Notts County post further losses as staff are furloughed
Notts County lost £2.8m in 2018/19 taking total losses to £23.3m.
The figures are revealed in the club’s annual accounts for the 12 months to the end of June 2019. The new accounts also show that the Magpies spent £236,000 on players during the year.
Auditors also said that almost £1.5m of revenue in 2017/18 couldn’t be properly accounted for
The results come on the same day that the club decided to furlough its administrative and football staff. The National League side’s season has been postponed because of the coronavirus crisis and its bosses have decided to act.
Chief executive Jason Turner said: “As is the case for all clubs, and particularly those further down the pyramid, Covid-19 has and will continue to have a significant financial impact. The board have held numerous conversations over the past week, with decisions being taken as we look for the best possible way to safely navigate Notts County through these unprecedented times.
“As our supporters will know from our previous updates, Meadow Lane has now been closed for the past two weeks with all employees, other than those with an essential need to carry out their roles on-site, working remotely.
“However, having kept a close eye on government updates and advice it is unlikely that we will return to Meadow Lane in the very near future, so we have now taken the decision to furlough a number of our administrative and football staff under the Coronavirus Job Retention Scheme.
“Our considerate owners, Chris and Alex Reedtz, will ensure that all furloughed staff receive their full salary, so nobody will be out of pocket during this time. I’m sure this gesture will be hugely appreciated, particularly as many of our staff are now experiencing their second successive spring/summer of uncertainty following the well-documented events which preceded the Reedtz brothers’ takeover last year.
“Having spoken to all staff affected by these temporary arrangements, they are fully supportive and understand why this decision has been taken and all look forward to returning to their jobs at the earliest opportunity.
“Our playing staff are as yet unaffected and will continue to keep themselves fit in line with social distancing guidelines with a view to returning to training in the best possible condition when it’s safe to do so.”
