Millers finances turn the corner!
Last updated : 27 October 2006 By Bigrich.....
Since going into the CVA which cleared the club debts the club have managed to save over a million pounds, Speaking to today's Rotherham Advertiser, Millers Chairman Denis Coleman gave an insight into how the club is fairing financially since nearly going into extinction.
"We have made £1.2 million in the last six months through cost savings and income increases. Considering the club lost £1.8 million in the last financial year, we are making massive strides. And remember that we had next to no money coming in at all over the summer.
"We have slashed about £700,000 off the wage bill and cut costs in many other areas while exploring ways of bringing extra money in. We've refurbished the Rotherham United Suite and now have a matchday marquee capable of holding 300 people. We're working hard to increase sponsorship and commercial revenue.
"We expect losses for the next financial year end to be below £1 million. Twelve months after that, we want to be at break-even point."
 | Not ours.... |
|
Denis then mentioned a new share option to raise money for the club and its ground purchase/renovations. "I can appreciate that some people might be sceptical after the difficulties with the new stand Buy a Brick campaign, but the ground issue is central to the future of the club, We are still looking to buy Millmoor, either in partnership with the council or private sector." Coleman told the 'Tiser
"There are many potential investors around but they are put off because we don't own our ground. We have no assets and there's nothing for them to buy into. If we can sort out the ground ownership issue, more people will come forward. he added
The club are also looking at more fundraising schemes, with the Supporters club and RUST heading them "We're talking to our satellite supporters' branches about fund-raising initiatives and RUST are looking at ways of supporting our youth development system."
Denis finished with a reminder that although things are getting a little better, the club still needs every penny it can get. "It's all positive but I don't want people to get complacent. There's a lot to do and complex issues to sort out. We hope to release a fuller statement on the financial state of the club in the next few weeks."
