An update from the recent board meeting as part of the club's ongoing commitment to transparency.
Share subscriptions
The latest share subscriptions were reviewed and approved. Appreciation was expressed to the Fowler and Jabara families for their continued support.
Finance report
The half-year business plan was reviewed, and all areas of the club are performing broadly in line with expectations.
The pro-budget was slightly increased in January, which will result in a marginally larger loss than originally forecast at the start of the season. It remains our expectation that the club will incur a loss of just over £3m for this season. We still expect this to be significantly below the divisional average.
Draft 2025-26 business plan
The draft budget and business plan were presented and discussed. The Board broadly agreed to proceed as outlined by the executive team. However, in the absence of significant player trading, the plan will once again require external funding of more than £3 million as any commercial growth has been offset by equal or greater inflation.
EFL all-club meeting
Clive Nates, David Lowes, and Liam Scully attended the recent EFL all-club meeting. Feedback was provided on all matters presented by the EFL, including:
• The performance of domestic and international broadcast contracts,
• Potential policy and regulation changes ahead of next season,
• Opportunities and challenges posed by the Governing Body Endorsement (GBE) and Elite Sporting Criteria (ESC) rules and regulations.
Sporting performance & benchmarking
The football department provided a report detailing performance and results to date. A detailed discussion took place regarding mission alignment and commitment to the club model, with progress in this area noted and praised.
Additionally, the Board reviewed the mid-season benchmarking documentation made available by the EFL through the mandatory Salary Cost Management Protocols (SCMP) submissions. With an increase in expenditure in January, the club is currently ranked 17thin the division for total player costs, although with divisional stretch further increased, the top ten are now an additional £2million increase on our current total player expenditure.
The board remains pragmatic, realistic and supportive, with the hope and expectation for improved team performances. However, it was noted that the team is still significantly ahead of league place Vs budget ranking and remains one of the top performers overall on a cost-per-point measure.
Aligned with this, commercial and matchday benchmarking had previously been reviewed, which had – in part – influenced the previously discussed stadium zoning changes.