Falkirk announce a £700k loss in AGM figures

Falkirk will host the AGM a week on Monday. Picture: Michael Gillen.
Falkirk will host the AGM a week on Monday. Picture: Michael Gillen.

Falkirk’s calamitous year which ended in relegation to Ladbrokes League One saw the club rack up a loss of almost £700,000 and sitting with half a million less in the bank.

Paperwork distributed to shareholders ahead of this month’s annual meeting detail a financial turnaround of £850,000 between seasons 2018-19 and 2017-18, when the Bairns made a profit of £163,731.

However the dismissal of Paul Hartley and his team, costs of a large player turnover last summer and again in January of this year and a drop of prize money owing to last season’s misfiring squad all contributed to an operating deficit of £692,675 between June 2018 and May this year.

The Bairns’ cash pile at the bank also suffered as a consequence dropping almost half a million from £631,132 to £135,541. That figure was correct as of the accounting period to May 31, and does not reflect the current state of the Bairns’ bank balance.

The figures will come under scrutiny when presented to shareholders at the annual meeting on December 16. Stakeholders in the Bairns have also been asked to vote on several resolutions next Monday night which currently include the election of three new directors, though no re-elections have been proposed.

A new chairman to follow Lex Miller’s interim period will also be due for discussion and decision at the meeting to be held in the South Stand ‘Behind the Goals’ area.