NEWPORT County AFC state that “improved financial controls are in place” after confirming a loss of £1.2million.

The Exiles’ audited accounts for the year ending June 2022 are now online after being filed at Companies House ahead of an extended deadline last month.

As reported previously in the Argus, they reveal a loss of £1,231,493 and that the club has gone from reporting net assets of £837,857 to liabilities of £393,634.

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County’s financial situation – they operate with structural losses of around £300,000 – has led to the board of the Trust-owned club exploring their ownership model but, while like many EFL clubs they remain a going concern, proactive steps have been taken.

"A set of robust actions have been implemented to ensure that improved financial controls are now in place,” said the board’s statement in the accounts.

"Plans will be reviewed with control and rigour to ensure the necessary business improvements are seen.”

South Wales Argus: Newport County flags at Rodney Parade

The accounts are for the year in which Michael Flynn was replaced by James Rowberry as manager, who was sacked last October and replaced by Graham Coughlan.

The current boss is operating on one of League Two’s smallest budgets.

"The board has set a neutral budget for the current financial year. It has implemented a range of cost-saving changes and has restructured the management team,” said the board.

"Cash flow will be managed carefully to ensure that liabilities can be met within agreed timescales. The board has also identified potential additional sources of funding which could be accessed if required."

"Steps have been taken to re-structure the management team within the club whilst specialist external financial support has been obtained,” continued the statement.

"This has enabled the club to stabilise its financial position and, whilst still expecting a deficit for 2023, work towards a neutral budget for 2024.”

County’s biggest creditor is the Dragons with a new long-term lease for Rodney Parade, which will be bought by the rugby club from the WRU as part of a takeover, being finalised.

"As part of these ongoing discussions with the primary creditor, and landlord, progress has been made on finalising an agreement for the current playing lease to be extended and the directors are confident that this extension and revised terms will come into effect imminently,” said the statement.

Full accounts: HERE