Aberdeen has reported a loss of £880,000 despite raising a record amount of money in the last financial year.
The Scottish Premiership club earned £23.6m during the year to the end of June 2024, almost £8m more than the previous 12 months.
That increase, the club says, is largely due to its participation in the UEFA Conference League group stage, which increased prize money, ticket revenue and commercial revenue.
However, a £6m drop from player sales meant the club went from recording a profit of more than £1m to a loss.
The current accounts include the sale of midfielder Ylber Ramadani to Lecce, but not the record fee that forward Bojan Miovski received to Girona a year later, which will be included in next year’s figures.
Aberdeen spent £12.7m on wages, an increase of around £800,000.
“While the increase in turnover is largely due to European group stage football, along with domestic cups, it has been driven by significant increases in retail and commercial revenue streams,” said chairman Dave Cormack. .
“A key criterion of a well-run and financially sustainable club is the ratio of wages to turnover and, over this period, we are at a very healthy 54%.
“Our player exchange model, in which we must carefully balance significant additional investment in football salaries and transfer fees with revenue from player sales, continues to show positive momentum.
“But, due to the cyclical nature of player sales, recent real gains will only be reflected in next year’s results.”
The figures include a period in which Aberdeen’s men’s team finished seventh in the Scottish Premiership and reached the final of the League Cup, semi-finals of the Scottish Cup and finished third in their section of the Conference League.
Barry Robson began the season as manager but was sacked in January before Peter Leven ended the campaign when initial replacement Neil Warnock resigned in March after two wins in eight games.
Swedish manager Jimmy Thelin took over in the summer and Aberdeen currently sit second in the Premiership, level on points with Celtic after 10 wins and a draw from their first 11 games.
Their success earlier in the season meant consecutive sell-outs at Pittodrie.
