Steve Gibson highlights Middlesbrough's Premier League ambitions despite club's big financial losses
Middlesbrough have released their financial results for the year to June 30, 2020 which show how the club’s income has plummeted.
Boro’s final nine games of the 2019/20 season were played behind closed doors due to the Covid-19 pandemic, while the end of parachute payments and reduction in broadcast money also took its toll.
In total, Boro’s yearly profit fell from £55million for the 2018/19 season to £19million for the 2019/20 campaign, with the accounts published on Companies House.
This season’s accounts won’t be released until next year when the impacts of the pandemic will be highlighted further.
Boro also cut their overall workforce from 234 to 214, with the wage bill falling from £40m to £31m, and made £581,000 from the Government's furlough scheme up until June 2020.
The club’s biggest income reduction came from broadcasting which dropped from £40.6million to £8.3million due to the end of parachute payments, following relegation from the top-flight in 2017.
Gate receipts reduced from £6miliion to £4.5million due to games being postponed last year, while sponsorship income fell from £6.2million to £4.5million.
Boro were also able to benefit financially from player sales at the start of the 2018/18 season, with the likes of Ben Gibson, Patrick Bamford and Adama Traore moving for sizable fees to Burnley, Leeds and Wolves respectively.
As a result, the club’s profit on player sales reduced from £33million to £3.5million last year.
Despite the loss of income, the accounts still state Boro’s ambition to return to the Premier League, with chairman Steve Gibson stating the club’s biggest financial risk is: “failing to perform competitively in the league in which it competes."
The accounts go on to say: “The club will continue to keep control of operating costs and make as much income as possible available to invest in the football team.
“The club will continue to strive for progression and promotion to the Premier League.”
Boro still have an outside chance of finishing in the play-offs this season after narrowly avoiding relegation from the Championship last term.
Manager Neil Warnock signed a new deal at the club this month to remain in charge for the 2020/21 campaign.