Aberdeen Football Club have reported a financial loss of over £800,000, despite achieving a record turnover of £23.6 million.
The club’s financial statements for the period ending June 30, 2024, reveal a significant increase in revenue of nearly £8 million compared to the previous year, with the Dons’ participation in the UEFA Conference League’s group stage being the primary reason.
The cost of salaries at Pittodrie rose to £12.742 million, an increase of £810,000, but the higher revenue led to a decrease in the ratio of revenue to wages from 76% to 54%.
This £880,000 deficit does not take into account the club’s record sale of Bojan Miovski to La Liga team Girona, which could potentially be worth over £6 million.
Despite recording a profit of over £1 million in the previous year, bosses remain optimistic about the team’s financial health. Chairman Dave Cormack commented:
““These robust accounts, showing record turnover and positive EBITDA, underlines the strides the club is making, both on and off the pitch, towards achieving its strategic goals, most notably growth and football success through financial sustainability.
“A key criteria of a well-run, financially sustainable club is the wages to turnover ratio, and, during this period, we are sitting at a very healthy 54%.
“Our player trading model, where we need to carefully balance significant additional investment in football wages and transfer fees against income from player sales, continues to show positive momentum.
“But, due to the cyclical nature of player sales, the recent real gains will only be reflected in next year’s results.”
