Dundee have posted a £2.76 million loss for the 2023/24 season that saw the club return to the Premiership.
The Dark Blues, in their latest annual accounts, cited their determination to ensure the club was established in the top flight by upping investment in the team.
With that came extra staffing costs alongside the increased playing budget while major work to refurbish the pitch at Dens Park was also included.
The wage bill has increased by £1m following the club’s top-flight return, from £3m to £4m.
Staffing levels rose from 68 to 80, while stadium rent at Dens Park cost £603,376.
Meanwhile, technical director Gordon Strachan was paid in shares, in lieu of salary, to a value of £144,000 on October 28, 2024, a figure revealed by Courier Sport last year.
‘Improving’
However, the club do expect an improvement in the financial position across 2024/25.
Part of the accounts statement read: “The company has made a loss for the year of £2,758,999 (2023-£2,862,820).
“At the year-end, there was a deficit of £8,103,290 (2023-£6,249,728) in shareholders’ funds.
“The projections reflect the expected trading results for season 2024/25 as well as for season 2025/26, which are expected to be improving on the results reported
for year end 31 May 2024.
“These projections have been drawn up on the basis of conservative assumptions
as to the league position to be achieved by the football club, attendance levels at matches, and the management of all costs, including expenditure on players costs.”
Financial loss ‘expected’
A Dundee statement said: “The accounts for the year ending 31st May 2024 have been approved and signed by the Directors.
“After promotion from the Scottish Championship, the owners were determined to establish the club in the Scottish Premiership and this required continued investment in the playing and coaching staff.
“Significant investment was made to upgrade and improve the pitch at Dens Park which saw major work carried out on the playing surface.
“The club also increased its operational departments bringing in further staff members due to the continued development of the football club.
“This resulted in a financial loss but this was expected on the club’s return to the top flight.
“Football Partners Scotland (FPS) will continue to provide the financial support for the company.”
The £2.75m loss follows a £2.8m loss posted last year after a season in the Championship.
In 2021/22 a £900,000 loss was posted after a profit in 2020/21 of £74,279.
The previous four years had seen losses totalling over £3.3m.
That makes the loss made over the past eight years £9.6m.
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