Dundee United have posted a £2.8 million loss for the year ending June 2024 – but owner Mark Ogren welcomed “significant steps” towards sustainability.
United’s relegation to the Championship saw a natural reduction in turnover, from £8.1 million in 2023 to a still respectable £6.4m.
Despite that, the overall operating loss was £2.3m, down from £4.3m compared to the 2023 accounts.
The Tangerines benefitted from what the club described as “robust financial management” during their season in the second tier.
The club’s wage bill stood at a staggering £6.9m in the 2022/23 campaign. The latest accounts show a reduction to £5.1m. The wage-to-turnover ratio is now 81%, down from 86%.
Agents’ fees were reduced by 85% compared to the prior season, “consultancy fees” were down by 84% and football department expenses were slashed by £1m.
Combined, total costs were down £3.8m year-on-year.
Allied with “season ticket sales and home match ticket revenue remaining strong”, and good retail and commercial performance, United were able to navigate the campaign with relatively minimal damage.
Player sales and shares
United gained £700,000 through the disposal of player registrations, most notably Dylan Levitt’s switch to Hibernian and the substantial six-figure sell-on the club received when Aziz Behich joined Al-Nassr from Melbourne City on loan.
During the year, Ogren’s parent company OPG-4 UK ltd exchanged more than £5m of what he is owed by the club for £1.32m of ordinary shares worth 10p each.
As such, United now owe the U.S. businessman £6.6m, down from £10.1m in 2023.
The Tangerines project that turnover will return to more than £8 million for the year ending June 2025.
Ogren: We are well positioned for growth
Ogren said: “These accounts reflect the significant steps taken over the past 12 months to put Dundee United Football Club on a more sound and sustainable footing.
“While a loss is never something we take lightly, it was anticipated due to our relegation to the Championship.
“With the board’s support, along with improvements in our processes and working practices, the reduction in our operating losses, and all of the positivity that comes with being back in the Premiership, we are well-positioned for further growth and improvement.
“This progress is a testament to the hard work of everyone throughout the club, from senior leadership through every department, along with the continued loyalty of our absolutely incredible supporters.”
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