Posted online: Feb 15th, 2007

Gate receipts drop by two-thirds

Finn Harps made a trading loss of E57,000 last year – the first time in over five years that it was plunged into the red for day to day expenses.

The main reason for the financial downturn was the fact that the club had been relegated to the First Division and this had a major impact on both gate receipts and sponsorship.

Addressing the club’s annual general meeting last weekend, Seamus Devine of Finn Harps auditor’s Stewart & McLaughlin reported to shareholders that the club had made a trading loss in 2006 of E57,503, having had total income of E330,449 (down over 30% from 2005) and expenditure of E386,317 (down 14% on 2005).

He noted that the key element in this loss was a total collapse in match day incomes with gate receipts and season ticket sales alone down E121,173 falling from E187,971 in 2005 to E66,798 in 2006.

He said that the losses resulted in an increase of the clubs liabilities but noted that the club had held an Information Meeting during 2006 highlighting projected losses of E100,000 which had thankfully been curtailed to a lower figure. Clubs Financial Controller Ian Curristan told the meeting that all wages due to players for 2006 season were paid in full.

UEFA Licensing emerged as they key issue for Finn Harps FC at the agm where

shareholders received a detailed update on the clubs status and the requirements set down by licensing under each of the headings. The shareholders present were advised that the club had actually obtained Premier Status Licence under four of the headings, with Infrastructure being the only criteria which the Club fell down on. He advised that Finn Park would not obtain a licence, hence the shareholders decision 2 years ago to move to a green field site at Stranorlar.

Meanwhile, club shareholders were delighted with the news that the new Stadium project has been formally approved by the FAI in recent weeks. The news was conveyed by Ground Development Officer, Patsy Lafferty, as part of his report to shareholders at Sundays meeting.