Ross County announce cash injection has written off losses of over £579,000
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Ross County have announced they recorded a loss of £579,472 in their latest annual financial reports.
However, the losses were covered with a cash injection into the club by its ultimate holding company.
The club's released their latest directors report and financial statement for the year ended 31 May 2023.
In its business report, it read due to financial headwinds and the impact of Covid-19 on business they were facing a tough outlook.
However, thanks to the cash injection, the report read that it has mitigated any financial problems.
In its business review the club said: "Having finished season 2021/22 in sixth place, the 2022/23 season kicked off with a degree of optimism but balanced against continuing financial headwinds and the slow recovery beyond the Covid-19 pandemic.
All of this pointed to another difficult financial outlook for the season. At the outset of the season, we set two main targets. Firstly to retain our position in the SPFL Premiership and secondly to mitigate the negative impact on our cash flows of what was looking like a difficult financial landscape.
"The board were pleased to achieve their first objective by retainig the club's SPFL Premiership place following a win in the two legged playoff final on penalties against Partick Thistle.
"The second objective was achieved thanks to a cash injection into the club by our our ultimate holding company which covered our losses of £579,000 and we would like to record our thanks to our parent for this continuing support."
Speaking about its plans for future developments, the report said: "The goal of the directors is to create a sustainable, community based model for future stability. To this end the short-term target is to preserve the club's position in the Scottish Premiership."
