Chairman Shaun Grady, on behalf of the Board, said:
“Summary accounts for the Club for 2019/20 have been filed at Companies House and will be available publicly shortly.
The filings show that an additional £1million was contributed into the Club during the period of the pandemic. This was very timely investment which has helped the Club weather the impact of the last year and cover losses during this uniquely challenging time
The filings also contain additional information for the current financial year confirming that the majority of the money Paul Barry had previously invested in the Club through loans has been converted into shares.
These shares are now owned by Cambridge United Sporting Club Inc and there is a single remaining loan to the Club from CUSC Inc of £500,000, which is interest – free.
This significantly simplifies the ownership structure such that the Club is owned 100% by Cambridge United Sporting Club Inc. Paul owns 80% of this company and Adam Webb and Mark Green own 10% each.
On behalf of the Board - and I am sure all our supporters – we would like to thank all three - Paul, Adam and Mark - for the great support this signifies in the Club.
The Club is fortunate to have a majority owner in Paul who cares deeply about Cambridge United and who will always take decisions with the Club’s long term interest at heart. It is no exaggeration that Paul’s financial support and the investment from Adam and Mark have been critical to the Club’s financial survival over recent years and the recent unprecedented period.
That Paul remains committed to supporting and investing in the Club’s future gives us confidence looking ahead. In Adam and Mark we also welcome two new investors who share all our passion and vision for the Club, are also financially committing for the long term - and we look forward to welcoming them to The Abbey at the first opportunity.
The financial realities for the vast majority of lower league clubs remain very difficult given the annual losses incurred - and we are no exception. The pandemic has only made things that much harder for every part of society. But we are guardedly confident we now have a platform of greater financial stability - alongside a collective desire to be the best we can be on and off the pitch. This could only have been achieved with the full support of Paul, Adam and Mark but also all our staff, sponsors, supporters and many and varied stakeholders; which is hugely appreciated and isn’t for a moment taken for granted.”