Transfer income saves Exeter City from huge losses

Exeter City would have made a loss last year of more than £4.5m had they not received significant transfer income, according to their latest set of accounts.

The figures for the period to 30 June 2025 show the club made a profit of just under £350,000.

But since that date the Grecians have had to go to owners the Exeter City Supporters' Trust for loans of £600,000 and made redundancies.

It needed £400,000 to meet the club's June payroll and a further £200,000 in November to meet that month's wages.

The club sold striker Millenic Alli for a fee understood to be worth £1.5m to Luton Town in January 2025, while defender Will Aimson also moved to Wigan for an undisclosed fee in July 2024.

City also received a sell-on clause for Jay Stansfield, who moved to Birmingham City for a reported £15m in August 2024.

The accounts show the club later "received £985,000 from Close Brothers Leasing in connection with the factoring of the future sell-on clause relating to Jay Stansfield".

According to the accounts further budget cuts will be needed for the 2026-27 season - Exeter are outside the League One relegation places on goal difference after a 13-game winless run.

"These budgets are in the first instance challenging and rely on the continued financial support of the Supporters' Trust, however, there are significant items of potential contingent income relating to past players that would make this more manageable," the report in the accounts states.

"The directors acknowledge that due to the uncertainty of the future contingent income and the reliance on the Supporters Trust, there exists a material uncertainty regarding going concern, however, the preparation of the accounts on a going concern basis is still deemed appropriate."

Exeter had a successful season on the field in 2024-25 - they narrowly missed out reached the fifth round of the FA Cup after losing to Premier League side Nottingham Forest on penalties, while they ended the season 16th in League One.

But overspends during the season have had a knock-on effect in the current campaign - although financial results for this season will not be out for another 12 months.

"Following the resignation of the chief executive officer in June 2025, a thorough and detailed review of the club's finances and cashflow was undertaken, which identified an exaggeration of the club's immediate financial position," then-chairman Laurence Overend wrote in the accounts.

"This needed the immediate injection of cash from the Supporters' Trust to cover the club's on‑going commitments, as well as the voluntary reporting of VAT payments which had originally been paid incorrectly.

"This has, and continues to place a detailed strain on the club as a whole, including a wholesale change of directors on the board.

"However, the new board continues to follow the previous endeavours of striving for financial sustainability, and will continue to support all involved in the football club in achieving this."

Exeter's turnover rose by £1.7m over the year, mainly due to the increase in the EFL's broadcast revenues and extra commercial income. But the club's wage bill rose by £1.5m as 22 more players came onto the books.