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Maidstone United reveal £130,000 pre-tax profit for the financial year ending June 30, 2021

Maidstone United made a trading profit for the ninth straight year during the 2020/21 season.

Financial accounts show they made an overall group profit before tax for the year, ending on June 30, 2021, of £131,504.

Maidstone United's Gallagher Stadium. Picture: Keith Gillard
Maidstone United's Gallagher Stadium. Picture: Keith Gillard

This came despite last season’s National League funding controversy.

Last month, co-owner Oliver Ash said the Stones “have been working hard with other angry clubs to hold the guilty parties to account” in light of the botched distribution of National Lottery money in October 2020 which was designed to help clubs through the health crisis.

Maidstone were among a number of well-supported clubs to miss out on further much-needed funds after the board went against government recommendations to issue grants based on lost gate revenue and, instead, adopted their own model.

This saw the Stones short-changed by more than £100,000, despite receiving £36,000 a month for lost revenue out of the £10million National League grant as a result of playing behind-closed-doors.

Income streams for the year for Maidstone fell 46% compared to the year ending June 30, 2020, as the Covid pandemic continued to impact non-league football.

Maidstone co-owner Terry Casey. Picture: Andy Payton
Maidstone co-owner Terry Casey. Picture: Andy Payton

But the club’s supporters and business partners contributed generously to assist the Stones.

Many season ticket holders donated the cost of their season tickets to the club even though the season was interrupted - and some business partners did the same with sponsorship payments.

In addition, some support was received from the National Lottery funding and from local authority support for the leisure sector.

It is also reported there is no significant external group debt.

Current shareholder loans of £2,765,000, essentially made in order to construct and then extend the stadium, are matched by the estimated value of the stadium and the land owned by the club.

Having moved into the Gallagher Stadium in 2012, where they incorporated a 3G pitch, the club has made a profit every year since.

Co-owner Terry Casey said: "We are delighted to report another profitable year as we approach the 10th anniversary of returning home to the wonderful Gallagher Stadium.

"This keeps the club healthy financially and provides a solid base from which our teams can perform at the highest level possible.

"It also enables us to look again at projects to improve and expand the stadium for the comfort of our supporters.

"We can only thank our loyal fans and business partners for sticking with us during the past two hard seasons and wish them all the best.

"Hopefully, they are enjoying the return to a more normal season as the club is in a good place.

"We will do our best to keep it like that and provide entertainment and a quality experience for all our supporters."

On the field, Maidstone are challenging for promotion from National League South and sit second in the table.

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