Celtic star's transfer 'biggest factor' in Motherwell posting club-record profit

Motherwell have posted a record profit of £3,575,615 in the year ending 31 May 2021.

It's a substantial rise for the Fir Park side on the £435,970 profit recorded in 2020, with a total increase of £3,139,645.

A £1,518,471 accounting profit attributed to a Scottish Government interest-free loan is included in the figures.

David Turnbull's transfer to Celtic in 2020 from the Steelmen has played a key role in this achievement after he departed the Premiership side for a club-record fee.

The Scotland international was a product of Motherwell's academy and his fee was reported to be above the £3 million mark.

A review by chairman Jim McMahon reads: "The financial results for the 2020/21 season are difficult to compare and contrast to earlier years.

"But despite the financial challenges created by Covid-19, I can report that the profit for the financial year is a club record £3,575,615.

"The pandemic caused a major reduction in our operating income. For example, revenue in the prior year included £1.35m of gate receipts. With matches being played behind closed doors, no such income was generated in 2020/21.

"The restrictions also reduced our commercial income by almost £350,000. There were various other smaller reductions in funding from the football bodies, who had front-loaded awards at the start of the pandemic.

"The club had put measures in place to reduce the impact of the pandemic on its finances. These were very successful and resulted in £4.1m of Other Operating Income being recorded in the financial year. This includes monies from the HMRC Job Retention (furlough) scheme, a business interruption insurance claim and an SPFL Trust Covid-19 grant.

"We also borrowed £2,959,000 from the Scottish Government to further