Motherwell Football Club has reported a profit of £3.5m for the year ending 31 May 2021.
The Scottish Premiership club's profit increased from £435,970 in 2020 - although the accounts do include a Scottish Government interest free-loan of £1.5m.
The pandemic affected Motherwell FC’s revenues however, with losses from from gate receipts up £1.35m from the previous year. With matches being played behind closed doors, no such income was generated in 2020/21.
The restrictions also reduced our commercial income by almost £350,000.
The club had put measures in place to reduce the impact of the pandemic on its finances, which led to £4.1m of other operating income being recorded in the financial year.
This includes monies from the furlough scheme, a business interruption insurance claim and an SPFL Trust Covid-19 grant.
Motherwell also borrowed £2.9m from the Scottish Government to protect the club from the coronavirus crisis. The borrowings are to be repaid between September 2022 and August 2042.
The club credited player registrations as the biggest factor in its profit for the financial year, with the transfer of David Turnbull to Celtic being chief among the transfer dealings.
Over the last five financial years, player registration gains generated by the club have been £6.2m.
Motherwell chairman Jim McMahon said: “That transfer deal, a total that will most probably end as being at least double our previous record sale, also contains several add-ons, one of which has already been achieved during the 2021/22 season.
“At the end of the financial year at 31 May 2021, and despite all the challenges created by the pandemic, the balance sheet shows we are in a strong financial position, with significant net assets and over £4m of bank funds.
“The club’s financial position is healthy in the short to medium term,” he continued, adding: “But we are acutely aware of the potential threats we face. We hope that this is the final spin of the Covid-19 roulette wheel, but it would be imprudent to plan solely on that basis.”
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
