Carlisle United’s accounts for the first season under the Piatak family reveal how off-field income grew and player spending also surged as the Blues tumbled to League One relegation.
The financial results for 2023/24, filed and published by the club, also show how United’s wage bill increased dramatically in spite of their downturn on the pitch.
The accounts cover the year to June 30, 2024 – including the first seven months under the club’s American owners, who took United over in November 2023.
The figures show an overall profit of £2.82m, though this includes the £2.56m legacy debt to Purepay Retail Limited which was bought by the Piataks and subsequently “forgiven” by the owners – and removed from United’s balance sheet.
Carlisle’s turnover reached record levels, with headline turnover up 57 per cent to £8.31m and business turnover up by more than £1m to £4.12m.
Matchday, commercial and retail income grew significantly during Carlisle’s campaign in League One.
But the price paid for United’s dismal campaign in the third tier is also laid bare.
The accounts show that Carlisle spent £491,000 on transfer fees, up from just £78,000 in the previous season.
That includes the January transfer window – the first window under the Piataks – as United spent heavily in a failed attempt to avoid relegation back to League Two.
Carlisle spent nearly £500,000 on player transfers in 20232/4 - including the January transfer window which saw the likes of Luke Armstrong join at significant expense (Image: Richard Parkes)
The club’s total wage bill, including players and staff, rose from £3.44m to £4.35m, United taking on 13 more football staff and 42 extra administrative staff.
And United’s total football spending – including player costs plus aspects like travel, medical, IT, recruitment and scouting – went up from £2.81m to £4.05m.
The Blues’ “professional game income” grew through 2023’s promotion to League One while “football fortune” rose from £430,000 to £1.9m, largely due to £1.86m through player sales – the club bringing in £975,000 from deals in 2023/24 and in previous years.
The value of United’s net assets rose from £8.1m to £10.9m, following the major investment programme in Brunton Park under the owners which has seen the Andrew Jenkins Stand and other areas overhauled.
United’s debt, the accounts show, went down from over £3m to £1.89m – and this includes £1.66m owed to Castle Sports Group, the Piataks’ company, as a result of the major capital investment in Brunton Park. The rest is owed to Pioneer, the firm of the late former owner Andrew Jenkins.
The contrast in the off-field financial picture and the failure on the pitch is summed up in the strategic report accompanying the accounts, which says the club recorded “the best year in its history” on a financial front, but 2023/24 was “one of the worst football seasons in the club’s history” as the Blues under Paul Simpson finished adrift at the bottom of League One, a year after being promoted.
United “materially underperformed” their playing budget, which was not at bottom-four levels in 2023/24's third tier and increased under the Piataks, the club said.
The full accounts are available via the club website.
