April 2022 (Page 11)

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Yeovil Town‘s debt to Sport England has increased by a further £197,000, meaning the club is now almost £1m in the red.

The latest filing to the accounts of Yeovil Town Athletic & Football Club, the company which runs its football operations, and Yeovil Town Holdings, which owns the land surrounding its Huish Park stadium.

It showed that the club’s loans to Sport England rose from £801,538 to £998,538 due to a charge registered on March 26.

The latest increase in debt comes as the club filed its accounts for the 12 months up until June 31, 2021, when it owed ‘just’ £582,950.

The accounts show that, at the end of June, “the directors have reviewed likely future developments and remain of the opinion that the company still has adequate resources to meet its obligations and shareholders have agreed to continue to support the club financially where necessary.

“Therefore there is no reason to believe that the club will have to cease trading as a result of inadequate financial resources, or any other foreseeable event.

“As such the going concern basis of accounting in preparing the financial statements continuing to be adopted.”

Scott Priestnall, left, alongside now former Glovers’ manager, Darren Sarll. Priestnall and fellow director Glenn Collis are the only directors of the companies against which the club’s loans have been charged.

In other words – everything’s fine, nothing to worry about. Whether that situation remains nine months and two additional Sport England loans later, is another question.

This is the third loan which the companies behind the club, which list chairman Scott Priestnall and fellow director Glenn Collis as directors, have taken out against the club.

In case you needed a recap, this is the timeline:

  • 12 February 2021: Yeovil Football & Athletic Club Ltd (YF&AC) agree a loan of £689,538 from Sport England.
  • 17 March 2021: The loan is created as a legal charge on the club.
  • 31 August 2021: The club confirms it has borrowed an additional £112,000 from Sport England with a charge taken by Yeovil Town Holdings Limited (YTHL).
  • 12 October 2021: YTHL confirms it has satisfied the  £112,000 loan.
  • 13 October 2021: A new charge filed against YF&AC is registered which confirms it has taken on loan of up to £801,538.
  • 26 March 2022: New charges which appear on the accounts of both YF&AC and YTHL shows a further £197,000 loan has been taken out with Sport England, raising the debt to almost £1m.

You may recall it was the response to a Freedom of Information request by the Gloverscast published in June which confirmed the original loan amount, see – here.

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The Football Association has confirmed the Glovers spent £26,834 on intermediaries and agents between Feb 2nd 2021 and January 31st 2022.

This obviously covers all deals done during the summer and specifically references deals for; Grant Smith, Jordan Barnett, Mark Little, Dale Gorman and Adi Yussuf.

Elsewhere in the National League, $tockport County were the biggest spenders, topping £130,000 during that time with £80,000 of Wrexham’s Hollywood pounds also spent on agent fees.

Bath City were the cheapest side listed with just £580 listed.

This was a significant rise from the year ending February 1st 2021 with the Glovers forking out just £1,287 during that previous year.

Meanwhile in the year ending January 30th 2020 saw Yeovil fork out £19,837

The full list for 2022 is below.

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It’s been a year since we learned of the passing of our captain Lee Collins.

On this episode of the Gloverscast, we’ve spoken to Elliot Watts about the amazing ride he, and many others, are doing to raise money for Mind in Somerset in memory of Lee Collins.

We also caught up with Kevin Gall and Abby Carter about the upcoming Legends Game and what is means to them! Plus we’ve got an exclusive player announcement!