The parent company of Salford City, the club co-owned by a raft of former Manchester United stars, lost more than £4.7m last year according to new figures.
Accounts released by Project 92 Limited for the year ending June 30, 2021 show the company was losing an average of £91,000 per week. Project 92 Ltd was formed by ex-United stars Gary Neville, his brother Phil, Ryan Giggs, Paul Scholes, David Beckham and Nicky Butt. Each of the six former players, together with Singaporean business magnate Peter Lim, own the League Two club.
The latest accounts show that Project 92 has total losses of over £15million since it was set up in 2015 and its liabilities are more than £19million. The club borrowed more than £7m in the two years prior to the release of their most recent accounts (£3.55m in 2021) , possibly through investors, while their assets were valued at £3.7m.
