BARROW RAIDERS held their annual AGM for members on Wednesday 11 December, with the accounts for the period December 2022 to November 2023 revealing losses of £128,540.
Of course, the Cumbrian club is not alone in its losses, with a reported £5 million deficit spread amongst the 14 Championship clubs in the accounts presented to the RFL for the recent IMG gradings.
The Raiders also revealed that managing cash flow has been “challenging” with short-term debt repayments being made from the purchase of the old Josephine’s site, a repayment of a former chairman’s historic loan and government bounce bank loans taken out during the Covid-19 pandemic.
Barrow also released a statement revealing that there had been a block on potentially bringing in large investment: “It is clearly our ambition to become self-sustainable whilst at the same time continuing to improve all aspects of the club, with the short-term aim to be a play-off contending team and improve our facilities so that we may begin to increase revenues, both on matchdays through increased crowds, and through diversified income streams.
“With this in mind, the board of directors revealed to members the proposal to launch a new debenture book, with the aim of bringing vital revenue to match the ambitions of the club.
“We are hoping to attract new members to purchase debentures which will give those individuals ownership of the club and voting rights.
“Disappointingly a proposal to remove the 25,000 cap on voting rights, that we hoped would open the door to large investors, failed to reach the 75% approval needed by the members, with just one individual in the room, along with proxy votes from a former chairman, being able to scupper the proposal, ironically stating that the rejection was to stop one individual controlling the club. Frustratingly, all other members in attendance voted in favour.
“The board of directors intend to call an EGM in the very near future and bring the resolution back to the table. It is vital that if there are big investors out there, that we open the door to them and give them the say in the club that their investment merits.”
Click here to get the digital edition of League Express
Click here to subscribe to the print edition of League Express
League Express is also widely available from local newsagents across the north of England.
