Newport County: Welsh EFL club record 拢1.2m losses in 2021-22 season
- Published
Newport County share their Rodney Parade home with Dragons RFC and Newport RFC
Newport County made a loss of over 拢1.2m in for the year ending 30 June 2022, having made a small profit in the previous year.
Accounts filed with Companies House show the League Two club has net liabilities of 拢393,634.
Newport say a "set of improved financial controls are now in place."
They added their financial position has been stabilised and are confident of "obtaining new funding".
Newport said the "budgeted deficit" arises from "internal and external pressures" and the club remains a going concern.
The club's directors say steps have been taken to re-structure the management team within the club whilst specialist external financial support has been obtained.
In a statement accompanying the accounts club directors noted some games were played behind closed doors during the season because of Covid restrictions.
Season 2021-22 also saw the departure of long serving manager Michael Flynn replaced by James Rowberry.
The statement said: "The trading performance for the year has been affected by several factors.
"Once the Board became fully aware of the impact of the challenges faced by the business it employed a senior industry professional to support and advise.
"A set of robust actions have been implemented to ensure that improved financial controls are now in place.
"Plans will be reviewed with control and rigour to ensure the necessary business improvements are seen."
It continued, "following consultation with primary stakeholders... the club are confident of obtaining new funding to assist in meeting historical liabilities as well as agreeing payment terms to settle any remaining outstanding debts".