Soccer: U's shareholders to be told of profit

But U's chairman Peter Heard, whose board of directors are desperate not to slip backwards in their quest to maintain Division Two status, is eager to point out the figure is not a true representation of the overall financial position.

Heard said the ITV Digital monies have provided an imbalance to the overall figures.

He explained: "The profit includes the up-front payment we received on the ITV Digital contract, which for accountancy purposes was a £445,000 sum that had to be put into this year's account.

"However, although the subsequent annual monies were supposed to be over a three-year period, they have now ceased because of ITV Digital's demise.

"So it is a somewhat inflated figure for this year and there will be nothing from this source in future years."

Heard also pointed out: "For the six months from April to November 2002 the un-audited figures show that we lost £126,000.

"This is largely due to our gates being reduced by around 500 per home League match."

The U's chairman remains confident, however, that despite losses continuing to be accrued the club is maintaining a forward progression.

In the light of other Football League clubs' financial woe the U's remain in a solid financial position.

Heard added: "In Division Two there are at least six clubs on the public record as either in administration or in financial difficulties, which has been known to their supporters.

"The financial situation at Colchester United is stable."

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Published Tuesday, January 14, 2003

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