Harps announce €76,900 Profit in 2007

[finnpark]

From the club's website

The turnover was more than doubled on the pevious season to around €650,000 with a profit of almost 77K.

With a new mini stadium on the way and in the process of turning full time, the north west could finally have a decent football club :ball:

http://www.finnharps.com/News/08Feb18HarpsAGM.htm

[GavinZac]

Just to warn you, "in the process of turning full time" means competing with clubs with turnovers in the millions.
How much of the profit was prize money?
Fair play though, very many clubs in the league could learn from FInn Harps.

[higgins]

You won't go full time on anything like €650,000!

[Mr A]

Obviously this year there will be a marked increase in turnover again if all goes to plan. Probably moving towards the sort of territory Sligo and Galway are in, probably a bit less than them though. To answer the questions above- 30k of that would have been prizemoney. Also, the Celtic Friendly brought in a huge amount of money, and without it I'd say we'd be looking at a small loss for the season.

Those cautionary notes aside, this does represent an incredible turnaround from the year before were we made a loss and really struggled financially. The impact of Paul Hegarty and the likes of John Campbell on the board have made a huge difference to the club. We still have a long way to go, but a professional structure is finally being put in place off the field and there is reason to be optimistic about the future. That said, if the first team bombs this season (I don't think it will) we could be in bother, but that could be said of any club that doesn't have a sugar-daddy behind it.

[dcfcsteve]

Good work by the Harps.

That's a good profit versus turnover - your costs must be relatively low. Though you will need to up your spending on players quite a bit if you hope stay in the Premier.

[finnpark]

You won't go full time on anything like €650,000!

That was the first division turnover for a part time club. Its a probably a new record for a 1st division club (may be beaten this year by Fingal :D). I was surprised at how high it was. The non-wages expenses seem too high imo.

Advertising revenue is to increase significantly this season, season ticket sales have increased and hopefully gate receipts too. For a team with a stadium that looks like a barn and a green field we are doing well and have not near reached our potential yet.

With 25% of the league being relegated its going to be a very tough season on and off the field.

[finnpark]

Though you will need to up your spending on players quite a bit if you hope stay in the Premier.

Well this year anyway. We won't be bottom for sure and we are banking on Cobh, UCD, Galway and Sligo being in the relegation battle. I don't think that we have a better team that Bray but I think we will be either 3rd last or 4th last.

[Lionel Ritchie]

Well done Harps. from small acorns....

[amaccann]

Fair play; it's a step in the right direction, and the key is building on the good year. Well done, it's always a cheer to hear some good news when it comes to Irish teams' finances.

[higgins]

That was the first division turnover for a part time club. Its a probably a new record for a 1st division club (may be beaten this year by Fingal :D). I was surprised at how high it was. The non-wages expenses seem too high imo.


Are you joking ???
Well done on turning a profit but record turnover!! :)

and good luck with next season, I was up there last Friday at the Shels game and you didn't have the best of starts. 0-0 it finished but I thought for about 70 mins shels were the better team.

With what kind of turnover do you think you could turn full time ?

[Mr A]

My guess is somewhere between 800k to 1 million this year. Still not massive but hopefully doable.

[higgins]

A turnover of 1 million would allow you 650,000 for wages.
You've a bit to go yet if you're turning fulltime in my opinion but best of luck anyway.

Sorting a move to the new ground should be top of the list as Finn Park is a dump :)

[Sam_Heggy]

Full time CPO and general manager should help generate the extra off-field income needed.
I would guess there will be a big crowd for our first game of the season against Cobh and if we get a good result in that game we should be set for a big crowd in our next home game against UCD.
Alot of ifs and maybes in there but with the manager we have in place we should be safe enough and ready for a good start to the season.
Our first 3 games are massive and a minimum of 6 points should be our target.

[Sam_Heggy]

A turnover of 1 million would allow you 650,000 for wages.
You've a bit to go yet if you're turning fulltime in my opinion but best of luck anyway.

Sorting a move to the new ground should be top of the list as Finn Park is a dump :)

The new ground is at an advance stage and according to the board at the AGM, the matter is with the Revenue to sort out stamp duty, taxes, etc and when they are satisfied then its all go with the work to take approx 18 months until completion.

[CuanaD]

What I'm seeing here is a eL side who are being open & honest about their financials - I can't think of another club like them!


I know if I had any money to invest, this is the kind of set-up I'd be looking for.
Well done (again!) Harps & good luck for the year:ball:

[GavinZac]

What I'm seeing here is a eL side who are being open & honest about their financials - I can't think of another club like them! :confused: every EL side has to publish its accounts like any other company. We also had a brief over-view of our budget from our new General Manager all of 2 months ago - it will cost €2,000,000 to run CCFC this year.

[harps1954]

It's the fifth time in six years that Harps have returned a profit. In that time, they only showed a loss once - that being in the disaster that was season 2006.

[CuanaD]

:confused: every EL side has to publish its accounts like any other company. We also had a brief over-view of our budget from our new General Manager all of 2 months ago - it will cost €2,000,000 to run CCFC this year.

I think you know what I'm getting at - yes the companies who run clubs are obliged to file accounts & these can be accessed(at minimal cost) through the ROS site (or wherever) if you know the company name - it's the openness of Harps again publishing the exact figures(to the nearest euro) on their website in the news section that makes them different IMO.

As for the 2mil cost of CCFC - its HUGE in eL terms, but that is what has to be done to move forward - I presume this is an increase on last year's costs (?) - what is the projected turnover? (also what was the turnover for '07?)

[Postman]

From the club's website

The turnover was more than doubled on the pevious season to around €650,000 with a profit of almost 77K.

With a new mini stadium on the way and in the process of turning full time, the north west could finally have a decent football club :ball:

http://www.finnharps.com/News/08Feb18HarpsAGM.htm

Fair play. Wish Harps the best for the season. Is there not a bit of a syndrome in Ballybofey whereby the fans turn out to watch you steamroll the first division but then lose interest a bit with the frequent home defeats that life in the premier brings? Hope this doesn't happen again this season.

Also, how are you funding the new stadium? Local businessmen? Will it be a phase by phase job like Athlone and Tallaght or will it open as the finished article? Will it include other revenue earners such as retail outlets or astro pitches?

Oh and on the turnover thing, Rovers' turnover would have been aabout 800k in Division one. It obviously paid off though.

[Postman]

I think you know what I'm getting at - yes the companies who run clubs are obliged to file accounts & these can be accessed(at minimal cost) through the ROS site (or wherever) if you know the company name - it's the openness of Harps again publishing the exact figures(to the nearest euro) on their website in the news section that makes them different IMO.

As for the 2mil cost of CCFC - its HUGE in eL terms, but that is what has to be done to move forward - I presume this is an increase on last year's costs (?) - what is the projected turnover? (also what was the turnover for '07?)

How would €2m compare to a league 1 or 2 side does anyone know?

[Steve Bruce]

How would €2m compare to a league 1 or 2 side does anyone know?

It wouldn't.

x that figure by 5 and probably then some.

[Mr A]

Also, how are you funding the new stadium? Local businessmen? Will it be a phase by phase job like Athlone and Tallaght or will it open as the finished article? Will it include other revenue earners such as retail outlets or astro pitches?

The stadium is fully funded by the difference in value between Finn Park and the new site (despite the fact they're so close- it's a zoning thing) and by grant aid etc. FHFC will not have to spend very much, if anything, on the new stadium. Also, it'll all be built in one go, the developer does not get Finn Park until it is complete.

I would hope to see the complex contain the sort of thing you refer to, and am confident there will be.

[Sam_Heggy]

Fair play. Wish Harps the best for the season. Is there not a bit of a syndrome in Ballybofey whereby the fans turn out to watch you steamroll the first division but then lose interest a bit with the frequent home defeats that life in the premier brings? Hope this doesn't happen again this season.

Also, how are you funding the new stadium? Local businessmen? Will it be a phase by phase job like Athlone and Tallaght or will it open as the finished article? Will it include other revenue earners such as retail outlets or astro pitches?

Oh and on the turnover thing, Rovers' turnover would have been aabout 800k in Division one. It obviously paid off though.

The sale of Finn Park and government grants/aid funding is covering all costs of building the stadium. It will be completed before we move in, near 7,000 all seater. See here (http://www.finnharps.openhosts.com/stadium.htm) from our old website for more info.

[Sam_Heggy]

The stadium is fully funded by the difference in value between Finn Park and the new site (despite the fact they're so close- it's a zoning thing) and by grant aid etc. FHFC will not have to spend very much, if anything, on the new stadium. Also, it'll all be built in one go, the developer does not get Finn Park until it is complete.

I would hope to see the complex contain the sort of thing you refer to, and am confident there will be.

Jebus man yer far too quick on the typing :mad:

Word at the AGM was that there will be a few pitches built in the area of the new FP. I just wish the digger could be moved in now.
Maybe under the cover of darkness :cool: , only danger would be the possible crashing into and demolishing of Bus Eireann depo, still it would be worth it.

[higgins]

Cost 2 million to run Cork City ?

I take it we'll see a profit for Cork next year so as there's no way you'd need 700K (35%) of that for non wage costs :)

[GavinZac]

Cost 2 million to run Cork City ?

I take it we'll see a profit for Cork next year so as there's no way you'd need 700K (35%) of that for non wage costs :)

Non-wage costs include bonuses and incentives, apparantly. We also have a fairly extensive off the field staff, and we have a shop/property in the city centre to pay for, as well as renting turner's cross and bishopstown for training.

[higgins]

Bonuses and incentives are outisde the 65% ????
Ok so you can offer all your players a weekly bonus of €100 for training on a Tuesday. €50 for getting on the team bus, offer the good ones €50 for getting a game and so on and so on ????

Would you get out of it!

[finnpark]

Bonuses and incentives are outisde the 65% ????
Ok so you can offer all your players a weekly bonus of €100 for training on a Tuesday. €50 for getting on the team bus, offer the good ones €50 for getting a game and so on and so on ????

Would you get out of it!

:D

Or a €100 bonus if you win, €100 if you draw and yes €100 lose.