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Boro reveal £14m loss as Steve Gibson continues backingRead More
http://www.gazettelive.co.uk/boro-fc/boro-fc-news/2012/03/20/boro-reveal-14m-loss-as-steve-gibson-continues-backing-84229-30578744/#ixzz1pgD6lnihBORO fans can see the full details of the club’s financial situation today after it revealed a loss of just under £14m and a wage bill of more than
£36m.
The latest company results, which cover a full 18 months, show that chairman Steve Gibson has continued his multi-million pound support for the club through his 75% holding via the parent company Gibson O’Neill, and has pledged to continue for at least another 12 months.
But with lower gate receipts and two third-round knockouts in the FA Cup, the directors say there has been a “considerable†reduction in income.
Money from cup competitions alone fell from £1.8m to £207,000 and, with the wage bill still the most visible legacy of Gordon Strachan bringing in the likes of Kris Boyd and Scott McDonald, the battle to restructure the operation is still ongoing.
The wage bill went up from £27.704m the previous year, but this was for a shorter 12-month period up to December 31, 2009.
Gibson’s depth of commitment to the club is plain to see again - with the club’s external debts of £27.8m being refinanced by Gibson O’Neill and replaced with internal debt - showing Gibson’s strategy of keeping a tight control of the finances with the £13.8m loss compared to a £63,000 profit last tim
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http://www.gazettelive.co.uk/boro-fc/boro-fc-news/2012/03/20/boro-reveal-14m-loss-as-steve-gibson-continues-backing-84229-30578744/#ixzz1pgD0WyT4