Dundee post £2.9m loss, expect same next year but say owners promise further financial help
- Published
Tim Keyes' company has guaranteed to make up any shortfall in funds
Dundee have posted a loss of £2.9m for the year up to the end of May and expect to experience a similar deficit this season.
The club say they "might again require to obtain further financial support from the company's majority shareholder, Football Partners Scotland L.P.", controlled by Tim Keyes.
"The directors are satisfied that Football Partners Scotland L.P. has sufficient financial resources to fulfil this undertaking," they stress in their annual accounts.
Dundee, who had experienced a loss of nearly £900,000 in the year to May 2022, expect "improving" financial results for the 2024-25 season.
"These projections have been drawn up on the basis of conservative assumptions as to the league position to be achieved by the football club, attendance levels at matches and the management of all costs, including expenditure on players costs," they say.
"The financial projections, which have been prepared, anticipate that the company will be able to meet its ongoing financial commitments from funds generated from operations."
However, at the year-end, there was a deficit of £6,249,728 - nearly double the 2022 figure - of shareholders' funds, hence the possible need to guarantee outside funding "as the company does not have formal funding facilities in place to cover any financial deficits which might occur".
"The board of directors has received an undertaking in writing from Football Partners Scotland L.P. that it will continue to make additional funds available to the company in situations where these funds are required," they say.
Dundee's loss came during a season when they were promoted back to the Premiership as champions after a season in the second-tier, despite staff costs remaining static at about £3.5m.
"With the dedication of the owners to get promoted from the Championship, we kept a Premiership budget with a Championship income," the club added.
"This resulted in a financial loss, but this was expected in order to return Dundee Football Club to Scotland's top flight."
The financial results have been released with the club sixth in the Premiership and with two games before the split as they look to seal a first top-six finish since 2015.
It also comes as they plan a move to a new stadium, amid criticism for the condition of the playing surface at their current Dens Park home.
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