Thursday 7 March
Ilkeston FC’s latest published accounts to year ending July 2012 have revealed the extent to which SR Education are financially supporting the club.
The accounts show operating losses of around £300,000 which, along with the original purchase price from the liquidator, building of the new classrooms, upgrading of the New Manor Ground and losses from the previous year, amount to SR Education’s investment.
Chairman Dave Mantle (pictured) is keen to point out to supporters that this investment represents the amount of revenue that he has injected into Ilkeston FC out of SR Education’s profits.
He explained: “The expenditure was planned for and although the losses are obviously greater than ideally I would have wanted, the figures come as no big surprise to us.
“It is important for people to be aware that the club have no creditors other than, in principal, SR Education who purchased the assets from the liquidators in 2010.”
Added the chairman: “We publically stated at the outset that SR Education would subsidise operational aspects and that is exactly what we have done.
“We are coming to the mid-point of our five-year plan to return to the Conference North and have made fantastic progress. We are well on course to get to where we want to be and Ilkeston FC are in remarkably good shape.
“It could well be that in order to fulfil our ambitions, we will need to find additional investment going forward. Our revenue streams are not currently covering our operating costs and we have to address that, and move towards becoming more self-sufficient.
“But supporters can rest assured that there is no cause to panic.”