By David Owen
March 27 – Directors’ remuneration at Aston Villa, the proud old Midlands club now stuck in mid-table in the English second tier, almost tripled in 2015-16, its relegation season.
Compensation paid to directors, or past directors, for loss of office helped to inflate the overall bill for directors’ remuneration for the year to 31 May 2016 to £4.63 million, compared with £1.59 million for the previous 12 months. The remuneration of the highest-paid director reached £2.96 million, up from £1.26 million. Overall compensation paid for loss of office was £2.59 million.
Accounts for the holding company, Reform Acquisitions Limited, recently filed at Companies House, do not identify the highest-paid director. However, they do list those who were appointed and resigned during a turbulent year. Chief executive Tom Fox stepped down on March 17, while Robin Russell resigned on February 11. There was also the brief interlude in which David Bernstein, former Football Association chairman, and Mervyn King, former Bank of England governor, joined and then left the board.
King served between February 4 and April 18 and Bernstein between March 11 and April 18. Steven Hollis arrived on the same day as King, while Gulf War commander General Charles Krulak joined along with Bernstein.
Chinese businessman Tony Xia completed a takeover of the club just after the year-end on June 14. Hollis and Krulak resigned on this date, along with Randy Lerner, until then the ultimate controlling party.
It was a terrible year financially for the club, as well as on the pitch, with pre-tax losses reaching £80.7 million, after including £79.6 million of exceptional items. This was in spite of the lucrative sale of centre-forward Christian Benteke to Liverpool in July 2015. The overall profit on disposal of players’ registrations came to £34.8 million.
The bill for wages, salaries and social security costs climbed to £93 million from £83.8 million. Turnover fell to £108.8 million from £115.7 million, with broadcasting revenue down to £65 million (£71.4 million) and gate receipts £12.5 million (£13.8 million).
Contact the writer of this story at moc.l1713586524labto1713586524ofdlr1713586524owedi1713586524sni@n1713586524ewo.d1713586524ivad1713586524