With the season underway, Yeovil Town can offer supporters a financial update for the football club.
Throughout the last year, the impact of playing without supporters has been a major financial challenge for Yeovil Town.
During the lockdown, whilst fixtures were played behind closed doors, the club took out a payment agreement HMRC (Her Majesty’s Revenue and Customs), something offered to all National League clubs. As of August 2021, we are pleased to confirm the club has paid back all liabilities and no longer has any debts with HMRC.
This week, as a result of the government lockdown being in force after April 1st, restricting our capacity to welcome supporters until the final two home fixtures, we have received another £112,000 loan from Sport England.
This loan is a top up on loans given to clubs due to the lost revenue from last season’s lockdown period. This means that the loan itself is in relation to the costs and creditors from last season, and that is what the loan will be used for.
The loan itself is a 20-year term, which includes a four-year holiday period at a 2% interest rate per annum.
As has already been widely reported, clubs within the National League had expected funding to come in the form of grants rather than the collective loans that have been received. Yeovil Town, along with a number of other National League clubs will be looking to the sports minister for the loans to be eventually turned into grants, as has been previously suggested.