Grimsby Town record profit despite relegation and lockdown hurt
Grimsby Town FC have recorded a profit of £195,505 in the financial year ending 31 May 2021, despite playing the 2020/21 season behind-closed-doors.
It follows a profit from the previous financial year, which saw the club record a £145,660 profit in the financial year ending in May 2020.
Football clubs throughout the country suffered incredibly throughout the pandemic, with fans not being allowed to see their clubs live in action for 18 months.
Some fans in selected regions were briefly allowed back into stadiums, when the UK used a tier-based lockdown system during the Winter of 2020, but North East Lincolnshire was never privy to the leaner rules.
James McKeown’s testimonial game vs Rotherham United in the Summer was the first time fans ventured back into Blundell Park since February 2020.
A club statement read: “Grimsby Town Football Club Limited (the “Club”) has filed its audited accounts for year ended 31st May 2021.
“The Club has reported a profit for the period of £195,505 (vs £145,660 in 2020).
“Primarily due to the Covid-19 pandemic which led to the 2020/21 season being played out behind closed doors, turnover in 2021 was 18% down vs 2020 (-£644,848).
“This was partially compensated by government and local authority grants received of £593,216,” the statement added.
Andrew Pettit, Grimsby Town FC Vice Chair noted that he was “pleased” with the news, despite the disappointment on the pitch, with the Mariners falling back into non-league football for the second time in a decade.
He said: “Following the acquisition of a majority interest in Grimsby Town Football Club by 1878 Partners on 5th May 2021, we are pleased to be able to report a profit for the financial year ended 31st May 2021. Notwithstanding relegation to the National League and the challenges posed by the Covid-19 pandemic, the previous board left the finances of the Club in a good state and we would like to record our thanks for this prior financial stewardship.”
Club Chairperson, Jason Stockwood, added: “Andrew and I intend to continue to invest in the infrastructure and playing side of the Club and since the financial year end 1878 Partners has invested a further £1.125m into the business to support these initiatives.
“Despite becoming a private limited company, as part of the B Corp commitment to transparency, the board has also decided to retain the same element of detail and transparency as was provided in its previous status as a PLC.”
Jason Stockwood and Andrew Petttit have been praised by fans for investing money into vital facilities at the club, such as upgrading the training ground and its equipment, as well as uniting with local hospitality businesses to enhance the fan experience.
This financial information may also shine some light to a certain section of fans as to why Grimsby have not spent similarly to promotion rivals Wrexham and Chesterfield, who have each spent six-figure fees on star players.
The full accounts information can be found on the Companies House, as well as on the Grimsby Town FC website here.
Jason Stockwood, Andrew Pettit and the Club’s Chief Executive Debbie Cook will be in attendance for a virtual Q&A event for shareholders Monday 28 February 2022 at 7pm on Zoom.
Information for this event will be available on the Club website and will also be sent directly to shareholders.