Dunfermline are planning for a new future ‘debt-free’, despite posting losses of almost £1 million in their latest set of accounts.
The figures show a loss of £929,250 for the 12 months up to May 31 last year
The period covers last season, when the Pars finished sixth in the Championship, and come on the back of a loss of £1,039,907 in the previous year.
However, since then, ownership of the club has changed hands, with German consortium DAFC Fussball being bought out by the James Bord-led Park Bench SFC LLC.
As part of that transaction, Park Bench paid off the ‘convertible loan note’ held by DAFC Fussball worth £1 million.
It is understood Park Bench also settled directors’ short-term loans and other liabilities when they assumed control of the Fife club in January.
Despite the balance sheet showing significant losses in recent times, the club are now hopeful of an ‘exciting’ future under new owners.
Chairman and chief executive David Cook commented: “Whilst we are reporting on the club’s performance in the year ending 31 May, 2024, it is important to note the significant changes which have occurred at the club since year end.
“Park Bench SFC LLC has become the majority shareholder of the club, purchasing all shares held by DAFC Fussball GmbH along with [those of fans’ group] Pars United CIC.
‘Fan frustration’
“The 2023/24 season and the beginning of the 2024/25 have been challenging for supporters as we all seek more consistent and sustained on-field success.
“The board acknowledge and understand the frustration many fans have expressed during this period.
“We are all committed in our attempts to give fans more to cheer about going forward.
“With changes at ownership and first-team coaching level, the board believes that we are at the beginning of a new journey – a journey which is exciting and fulfilling for supporters.”
Dunfermline have blamed their latest financial losses on poor cup performances last season, lower match-day revenue due to ‘the drop off in sporting performance’, injuries that resulted in a trebled medical outlay and the resulting need for loan players, and higher bills for utilities, insurance and food and beverage.
With manager James McPake having since been replaced by new head coach Michael Tidser, the Pars are hopeful of ‘strong results for the club on the pitch’ as they move forward.
Another challenging season on the pitch will make the current year’s figures an interesting read when they become public in around 12 months’ time.
Notes attached to the latest accounts said: “The directors acknowledge that the company’s liquidity position relies on the directors continuing to review the club’s budget and ensure that costs are controlled and, should it be necessary, further support from Park Bench SFC LLC.”
Conversation