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City's financial results to 30 June 2003

Club reveals financial results for the first few months of trading

As reported in the Evening Press.

The Accounts released by the club for the three-month period from March, when the Supporters' Trust took control, to 30 June 2003 show a loss of 332,338.

City finance director Terry Doyle said: "The size of the loss I am sure will come as a surprise to many City supporters.

"Despite the trust taking the club out of administration the new board inherited a large number of costly player and other contracts that they were legally obliged to fulfil.

"However, the initial share capital raised for the new company has made a helpful contribution towards funding those losses.

"I wish to emphasise to all York City fans that trading since June 30 has significantly improved.

"The board of directors have agreed a break-even budget for the forthcoming season and we are delighted that Chris Brass has managed to put together a promising squad of players within a comparatively tight budget."

Despite being confident of a brighter financial future, Doyle said it remained imperative fans continue support the club.

"Due to the size of the initial loss it is inevitable that finances at the football club will be tight for some time to come," said Doyle.

"It is essential that all fans of York City understand that it is vitally important that they continue to support the club through the turnstiles and also to support the ongoing fund-raising programme of the Supporters' Trust.

"The football club directors had a long and constructive meeting with the Supporters' Trust last Saturday to discuss these results and to emphasise the importance of continued support and fund-raising to secure the future of the football club.

"I am confident that the Trust board understands the importance of this ongoing commitment to fund-raising and they will be organising a series of fund-raising events to ensure that there are no further cashflow problems during the course of this season."

Emphasising the fact the club's finances were on a more even keel, Doyle confirmed a number of other football club boards were turning to City for advice.

"As a board, we have not avoided the tough decisions needed to secure the ongoing financial future of the football club and are now regularly being asked by other clubs as to how we have achieved such a significant turnaround in the financial fortunes of the club," he said.

"Each and every one of the board of directors is a true supporter at heart and we are all committed to ensuring not only the long term financial viability of the football club but also playing success to reward all of our supporters, who have been fantastic in their financial and other support for the football club."

The football club accounts have been prepared in order to coincide with those of the Supporters' Trust, which makes its annual accounts up to June 30, 2003.

 
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