Difficult 2023 campaign for Sligo Rovers sees club record losses of €299,000
Sobering AGM highlights how “incredible” fundraising is keeping Sligo Rovers competitive at the highest level but that the club's fan-owned, community model is at risk of being left behind by rapid growth of the League of Ireland if The Showgrounds major
SLIGO Rovers experienced a challenging financial year in 2023, with a recorded loss of €299,000.
The figure was revealed at Tuesday night's Annual General Meeting, held at the Clayton Hotel.
Treasurer David Rowe – who announced his departure from the manegement committee after 15 years of service – outlined the main talking points of income and expenditure for the last year.
Income saw a major drop of €842,000 – this was largely impacted by a loss of revenue related to European football.
He said that the picture for Sligo Rovers is reflective of the rest of the league but on a smaller scale, cciting the league champions, Shamrock Rovers, as having lost €2 million as an example.
He added that Sligo Rovers should be able to carry this year's loss as a once off as it is not the most uncomfortable year they have experienced in recent memory, but that losses like this would be unsustainable if they are allowed to build year-on-year.
Other noteable factors relating to the club's expenditure this year included wage inflation, medical expenses to address the first team's “horrendous injury record” and that some of the more expensive signings did not live up to expectations.
The treasurer also highlighted the positive aspects of the financial year, referencing the “incredible” fundraising efforts of the club's volunteers and supporter groups.
Revenue directly related to fundraising accunulated to €594,000 – a record figure for the club. This was broken down into several avenues which included increased revenue from the 500 Club, Annual Draw, Lotto, Bit O'Red Supporters Trust, Dublin Supporters Club and the half-time raffle. A new fundraising initiative, the 50km walking challenge, was also successful in raising €68,000.
Season tickets, gate receipts and sponsorships were all up slightly. David Rowe also stated that the new tiered pricing systems for matches was taken into account for improved gate receipts for domestic games.
He outlined there was several existing ways income could be improved including commercial income, gate receipts, an FAI Cup run, sponsorship and merchandise.
He concluded by outlining that the club had a budget for 2024 of €2 million-2.1 million, with a €1.2 million budget allocated to the men's first team.
To continue competing at this level, he said that the first team must outperform their budget and that fundraising efforts will again need to accumulate to at least €500,000-550,000.
Tommy Higgins, paying tribute to the outgoing treasurer, said: Looking after finances is like walking a tightrope without a rope. David shouldered so much in 15 years through good and bad times. David looked after us through thick and thin and kept the show on the road.”
Men's first team manager John Russell addressed supporters about the 2023 season and the 2024 campaign to date.
He highlighted how the current table demonstrates the highly competitive nature of the league this year and that, outside of the defeats to Shamrock Rovers and St Patrick's Athletic, he is taking positives from their start to the season.
“We want to win every game and we have to avoid the amount of losses we had last year and we have managed to turn some of last year's defeats into draws,” he said.
He also acknowledged the team's inability to be a threat from set-pieces, stating it is “hugely frustrating after a lot of work on the training ground.”
While discussing the shallow depth of his first team squad, he confirmed he wants to dip into the summer transfer market if the budget allows it.
He also clarified this would not be exclusively to replace players whose loan deals are ending as he is hopeful of a high retention of current loanees as they are getting regular game time and enjoy life in Sligo.
While also commenting on general recruitment going forward, John said a lot of big decisions were made and is pleased with what he assembled on a reduced budget, but that he now wants to build a long-term side based on a core of current players.
“This is a growing team. I had to nearly a new squad in the off-season. I want to be able to get to next Hanuary only needing four or five new signings at most, knowing I have the core of a good team already in place.
“We have a young, hungry group of players who want to be here and that is the minimum requirement of any signing that comes in – they have to want to be here.”
CHAIRMAN'S ADDRESS
Chairman Tommy Higgins said that 2023 season was “undoubtedly a difficult journey” but that he is “heartened” by a reasonable start to the 2024 campaign.
He spoke of how the big aim for this year is a push for top four in a highly competitive division with 75 points still up for grabs. He also spoke of how Sligo Rovers is “long overdue” a day out at the FAI Cup final in the Aviva Stadium and that there is a greater incentive than ever before to win the tournament with the winners now guaranteed a minimum of two rounds in European competitions.
He said the task of managing a fanowned club is a greater challenge than before in an ever-changing landscape and expressed his gratitude to his fellow officers, committee members, supporters, management teams and players for their endless hours of dedication.
CEO'S REPORT
Andrew Feakins,
appointed
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