Chesterfield blame failure to secure promotion back to the Football League for £1.9m losses

The club has revealed losses of £1,845.209 for the trading year which ended on June 30 2019 – compared to a loss of £1,061,270 the previous year.

A statement released by Spireites’ company secretary Ashley Carson on Tuesday also highlighted club owner Dave Allen’s ‘wish’ to ‘maintain the playing budget to secure promotion’ as another factor.

Other notable figures in the statement include:

Turnover was down by £1,927,237 on the previous year, however this figure also included in 2017/18 a total of £1,058,052 in player transfer fees. Gate receipts down by £387,347 and commercial income was down by £200,068. Savings were made in administrative expenses by £986,450 and included in this figure, wages, player costs and administration was reduced by £804,048.

The club says a more detailed breakdown of these figures will be included in the accounts that will be distributed to shareholders.

Although not included in the end of year accounts, a debenture loan of £2,045,098 was paid off by Mr Allen after the year end which will be reported in the 2019/20 year end accounts – with the resulting creditor balance then subsequently written off by the owner.

Loans owed to Mr Allen at the year-end totalled £9,329,000, compared to £7,094,000 at the previous year end.

He put the club up for sale in February 2017 and entered into a period of exclusivity with Chesterfield FC Community Trust at the end of December.

But it has emerged this week that the trust – which was given between four and six weeks to carry out due diligence – has “suffered a setback involving funding partners” and that the agreed exclusivity period has now been waived.

The trust says it is still committed to buying the club and that a deal could still be completed by the middle of March.

The AGM for shareholders will be held at the Proact Stadium on Monday, February 24 at 7pm.

Shareholders are encouraged to submit questions in advance of the meeting on the form provided.