Ryan Bennett cash gives gloss to Grimsby Town accounts
GRIMSBY Town director John Fenty has warned that the 'Ryan Bennett windfall' gives a false picture of the club's financial situation.
The football club published its annual accounts yesterday, for the year ending May 31, 2012.
In contrast to the previous year – when losses of more than £900,000 were recorded – the club announced an operating profit of around £140,000 (after tax).
However, Fenty stressed that the figures were boosted by more than £700,000 thanks to a 25 per cent sell-on fee for former Town defender Bennett, following his January transfer from Peterborough to Norwich.
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"The accounts give a false picture in the sense that the Bennett income generates a profit," he said.
"Also, you have to count that figure in the trading year, without having received all of the proceeds. Some we had last financial year and the remainder we will have this year.
"Nevertheless, it's good that we've got that income earmarked and it rolls somewhat into this season.
"That has helped us put together a very competitive budget and, fingers-crossed, that will pay dividends by the end of the season.
"Being in this division, and in real terms Leagues One and Two, the losses are quite substantial year-in, year-out. Going forward, if we don't have better football fortunes – and given the limited financial support – then we will have to cut our cloth accordingly.
"We will still look to have a competitive budget, but maybe not to the same level as we've had in the last 8-10 years."
Fenty also confirmed that the club has no immediate plans to appoint a chairman – a role he relinquished in September 2011.
"We've got no aspirations to deal with the issue of chairmanship," he said.
"Things are running well, we continue to do the same things we've always done, it's just a title".