NFFC Release Financial Accounts For 2007/08
The latest set of financial figures released by John Pelling (NFFC Financial Director), shows that the club is still operating at a loss, but because of the continued bankrolling by Chairman Nigel Doughty, we are paying our dues.
The overall trading figures for the period were down from £9.2M-£7.6M. This was due mainly to a early exits from the Cup competitions and reduced TV money. Another reason given for the drop, was a reduction in commercial revenue, due to the fact that last season saw the unveiling of a new away kit which generates less income than the home kit.
Another season spent in League 1, also hit the finances hard and this saw gate receipts fall from £5.6M-£4.6M. All in all, the club is in decent shape financially and only has two significant debts. One is £3.6M owed to the City Council and the other is monies owed to Nigel Doughty. The total figure owed to the Chairman is said to be £40.2M. He is currently bailing the club out on an annual basis and last year LOANED the club £6.6M. The accounts show that the monies owed to the Chairman are repayable in 2011.
You can see the financial details in full at the official site here.
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