Maidstone United report profit for fifth year running
Monday 22nd January 2018
MAIDSTONE United have called on local business to get on board as they plan to expand their stadium – but the club has been able to turn a profit for the fifth year running.
The club’s accounting profit up to June 30 2017 was £211,736, with turnover up to £1,718,355 from £1,535, 598 the previous year.
It is the Stones’ fifth year back in the town, where they play on a 3G surface at the Gallagher Stadium, and yet again they have come up trumps, with the hiring fees for the pitch helping them to retain their profit.
“We see in these figures further evidence of the success of the 3G model, which has enabled the club to maintain an attractive football and social facility, which is appreciated by thousands of local people,” co-owner Oliver Ash said.
“Our disadvantage with regard to other competing clubs is that our stadium has been built from scratch over six years. It is too small every time we push for promotion. We now need to build up cash resources even faster if we are to develop the stadium further in order to be eligible for promotion to the EFL.
“The next phase of development, for which we expect to apply for planning permission early this year, will be a very expensive project to develop the South End.
“We now need more local companies to come on board, together with our existing business partners, and share the benefits of the positive image we have as a club and business.”
The club were promoted to the National League – the top flight of non-league football – in 2016, and although player wages were higher than in previous years as a result of that elevation, playing and management wages account for less than 30% of the club’s turnover.
Fellow co-owner Terry Casey added: “We look back on the last five years with an immense sense of pride. To still be turning a profit during a period of unprecedented growth is some achievement and that’s been made possible by our wonderful supporters and an effective business model, which includes the 3G pitch and venue hire.
“Match day attendances and season tickets sales are up year-on-year and we thank all the fans for their loyal support.
“The next challenge is never far away but we must ensure the club continues to be in good shape and find ways to generate the funding needed to move on to the next level.”
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