Chairman stumps up £540k as Saddlers struggle
Tuesday 30th November 2010, 11:28AM GMT.
Under-fire Walsall chairman Jeff Bonser loaned the club a staggering £546,652 in the last financial year, the Saddlers’ accounts show.
The club posted a profit of £5,000 last week but a further look at the annual report highlights the difficulties at the Banks’s Stadium, writes Nick Mashiter.
Their debt stands at £2.8m — up £135,000 — after they released their accounts for the year ending May 31 2010. The figures compound the Saddlers’ woes as they languish at the bottom of League One and were dumped out of the FA Cup by Torquay on Saturday.
Bonser, who is under pressure from fans to sack manager Chris Hutchings, put a brave face on the figures despite profit being down £20,000 on last year.
He said: “For the fifth successive year we have achieved a trading profit. I believe this represents a considerable achievement in a very difficult financial climate.”
But the Saddlers will struggle to avoid the figures which show they have been hit during the recession.
A worrying statistic for the club is that match receipts fell by £104,000 as crowds continue to dwindle. They are averaging just 3,761 this season.
The Saddlers took £883,000 from match receipts while football and commercial income plummeted by £474,000 to £4.4m.
The club paid £415,000 for rent on the Banks’s Stadium, the training ground, their overflow car park and machinery. That is up £23,000 on last year and the biggest criticism which fans level at Bonser.
But the club also owe money to the other directors. Clive Welch is owed £300,000 while Nigel Bond is due £200,000 and Richard Tisdale £10,000.
UK Sport
Latest Blog — A week is a long time in football
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