Club Update – 16th April

Further to the update published on 9th April, the Board wish to provide an interim update on our current situation.

Once again, we wish to express our sincere thanks to everyone who has donated to support the Club to date. We are frustrated that we are unable to set your tremendous support in context of our overall need. The reality is that the picture changes daily and we continue to revise forecasts in light of the changing circumstances driven by events around COVID-19.

We had intended to provide a full overview of the Club’s financial situation based on last Friday’s expectation of an end to the season being agreed. That update would also have outlined plans to achieve a substantial uplift in donations to date.

However, the SPFL announcement that a Reconstruction Group has been formed to look at an extension to the Premiership for next season, with potential knock on consequences for League 1, has undermined the Club’s forecasts and, more significantly, the finality and clarity that ending the season was supposed to bring.

The extension of the Premiership, if approved, could have a significant downward impact on the Club’s projected income for the 2020-21 season. Combined with our previously reported annual losses we are now looking at a significant cash deficit, even with an inevitable significant cut in the playing budget.

With the above in mind, our next update will give more detail of the Club’s current financial position, the donations strategy and projections for the 2020-21 season and beyond.