The results cover the three entities which make up the club’s corporate structure: MU Holdings Ltd, MU Ground Ltd and MU Football Club Ltd. Income and expenditure is divided between the two operating entities according to an operating lease contract. The overall results are a combination of the entities’ figures.

For the accounting period July 2022 to June 2023, Maidstone United recorded a turnover of £2,082,880 with expenditure of £2,285,847, resulting in a loss on an EBITDA basis of £202,967. In the short term, this loss has been funded by cash advances. This is the company’s first recorded loss since the Gallagher Stadium opened in 2012, thus the company has been profitable for ten out of those eleven years.

During this period the club was promoted to the National League. The budgeting at the time was carried out based on a hypothesis of the men’s first team achieving a lower mid-table position in the National League. In reality the club was bottom of the division for most of the season and was relegated.

The loss was due to several factors: poor recruitment of players, resulting in poorer performances, lower attendances and relegation; a terrible run of player injuries requiring costly hospital treatment, which the club contributed considerably towards; reduced customer spend on beer at matches due to drinking laws applying at National League level and above; additional transport costs in a nationwide league; increased repair and maintenance costs in a 10-year-old stadium; worsening financial conditions in UK affecting supporters’/customers’ ability to attend matches so often.

This underlines the increasing challenge presented by promotion to the National League, where the competition is intense and most clubs are well-funded by owners obliged to regularly subsidise losses.

“The medium-term picture is actually quite favourable,” said club co-owner Terry Casey. “Over the past 11 seasons the business has generated about £1.8 million of profits altogether. Alongside loans from the shareholders of about £2,600,000 and various grants from the Football Foundation and Premier League Stadium Fund, this means more than £5 million has been invested into building, expanding, and improving the stadium, in order to comply with league rules and offer a comfortable experience for supporters.

“This current season looks even more favourable than usual as we are benefitting from an exceptional run in the FA Cup, which is generating a windfall profit. The current management structure is performing well and the club is well-supported and expanding its reach into the community through The Stones Community Trust.”

Co-owner Oliver Ash said: “Sadly all good runs come to an end on and off the field. However, despite last year’s loss, we are now in a position to fund the necessary capital expenditure around the stadium, essentially a new 3G pitch of the highest quality, which should last six to eight years.

“The club is financially healthy and we continue to run it with a strategy of ensuring it remains profitable. We have now been overseeing the club for nearly 15 years and are continuing our search for new investors capable of taking over and pushing the club sustainably to new heights.”