Tuesday 9th November, 2021 at 3:02pm
Papers are going out today in advance of the Club’s AGM on 24th November, including the accounts for 2020/21. These show that despite the financial challenges of the pandemic, Thistle, made a very small profit despite income dropping from £2.66m in 2019/20 to £1.48m in these accounts.
Commenting on the accounts, Chairman Jacqui Low said on behalf of the Board:
“Over the financial reporting period covered by these accounts (June 2020 – May 2021), the Club experienced the full brunt of the challenges caused by the pandemic.
“Although we don’t want to look back, I want to put on record the depth of the challenges faced by the Club in the last financial year. The worst impact of Covid was our unexpected demotion from the Championship to League 1. In addition to the serious financial consequences arising from that, there was a significant impact caused by long periods with no football and no income from ticket sales, hospitality or events, followed by a very late start to season 2020/21.
“Hopes of kickstarting our finances were delivered a further blow when, towards the end of 2020, Thistle were denied government financial support in line with other full-time clubs in Scotland, creating a £350k disadvantage. Then, in January, our league was suspended for almost 10 weeks, again hitting our income significantly before we eventually restarted games in March.
“However, the Board had agreed to support the manager with a substantive recruitment budget for the season with the aim of promotion back to the Championship at the first time of asking and stood by that decision despite the ongoing financial uncertainty. Under the manager’s experienced stewardship and with our backing, Thistle secured a very welcome promotion back to the Championship in April.
“Throughout the year, the Board ran with a closely managed budget (at times there were a number of versions to cover all eventualities – i.e. the league we were in, fans/no fans, hospitality/no hospitality etc) which changed on an almost weekly basis. It was a constant challenge for everyone to work to ensure the Club remained viable in the short term.
“That Thistle ended the year with a slight surplus and debt-free is as a direct result of active financial management and tough decisions made. I am grateful to my fellow Directors for the hours and effort they put in when faced with a situation that there was no blueprint for. The work of the CEO Gerry Britton was exceptional over this period and cannot go unmentioned. Our thanks to him as well as our staff and players who were supportive of all that we did in the course of the year to steer the Club through Covid.
“Access to the furlough scheme, our reserves and financial support from Three Black Cats substituted for some of our lost income. That, combined with careful stewardship of expenditure and maximising every opportunity to bring in income, is why we have no debt despite the financial pressures. We are equally grateful for the ongoing support of fans through their generous donations throughout the financial year at a time when their own incomes would be under pressure including their magnificent support via season ticket sales. The year was genuinely a team effort at every level and, on behalf of the Board, I thank each and every one of you.
“The pandemic hasn’t gone away and we know that the current financial year may be equally difficult, although early signs are positive if we can play football uninterrupted. At the end of 2020, the Board also instigated a process called “Reimaging Thistle”, which is constantly looking at and evaluating all we do to make sure we work smarter and more innovatively while creating new income streams to counter any further effects of the pandemic.
“If anything and despite it all, we have come through this financial year as a Club stronger and more resilient than we were pre-pandemic. As a Board, we look forward to continued success on and off the pitch this season.”
