Cheltenham Town will this week report a profit of £10,000 for the year ending May 31, 2021.
While it may seem a modest figure at first glance, the sum comes after a season hugely impacted by the global pandemic, with an empty stadium for all but three home games.
The Robins were crowned League Two champions for the first time in 2020/21, making it a memorable campaign on the pitch.
Financial director Clive Gowing believes their financial result can also be viewed as a major success off it.
“To come through a year when we had no supporters coming through the turnstiles in profit is a remarkable achievement from everyone at the club,” Gowing said.
“We did utilise the government’s job retention scheme and we also benefitted from additional Premier League money, but that filtered down to all EFL clubs and isn’t unique to us.”
The FA Cup run proved particularly lucrative, with prize money for knocking out South Shields, Crewe Alexandra and Mansfield Town on their way to a home tie against Manchester City in round four.
Gowing praised the club’s staff for maximising the revenue opportunities around such a high profile fixture, even though they missed out on a sell-out crowd at the Jonny-Rocks Stadium.
“The TV money was a good sum, but a lot of hard work went into staging that game,” he said.
“The commercial department deserves a huge pat on the back for that.
“We had additional advertising around in the ground, in the stands, new electronic boards installed and we made money from a lot of other elements as well.”
The extra-time win over Mansfield on January 10 proved to be a significant turning point for Cheltenham, who at one stage feared a “catastrophic loss” of £1m.
“I remember a board meeting in November, when we were very worried about our accounts and the £1m figure was not just scaremongering,” Gowing said.
“We were always looking ahead and there was never a time where we thought we might go under the next day, but we may only have had enough for another two or three months.
“A lot happened over the next couple of months, with some Premier League money coming in and we beat Mansfield to set up a plum draw.
“We were then able to breathe a sigh of relief, but it was tough, particularly in the early part of the season and we had no idea how long things were going to be affected.”
Gowing is also proud to be able to say that every staff member was paid on time every month throughout their most challenging 12 months.
“We utilised the furlough scheme because we had to, but we always topped it up so everyone received 100 per cent of their wages and I think that’s another big pat on the back for the club,” he said.
Director of football Micky Moore was also congratulated for working within a strict budget and understanding the club’s budgetary constraints.
“He sees the bigger picture and yes, Micky and Michael want more money every year, but that’s their job and I have no issues with them pushing me to have the budget increased,” Gowing said.
“Sometimes we have to say no because we have to invest in other areas, but whatever the answer is, they always understand and Micky needs a massive pat on the back along with all those on the football side, the office, the ground staff and the directors – we’ve all worked together and knew what we needed to do.
“Michael said after the Ipswich game that you can’t buy the spirit we have in our dressing room and I think that goes beyond the dressing room because it’s the spirit of the whole club.
“Some supporters may hate the ‘little old Cheltenham’ tag, but I think it’s something to be proud of because for a small club we achieve big things.”
Gowing also praised the supporters, many of whom did not request refunds on their season ticket money last season, despite having to follow from afar.
“Everyone was worried and there was a lot of uncertainty, but everyone came together when it was needed the most,” he said.
“People might say £10,000 is nothing, but it’s bigger than that and it’s a real success story, with everyone playing their part.”
The annual report and accounts will be distributed to shareholders this week.
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