 20m, up from £ 6.5m in 2018-19. The club attributed this to the increased revenue from the players taking out the loan and the £ 9.4m revenue recognized from the New Monks Farm Development Project. However, this resulted in a cost of goods sold of £ 8.8m. The club said that “the sale of land related to Phase 1 of housing development has been completed” while on-site construction work has begun for housing and retail development.

By the end of the year, seagulls had to pay more than £ 30m to Bloom, a very significant £ 303.7m, more than double 2019-20 sales. These loans are interest-free, unsecured and are said to be repaid on demand.

Labor costs were relatively stable, ranging from £ 101.6m to £ 103.2m. Part of the difference can be explained by the increase in top wage director compensation from £ 1.5 million to £ 2.02 million by more than £ 500,000. This was said to include a “one-time loyalty bonus” and “benefits associated with retention and personal performance.”

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– Soccer Sports

Brighton seagulls spike losses when pandemic hits £ 25m

http://www.insideworldfootball.com/2021/01/27/losses-soar-brightons-seagulls-pandemic-takes-25m-hit/ Brighton seagulls spike losses when pandemic hits £ 25m

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