The Accounts of Raith Rovers Football Club Ltd for the year ended 30th June 2018 have been audited and approved by the Board of Directors, reporting a loss of £393,220. This is an increase on prior year losses by £196,037 indicating the significant impact that relegation from the Championship has had on the football club.
Comparing to the prior year, costs were dramatically reduced by nearly £400,000, however income fell by almost £600,000 mainly from reduced gate income, commercial income and SFA/ SPFL contributions. Loan funding was in the majority provided by Stark’s Park Properties Ltd through the season, of which John Sim is the controlling party.
These operating losses are not sustainable, and the current football club board are focused on placing Raith Rovers FC on a sound financial footing, whilst still retaining our footballing ambitions. The financial pressures of League One continue this season, particularly related to monthly cash flow, however the board are projecting improved financial results for this full financial year helped by strong cost controls and by the recent Scottish Cup run.
We are now into the last quarter of the season and whilst not in the position we would like to be, still have the opportunity to gain promotion which was our aim from the outset. Everyone at Stark’s Park is committed to doing the best for our football club and your continued backing on and off the field is hugely important.
The Board of Directors of Raith Rovers FC would like to thank all of our fans, shareholders, staff, volunteers, sponsors and partners for their ongoing support.
Shareholders of Raith Rovers Football Club Ltd will be invited to an AGM in due course, as will shareholders in New Raith Rovers Ltd and Raith Rovers Holdings Ltd.