Buddies left ‘extremely disappointed’ by £1.6m loss

ST MIRREN have posted a loss of £1.6million in their annual financial report. Saints raked in over £400,000 for the loss of manager Jim Goodwin to Aberdeen and the sale of Jamie McGrath. Describing the results as ‘extremely disappointing’, however, chairman John Needham blamed upgrades to the club’s Ralston training ground, Covid impact and the collapse of a deadline day transfer deal. The chairman’s report stated: ‘The year under review proved extremely challenging for all football clubs. As a result of the impacts of Covid-19 extending longer than anticipated, and a number of increased and exceptional costs, we sustained a loss of £1,598,506. Covid restricted the return of fans at the start of the season and this depressed gate receipts and commercial income. ‘Costs were also hit by the cessation of the furlough scheme, increased costs in restarting operations and compliance with the rules designed to minimise the risks of Covid infection. ‘On the field, we initially maintained the playing budget in line with the previous season, but the signing of two players in the August transfer window and player bonuses took playing costs higher. A significant transfer deal collapsed on deadline day meaning that the increased playing costs could not be matched by the anticipated transfer income. ‘Off the field, there was a significant increase in the planned costs for the renovations at our Ralston training ground. This was largely caused by changes to the size and specifications of the new building. ‘The costs of running our academy also increased beyond budget during the year. ‘In summary, the financial results are extremely disappointing as a result of a number of factors and we estimate that the items described contributed to costs or lost income of circa £1.5m.’