City’s financial accounts for 2023/4 (12 months to June 30, 2024) were filed on March 31^th 2025. City were one of the last clubs to file their accounts. Essentially the year covers the first year of the Ugglas tenure and ended with another last day survival in National League.

City’s headline figure was a reported loss of £235,431 (calculated as the difference between the current “profit and loss reserve“ and the figure for a year earlier). That is nearly £5,000 lost in every single week of the year. However, 394 Sports, the Ugglas holding company reported a loss of £2,154,555, again accounts don't allow any further breakdown.

Beyond that, there is very little information other than other that the number of employees rose to 69 (from 58) and transfer fees were £473,630. The fees can be assumed to be largely those for Akinyemi, Cordner and Howe although there is no indication whether the number is straight fees or includes add ons such as agent fees. However, given the announcement of the signings of the likes of Pearce, Felix, Male, Nathaniel-George, Sinclair and Hunt were announced in May / June 2024, it is possible the amounts include something for them. Again, whether this is a "full" cost or reduced by shareholder donations is unclear, there are some unsubstantiated reports that the first 3 alone cost round £600,000.

For the first time, there is no mention of turnover. It is likely to be broadly in the line with the £3.847m of 2022/3, but with small increases, say 10% in gate receipts, £100k for the FA Cup run (prizemoney and TV revenue) and an uplift in sponsorship monies with Titan replacing JMP as front of shirt sponsor. If so, that is significantly more than the £3.1m turnover that Harrogate Town reported.

Whilst no breakdown of income is available, it could be assumed that gate receipts were about £1.75m. Stewarding costs and LNER rent will possibly account for about 20% of that, travel to away games could have accounted for another 10%.

Some earlier social media reports had suggested City were heading for record losses, these are not record losses but it is believed donations from the main shareholder(s) will have helped to cover the losses.

A pity that there's no profit or loss account but that’s normal for small businesses.

Salient points include:

• FFP / PSR doesn’t apply to City, it will apply from July 2025 (regardless of which division City play in). There are ways to circumvent PSR and large losses
• The use of several fluffy words like "assumed", “likely” and “could". These are used to indicate the lack of clarity and detail in the accounts, a feature of accounts of many companies far bigger than York City
• Don’t shoot the messenger, these are the words a non accountant but a numerate person.

Further information can be gleamed from accounts filed at Companies House for YCFC, Bootham Crescent Holdings and York Stadium Management Company.

20+ Years Of City Accounts

York Press - YCFC 2023/4 - accounts review

York Mix - YCFC 2023/4 - accounts review

Elsewhere in the 2023/4 financial reporting period:

• Doncaster (D2) Rovers lost over £3m taking total losses to over £38.5m
• Fleetwood (D1) lost £9.2m
• Forest Green Rovers (D2) lost £3.2m
• Hampton & Richmond (NLS) lost £1.2m
• Harrogate Town (D2) lost £2.5m, a similar lose to the previous year despite a £300k increase in turnover. Total debts now stand at over £8m.
• Oldham Athletic (NL) lost almost £3.2m. Losses were effectively covered by borrowing, with liabilities increasing to £10 million and owner Frank Rothwell lending over £7.1 million. Oldham bought players for £110k in the season
• Port Vale (D2) lost £3.8m. Club does have cash in bank, mainly due to owners lending almost £6.5m in year to take total loans to just under £15 m. Player purchases were £131k
• Salford City (D2) lost over £5.3m taking total losses to over £28m since being acquired by new owners
• Stockport County (D2) lost over £7 million. Losses were underwritten by owner Mark Stott putting in £11m in the form of new shares. County spent over £640k on player signings. Total losses over the years now exceed £21 m
• Wrexham (D2) showed a loss of £2.5m. It is believed that their income was 3 times as much as any other D2 club, more than all D1 clubs and more than about half the Championship clubs. This is due to their “Hollywood” income and the overseas generated revenue. They could expect an £8m pa increase in TV money in the Championship. Despite their lose, they have a strong PSR position
• Yeovil Town (NLS) lost almost £2.8m
• Finally, Reading (Championship) announced a £21.7m loss for the 2022/3 season, the accounts were published almost a year late. Their 2023/4 accounts are now awaited.

Premier League wage inflation has filtered down to all levels of the game.

About the only way to make a profit is to buy small and sell big, or rely on the owner’s ongoing generosity.