Gillingham's accounts revealed up to year ended May 31, 2022; club post loss before taxation of £904,462

Gillingham lost more than £900,000 in the final full season that former chairman Paul Scally was at the helm.

The club’s financial accounts for the year ending May 31, 2022, reveal a loss before taxation of £904,462. This compared to a profit in the previous 12 months of £339,137, a figure boosted by Covid grants from the government.

The period covers the final full season before Brad and Sharon Galinson took over the majority shareholding of Gillingham at the end of 2022.

As a current director, Mr Galinson states: “After a long, collaborative due diligence process, on the 23rd December 2022 I acquired a majority shareholding in GFC Holdings and Gillingham Football Club Ltd.

“Myself and my family are absolutely delighted to have completed the acquisition of Gillingham Football Club.

“It is a club with a rich heritage and a passionate, loyal fan base.”

The accounts covered the season that Gillingham suffered relegation from League 1.

Supporters were allowed back into Priestfield following the end of Covid restrictions. As a result, turnover increased from £4.3million to £5.5million. However, administrative expenses nearly doubled from £1million to £1.9million while government grants halved from nearly £1.3million to just under £700,000.

The club received an £882,800 EFL advance in the previous year that is repayable in instalments up until April 2024 and that figure has now been reduced to £580,621. The club paid interest of £49,000 on the loan of £1.8million to Three Directors Limited – of which Mr Scally is a director – during the financial year. The loan is repayable within five years.

In terms of football ticket sales, income went up from nearly £2.4million to nearly £2.9million, commercial income more than doubled to