Raith Rovers have reported they are on target to make an impressive profit in the first year under their new owners.
The Stark’s Park club have revealed they have significantly increased revenue in every income category compared to the same period in 2022.
The figures are shown in a ‘half-year financial summary’ covering the seven-month period from June 1 to December 31 last year.
It covers the time immediately after the new owners, spearheaded by former Kelty Hearts pair Dean Mckenzie and Andy Barrowman, assumed control of the Kirkcaldy outfit in early May.
Whilst Rovers have pieced together a title challenge – so far – in the Championship on the pitch, the financial results indicate the new regime has made an instant impact off the field.
The figures show an increase in revenue of £601,701 compared to 2022, with a rise in costs of £126,937.
The club’s board of directors have said they ‘demonstrate the incredible progress we’ve collectively achieved in a remarkably short span of time’.
A statement, which thanked fans and local businesses for their support, said: “The club is well on its way to achieving a profitable first year under the new ownership group.
“From the very beginning, when we outlined our vision for the football club, we emphasised the importance of investing in revenue-generating initiatives to ensure a stronger and more sustainable future.
‘Exciting journey’
“We also made it clear that we aimed to be transparent in our decision-making and updates, improving our overall communication with you, our dedicated supporters.
“This document will offer you a comprehensive and transparent overview of the significant improvements that’s been made in revenue generation, along with insights into our expenses, including those tied to football operations.
“We are still at the early stages of this exciting journey and we understand that there may be challenges along the way.
“However, as we continue to work hard and do our best off the pitch for Raith Rovers, our players will always mirror that on the pitch.
“This commitment to excellence is the culture and standard we have set throughout the club.”
The new board instantly began refurbishment work at Stark’s Park after their arrival and ‘food and drink’ income, including from hospitality, has shot up by over £100,000.
Merchandise and replica kit sales are another success story, increasing by almost £70,000, whilst sponsorship and advertising has grown by nearly £145,000 and match-day gate revenue has nearly doubled to just over £600,000.
Raith have repeatedly balked at suggestions they have been ‘throwing money’ at their team to put together a push for promotion this season.
Behind the scenes, club figures have spoken of money being more wisely spent on the playing squad.
Football budget figures revealed
The figures released by the club appear to bear that out.
The cash spent on ‘football operations’ HAS gone up – to £983,972 – but only by just short of £65,000 compared to the same period in the previous 12 months.
The statement adds: “The football operations budget has risen by just seven per cent, encompassing expenses for playing and coaching staff, video analysis, medical costs, agent fees, training kits, and more.
“Despite this modest increase in spending, we’ve already exceeded last season’s total points tally in just the first 19 matches of this season.
“This demonstrates efficient cost control and achieving maximum value in all areas.”
