Forest Green Rovers’ accounts reveal losses of more than £5million over past two financial years

Pic: Andy Nunn

NATIONAL LEAGUE promotion hopefuls Forest Green Rovers have made losses of more than £5million over the past two financial years as they chase their Football League dream.

In accounts filed to Companies House, the Nailsworth-based club revealed they had made a loss of £2,469,374 in the financial year to April 2016.

Although that was down from £2,928,709 the previous year, it means Rovers made losses of almost £5.4million in the 2015 and 2016 financial years.

The losses have been caused somewhat by the club’s large wage bill for all staff which stood at £2,146,999, up from under £2million the year previously.

Rovers have been pushing for promotion in recent years and came closest last season as they were beaten by Grimsby Town in the National League promotion final at Wembley.

The one positive for the club, majority owned by green energy tycoon Dale Vince through his Ecotricity company, was that turnover increased to £1,097,821 with over half of that coming from matchday revenue.

The accounts filed on a “going concern basis” show net liabilites of over £5million which are almost all owed to “fellow group companies and group management” who have “no intention of calling in these debts”.

Despite the losses, the report confirmed that Ecotricity remain committed to the club and to their goal of taking Rovers into the Football League for the first time in their history.

A fair review of the club in the documents said: “Ecotricity Group Limited has invested significant resources in Forest Green Rovers Football Club Limited over the last few years in order to make it Britain’s most sustainable football club and achieve Football League status.

“Progress both on and off the pitch required further investment in 2015/16 to meet the company’s goals but this was in line with expectations. On the pitch the team achieved the best league position in the club’s history and only narrowly missed promotion to the Football League.

“Ecotricity Group Limited remains fully committed to the company and to tackle the objectives it has set itself.”

However, in the ‘principal risks and uncertainties’ section of the report, it did confirm that the club would struggle massively if funding from Vince was stopped.

“Should the ultimate parent company withdraw its backing then significant external financing would be required,” it said.

“This is unlikely as the company remains an integral part of the Ecotricity Group Limited’s mission.

“Should the team be relegated from the division there would be less television, sponsorship and competition revenues. This risk is mitigated by regular review of performances and measured investment in training methods and playing staff to ensure the team’s level does not significantly drop.”