Wanderers top debt league (From Bucks Free Press)

Wanderers top debt league

7:20am Saturday 15th November 2008 in

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WYCOMBE Wanderers made a loss of £1.66 million last year and their total debt now stands at £7.2m – far bigger than the figures which pushed Rotherham and Luton into administration.

For the first time in the club’s history, The Chairboys’ debt now outstrips their assets of £6.28m.

While on the field the Blues are flying high in the table, off it they are down at the bottom of the league when it comes to balancing their books.

Five out of the top seven League Two sides claim to be debt free or published small profits last year in stark contrast to Wycombe’s loss.

Of the clubs in the promotion or play-off berths at the moment, only Wycombe and Darlington are in the red.

Darlington haven’t published any recent figures, but last season it was reported that their chairman was pumping in £40,000 a week as they went for promotion.

Below Wycombe and Darlington in the league table, the picture is much healthier financially.

Third-placed Bradford City recorded their first profit since the year 2000, albeit a modest one of £11,000, which they managed despite having to pay £1.2million a year in rent for their stadium.

Fourth placed Exeter who are run by their Supporters Trust, are also trading on an even keel, while fifth-placed Shrewsbury are perhaps the biggest success story.

The Shrews, who invested heavily in players in the summer splashing £170,000 on Grant Holt, are also running debt free following the sale of their old Gay Meadow ground.

Their new stadium is packed almost every night with non-football related activities and that is enabling them to stay in the black.

That is a model Wanderers are hoping to follow. They are currently conducting a feasibility study with Wycombe District Council about building a new ground at Booker Airfield.

Sixth-placed Rochdale also posted a profit last year. They finished £60,000 up and have no long-term debts but, while they are free from the perils of the banks or the tax-man, their cautiousness has meant there has been no promotion for 35 years either.

Bury, who currently occupy the last play-off place, have also turned their finances around on smaller crowds than Wycombe and for the last two years have recorded small profits. The sell-on clause in David Nugent’s transfer from Preston to Portsmouth played a big part and the £250,000 mortage they have on their ground is currently their only debt.

Further down the table, Dagenham and Accrington Stanley both boast of being debt free while Grimsby (£100,000), Lincoln and Morecambe are all trading with debts beneath the £500,000 mark.

Rotherham are also back on a level playing field now but it has cost them 27 points to do it. They were docked ten points last season and 17 this year after going into administration. On the last occasion it was a debt of just £750,000 that almost saw them go to the wall.

Bournemouth are in the relegation zone having been docked points for going into a CVA agreement with debts of around £8m while Luton went into administration over £4.5m with a £2.5m HM Customs and Revenue bill the biggest problem.

Wanderers aren’t the only club in League Two who have overshot themselves financially.

Gillingham have a debt between three and four million which would have been far worse had they not sold their ground, while Sam Stockley’s Port Vale are close to being £4m in the red.