STAGS FINANCES LOOKING ROSY
Plans to redevelop Bishop Street now on hold / interior of West Stand to be completed for visit of Chesterfield
Stags' finances looking rosy
CHAD website, 6 Aug 2002
AS doom and gloom continues to lengthen over football's finances, everything looks very rosy in the garden at Field Mill.
At Stags' annual meeting on Monday, accounts presented for two years showed a retained profit for the year ended June 2000 of £231,743 and £525,270 for the year ended June 2001.
The latest accounts are not yet available though the club would still appear to be in the fine fettle and spending money on players and further ground improvements.
Mansfield MP Alan Meale told the meeting: “I think we should thank the director, staff, accountants and associate directors. “This club has come through a traumatic period of its history, when it very nearly closed down, and has turned it round. Now we have a new stadium, a successful team that has moved up to a higher division, and closer links with the local community. It has been a sterling effort by all those involved.”
Once again, there was verbal jousting between Mr Haslam and former chairman John Almond, who was concerned at the current chairman's loan account with the club.
“In November 1999 you assured us the £107,000 you owed would be paid back and now you owe £350,823 on these accounts,” Mr Almond told him. “Mr Haslam has not bought a football club here, just a bank that lends money free of charge.”
Mr Haslam said that under his new agreement with fans' organisation TEAM Mansfield “Within 12 months of signing this agreement he will make a significant reduction to the value of his loan from Mansfield Town, and that no further loans for personal use will be taken from the football club.”
There was concern over a further £487,305 loaned to Stags Ltd, the club's parent company which is controlled by Mr Haslam who owns 74 per cent of its issued share capital.
But he explained that money was for the development of the Centre of Excellence and training facilities in Sutton. “The academy developement is a very exciting project and to me is as important as getting promotion,” said Mr Haslam. “We want to cement Mansfield Town into the 350,000-400,000 catchment area within 15 minutes drive of the club and ringfence these people as Mansfield Town supporters. “We have had some 10,000 schoolchildren through our doors for numeracy and literacy now and I believe wer are having a spin-on effect with attendances. “When I came here, this club was losing £450,000 a year and was £1.6m in debt. The previous owners could not wait to get out. “They had just been relegated to Division Three and the stadium was run down. “Ask any visiting club that comes here and they cannot believe Mansfield could achieve so much in the last nine years. The club like the whole Mansfield area has come on leaps and bounds and I am very proud to be part of it. “I must thank the supporters for their backing. Now we are back in Division Two and can keep on progressing.” He added that plans to redevelop Bishop Street were now on hold with the facilities originally earmarked for that stand now being incoporated into the West Stand. “We are very limited for space on Bishop Street with the housing behind. “Finances in football are very tight right now and we have voids within the West Stand where we can put them.” It is expected the newly-kitted out interior of the West Stand, with facilities for sponsorship entertainment, will be completed for the visit of Chesterfield on Saturday, 24th August. Mr Haslam also promised that future annual meetings would be held every year and accounts prepared within four months.
Latest | August 2002