St Johnstone’s historic double cup winning season came at a cost.
Perth chairman Steve Brown has revealed the pandemic-hit club suffered a £508,000 loss during a campaign when boss Callum Davidson and his players’ Hampden heroics unfolded in an empty stadium.
In his report to shareholders for the financial year ending in May, Brown revealed Saints had eaten into around £1 million of their rainy-day savings 12 months ago – prompting them to take advantage of a £2.6 million Scottish Government loan.
Clubs in limbo
“It must have been one of the most challenging years faced by the club in its 137-year history,” admitted Brown.
He said the outlook had been “very bleak indeed” last summer, with the managerless McDiarmid club operating with a skeleton staff, little or no income and no sign of football returning, with or without fans, as the global pandemic left crisis hit clubs in limbo.
But by the end of the 2020/21 season, the League Cup and the Scottish Cup were in the Saints trophy cabinet, with European football and a cash windfall on the horizon.
“Given the most gloomy outlook at the start of the financial year, it is nothing short of remarkable that the club should enjoy its most successful football season ever,” said Brown.
“Who would have thought that a first ever League Cup triumph should be so shortly followed by a second Scottish Cup win, all in the one season?
“Many supporters had waited so long for the 2014 win. Many could be forgiven for thinking that they might not see a repeat of this feat within such a short period of time.
Historic achievement
“But to the immense pride of everyone associated with the club, St Johnstone won not one, but two national trophies.
“It’s an achievement which must rank with one of the best by a club in the history of Scottish football, particularly given the challenges of the pandemic and the greater resources of a number of rivals.”
Brown paid tribute to manager Davidson, who replaced club legend Tommy Wright, and his coaches Steven MacLean and Alex Cleland.
“Everyone associated with the club can take great pride in the tremendous achievements of the management and team in bringing two pieces of silverware to McDiarmid Park in a season like no other.
“The joy of these cup triumphs must have brought great pleasure to the many thousands of St Johnstone fans throughout the world.
“The great shame of our four straight Hampden victories was that none of our fans were able to properly enjoy the matches and celebrate the victories in the customary fashion.”
Brown said the half million-pound losses would have been even greater but for the cup prize money and a welcome donation to Scottish clubs from philanthropist James Anderson
“Given the straitened financial circumstances during the financial year, the loss, whilst unwelcome, is not as challenging as it might otherwise have been.”
By December last year, Brown confirmed the club had been forced to dip into half its cash reserves – a seven figure sum.
That prompted Saints’ decision to tap into a precautionary 20-year interest free loan from the Scottish Government, which has now been ring-fenced by the club.
Brown welcomed the return of fans to games this season.
“It was, hopefully, the beginning of the end of a terrible period of financial hardship and widespread uncertainty for the club, which had endured a very cloudy period with two very notable silver linings.”
Since the accounts were signed off, the Perth club has banked £1.8 million from the sale of captain Jason Kerr and midfielder Ali McCann to Wigan and Preston.
