£31K Profit at Cheltenham

Cheltenham Town have revealed that the club made a profit of £31,438 last year as opposed to a loss of £273,000 the previous year. The decifit was even higher in 2009 when the club lost £826,898.

"These figures are remarkable and show that we have not only halted the huge losses but managed to turn the business around," said chairman Paul Barker.

"When you lose as much money as we did it has to be funded somehow and we managed to do it by a combination of aggressive cost controls, borrowings and investment.

"We've done it all during a difficult economic environment and would like to thank both Nat West Bank and our creditors for their understanding and patience. We have managed to reduce our debt significantly and this remains a continuing priority, as does running the football club sustainably.

"We still have to be very careful with our expenditure but the club is now in a much healthier financial position than for many years.

"It is particularly important to use this money wisely given that central distributions from the Football League will fall by over £100,000 next season and we may also have to spend more on youth development under the new structure that will begin in July 2012."

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