The Ammies co-own a group of Manchester United legends including Gary Neville, David Beckham and Paul Scholes and are currently in their third season in the EFL
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Parent company of Salford City, the club is owned by a group of former Manchester United stars lost more than £4.7million last year, according to new figures.
Accounts released by Project 92 Limited for the year ended 30 June 2021 show the company lost an average of £91,000 per week. Project 92 Ltd was formed by former United stars Gary Neville, his brother Phil, Ryan Giggs, Paul Scholes, David Beckham and Nicky Butt. Each of the six former players, along with Singaporean business tycoon Peter Lim, owns the league two Association.
The latest accounts show that since its inception in 2015, Project 92 has posted total losses of over £15m and its liabilities are in excess of £19m. The club have borrowed more than £7m, possibly through investors, in the two years before their latest accounts (£3.55m in 2021) were published, while their wealth has been estimated at £3.7m.
Salford is only in its third season in the Football League. after winning promotion in 2019. But Gary Neville has repeatedly insisted that the goal is to climb higher up the pyramid. The accounts also show that Salford City bought players for a total of £156,000 in 2020/21 but offset this by increasing player sales by £237,000.
In terms of wages, the city’s payroll increased 10 percent from a year earlier. It shows that for every £100 of income they spend £143 on salaries. Since buying the club, the former United stars have invested heavily, transforming the club’s infrastructure, making them professional and guiding them into the EFL.
Included in the statement is a strategic report from the club director, which reads: “Despite being promoted to the EFL for the first time in the club’s history in 2018-19, the club has yet to enjoy a full season in the EFL without the restrictions that we have have failed to maximize potential revenue opportunities against the increase in operating and administrative costs associated with running an EFL club.
“Investment continued both on and off the pitch. New computer and administrative systems were introduced throughout the club, additional staff were hired and work continued to modernize the facilities at Peninsula Stadium. This investment was made in parallel with the recruitment and accumulation of players squads deemed capable of achieving the desired goal of promotion from League Two to League One.”
The new figures, unearthed by football finance expert Keiran Maguire, will only increase owners’ desire to win promotion this season. The Ammies host Port Vale on Tuesday night knowing a win will put them in the League Two play-off spots with six games left. Manager Gary Bowyer was appointed in the summer but saw his two predecessors pay the price for not making the play-offs.
Richie Wellens was axed in March 2021 – just a week after winning the EFL Trophy – while Graham Alexander was given the nod in October 2020, just weeks into the new season.
Neville later admitted that Alexander’s ax was a mistake. He continued Sky Sports last year: “As an owner with a football background, your passion is the dressing room, the field and the turf and you can’t do anything about it, you make decisions remotely. We don’t go to training and see last season for ourselves from our point of view. Every one Season where we didn’t get promoted, I made bad decisions or we didn’t do certain things well.
“Last season Graham Alexander should never have left this club. He should never have left, I should never have made this decision that I made. It goes against everything I believe in and that’s what owning a football club comes with One’s power gets you to the place where you do things you don’t think you would ever do.”
Salford City have been contacted for comment on the latest financial accounts mirror football .
https://www.mirror.co.uk/sport/football/news/salford-losses-gary-neville-beckham-26637784 Salford City accounts show the Class of 92-backed club are losing £91,000 a week