Deep in the red Boro kept afloat by Gibson

MIDDLESBROUGH’S latest accounts have revealed record losses of over £35m, with the figures again illustrating their depth of support from long-time owner Steve Gibson.

Boro’s results for the year up to June 3, 2020 also showed a massive drop in income from £55m to just £19m, with the double impact of the ending of the club’s parachute payments following relegation from the Premier League in 2016-17 and the financial ramifications of Covid-19 hitting the club hard.

Boro posted a pre-tax loss of £35.5m, a big drop from a profit of £2m in their previous set of accounts. The club’s highest loss prior to the latest figures was a deficit of £31.9m in 2015-16.

The accounts pointed to the continued financial support of Gibson, who said that the club’s biggest financial risk is “failing to perform competitively in the league in which it competes”.

The accounts stated: “The going concern basis of the company depends on the support from the Gibson O’Neill Company Limited, the ultimate parent undertaking, who will continue to provide that support, if required, to the company for the foreseeable future.

“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 figures showed that the club’s wage bill fell from £40m to £31m, while revealing that the club received £581,000 from the Government’s furlough scheme.

Profit in players sales fell to £3.5m from £33m and there was a huge fall in broadcasting income from £40.6m to £8.3m following the ending of parachute payments from the Premier League.