Financial state at takeover of Yeovil can't be underestimated, say Hellier Group
Bosses have invested around £1.7 million as the club set their sights on returning to the National League
Yeovil Town say 'the financial state of the football club' when it was taken on by the Helier Group cannot be underestimated.
They have today (28 March) published their audited financial accounts for the year ending June 2023, in what they have described as a 'period of great instability' - with financial obligations due to HMRC, as well as kit manufacturers and 'integral suppliers'.
They add people 'who should not have been placed in that position' helped to keep the Glovers afloat in the final weeks of the previous ownership.
Bosses have invested around £1.7 million as the club set their sights on returning to the National League.
The Hellier Group are urging fans to come down and support the club - as they work to make it sustainable - but have also re-stated their obligations to Yeovil Town, saying they are 'fully committed' to the side, by 'providing the financial support that it needs'.
They said: "Since acquisition, we have all worked tirelessly to improve the financial situation of the Club, give Mark the resources he needs and to improve the fan experience.
"We would like to think that we have achieved all of these. It was essential that the Club returned to the National League in order to be a viable going concern.
"Since acquisition, the Hellier Group has provided funds to the club in the region of £1.7m, the majority of this has been converted to equity, such that these are not treated as directors’ loans. This can be shown in the events after the reporting date.
"One of the most straight forward ways for the Club to be sustainable is for attendances to continue to increase. We are extremely grateful to all the fans for their phenomenal support throughout the season and are excited for a bumper bank holiday crowd."
It's now predicted there will be a reduced loss in the accounts for the period ending 30th June 2024, thanks to to efficiency savings and the falling away of creditors who were incurred under the previous ownership.