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Salford and Gary Neville get scrutinised after revelation over finances made

Salford City and Gary Neville get scrutinised after a revelation over the state of the club’s finances are made this week.

The League Two club’s parent company, lost more than £4.7m last year according to new figures, and a lot of people have been left either shocked or laughing at their expense.

Kieran Maguire, who co-hosts the Price of Football podcast, showed the accounts released by Project 92 Limited for the year ending June 30, 2021.

It’s found that the company, formed by Class of 92 stars Gary Neville, his brother Phil, Ryan Giggs, Paul Scholes, David Beckham and Nicky Butt, was losing an average of £91,000 per week.

Salford and Gary Neville get scrutinised after revelation over finances made

Project 92 have total losses of over £15million since being set up in 2015 and its liabilities are over £19million. They have borrowed £3.8m in 2020 and a further £3.55m in 2021 from a shareholder, possibly Peter Lim, who owns 50% of the club.

Salford spent £4.3m more than it generated from day to day activities.

The Ammies, who are plotting to leave the current home at Moor Lane for the AJ Bell Stadium, are in their third-ever season in the EFL, having won promotion in 2019.

However as we have seen within their time at League Two level, Gary Neville has sacked more managers than expected in the hope of going up.

Accounts also show that Salford bought players totalling £156,000 in 2020/21 but have balanced that by raising £237,000 in player sales.

Salford’s wage bill went up by 10% from the previous year, showing that for every £100 of income they are spending £143 on salaries.

Since buying of the club, the Class of 92 stars invested heavily, transforming the club’s infrastructure, turning them from semi to professional and guiding them into the Football League from the Northern Premier League.

There is also a strategic report from the club’s directors’ that says: “Despite promotion to the EFL for the first time in the club’s history in 2018-19, the club is yet to enjoy a full season in the EFL without restrictions; meaning that we have not yet managed to maximise potential revenue opportunities against the increase in operations costs and administrative expenses that are associated with running an EFL club.

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“Investment continued to be made both on and off the pitch. New computer and administration systems were introduced club-wide, additional staff employed and work continued to upgrade the facilities at the Peninsula Stadium. This investment running alongside the recruitment and amassing of a playing squad deemed capable of achieving the desired objective of promotion from League Two to League One.”

– Salford sit 9th; win against Port Vale will move them into the League Two playoff places with six games remaining

– Graham Alexander was axed in October 2020 just weeks into 2020/21 season, sitting 5th and unbeaten at the time of decision

– Richie Wellens, now at Leyton Orient, was sacked in March 2021, a week after winning EFL Trophy

Kieran Maguire’s Salford thread

Gary Neville admitted that getting rid Alexander was a mistake: “When you’re an owner and you’ve got a football background, your passion is the dressing room, the field and the grass and you can’t do anything about it, you’re making decisions from a distance. We don’t go and watch training. From our point of view, last season I have to take the blame for it. Every season that we haven’t gone up, I’ve made bad decisions or we haven’t done certain things well.

“Last season, Graham Alexander should never have left this club. He should never have left, I should never have made that decision that I made. It goes against everything that I believe in and that’s what owning a football club does to you, it takes you to that place where you do things that you don’t believe you ever would do.”

As mentioned, Salford and Gary Neville get scrutinised after a revelation over their finances is made…

@DylanBraith92: These are horrendous financial numbers whichever way you look at it, just haemorrhaging money at every turn yet the football league has done nothing so far? Operating Profit/Loss should be one of the key indicators of a sustainable club – especially in the lower leagues

@Yellowyorkie: Spreading financial non sustainability down the leagues.

@_mattsimpsonn: Club buying their way up with no real fanbase, not sustainable and shouldn’t be allowed

@ashkelly2610: @GNev2 😬😬 does this warrant an independent regulator to look at the way you’re running a football club Gary? Or does that only apply to Middle Eastern owners? 🤷🏽‍♂️

@RicciTRFC: Salford 😅

@YorkshireGlover: @gloverscast mid-table L2 team, spending a fortune to stand still….

@TomCarter009: @GNev2 🤐👀

@Alexron_19: These are without doubt the worst club in the football league. Not even remotely trying to be sustainable, just throwing stupid money at unrealistic expectations with crowds of less than 2k. Fingers crossed they go bust soon.

@Stever62Roberts: A Real life fairytale story eh!! 🙄

@prentonpete: That moral high ground you love to lecture everyone from is looking a bit shaky eh @GNev2 More importantly what happens to Salford when you & your chums get bored of your shit vanity project?

@savegrassroots: Gary Neville asking for a reform of football governance we think he should sort out his own club first. £91k loss a WEEK

@petehotchkiss: On what planet is this sustainable.

@jimcurtisbbn: A real life rags to riches football story from Salford City… £91k per week, £143 wages per £100 income… Anyone can achieve with hard work and dedication. And multi million losses year on year

@DaveWild1980: I like Gary Neville as a pundit but the club he’s the face of losing £100k a week and being propped by it’s owners while he bangs on about independent regulators and finance in football is hilarious. 🤦🏼

@mattlowndes: Think I’d rather have meddling amateurs running my club

@KentWomble: Salford City – the fairytale continues…

@Koosh123456: Salford City wage bill alone is nearly 150% of there entire income !! And Neville as the gaul to question how other people run there clubs !! He is one massive fucking hypocrite

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