UNITED IN THE BLACK

Jul 11 2007 Ayrshire Post

AYR UNITED have left their financial troubles behind — by going into the black for the first time in years.

United made an operational profit of £48,711 to the financial year ended June 2006.

And turnover increased by more than five per cent from the previous year to just under £700,000.

It’s an astonishing turnaround since the year up to 2004 when they lost a staggering £430,000.

However, the latest figures include a £100,000 pay day from the live Sky TV cup clash against Inverness.

Vice-chairman Mark Meehan recalled how the club had serious cashflow issues and accumulated debt when he joined the Board three years ago.

He revealed: “Losses were substantially reduced the following year. We are now pleased to report a profit representing an outstanding achievement both by the Board and by the consultants who contributed to the recovery process.

“Even after stripping out exceptional income items, the club remains in surplus. Operational overheads have been reduced by almost 40 per cent since 2004 and remain under control.

“Accumulated debt dating back to late 2003 and early 2004 is almost fully cleared having been repaid under informal creditor agreements negotiated by the current Board.”

Mr Meehan added: “Challenges remain and growing the revenues of the club is now a priority. Team performance and league status impacts significantly upon the revenue generated from gate receipts, from internal commercial initiatives and from external sponsorship and media revenue, particularly in the cup competitions.

“Winning promotion this coming season is a priority together with advancing the club’s ambitious stadium sports and business campus development project. Planning applications lodged in November 2006 for the Heathfield site and for Somerset Park remain under consideration by South Ayrshire Council.”

Chairman Donald Cameron said the lContd on Page 125.