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- Luton Town Football Club 2020 Limited - 2022/23 Accounts
**Initially I was quite startled by these figures, but this is distorted by around £10m of PL bonus payments, PL players signed in June and the stadium construction costs needed to be made quickly. Will show upside next year.** To be honest, this I think is a problem with FFP as it makes us look uncompliant for 1 season, just by virtue of when the accounting period starts and ends.
Per Kieran Maguire on Twitter...
Revenue £18.4m (less than half a season one parachute payment for relegated club)
Wages £27.6m (150% of revenue)
Operating loss before player trading £21m
Squad cost £11.8m
Player purchases £6.8m
Player sales £4.7m
Creditors £34.6m
Luton revenue up 4% but costs (including promotion bonuses likely to be in region of more than £10m) up 60%, resulting in operating losses almost trebling.
Tax credits halved Luton’s losses resulting in total losses over the years of £32m. Club had cash in the bank of £1.7m at end of June 2023.
Little change in revenue sources for Luton compared to 2021/22. Matchday revenue of £5m for season similar to what Manchester United or Spurs can generate from a single game.
Main costs are player related, wages up almost £10m and highest paid director package doubled to £1.3m. These increases almost all promotion bonus driven. Amortisation (transfer fees divided by contract life) just £2.3m.
Other info:
Revenue didn't grow that much (I suspect that Luton gave Coventry's PO final share which is customary).
Broadcasting revenue: £15.2m (actually down £100k)
Due to the play off final, retail / sponsorship grew £800k.
League distributions actually reduced YoY.
Note that this operating loss before player trading (KM doesn't note this point) - you cannot discount the near £5m upside here! I know these are accounted as exceptional events, but in the way footballers are traded, this shouldn't really be discounted as it sometimes is.
Creditors are amounts due in the next year - note that this will be players wages and additional transfer fees already agreed.
The club still owes around £2.2m in Covid loans. Perhaps this underlines how difficult this period was.
Around 10% more staff in the club YoY.
Anyone else a little surprised by the 100% highest paid director wage rise? £1.3m appears high for a club of our size. Overall director's renumeration rose £1m.
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