Gillingham’s latest accounts reveal an increase in recorded losses, which now stand at more than £13m.
Pre-tax losses for the season 2024/25 stood at £5.7m, which is up from a £4.3m deficit the year before.
Gillingham’s latest accounts are made up for the year ending June 30, 2025, and reveal a significant investment from chairman Brad Galinson, who has bankrolled the club by loaning it close to £7m.
An interest-free loan of £6.97m is repayable to Mr Galinson – within two to five years – up from £2.2m and secured by a charge over Priestfield Stadium.
In addition, Mr Galinson provided £1,578,000 in non-repayable donations to help fund the business.
Turnover dropped to £7.5m from the 2023/24 total of £8.22m, which was for a 13-month period. The GFC School had added £833,000 to the accounts the year before but has since been closed.
There has been a 26% increase in commercial and catering sales, as well as an increase in season ticket sales.
The club’s net liabilities stand at £7.8m.
Mr Galinson’s statement reflects comments made recently by the club’s managing director Joe Comper, regarding building a sustainable model.
It’s stated that “the club’s long-term objective is to achieve sustainable promotion to League 1 and beyond, while maintaining financial stability.”
Investment in the club includes the fanzone, which is currently being constructed, which they say is “the next stage of the vision to modernise Priestfield Stadium.”
Their aims are to continue the growth of the non-matchday conferencing and commercial business, which will be helped by the building of a fanzone.
Brad and Shannon Galinson are the club’s majority owners, with Mark McAllister the other director, appointed in April 2025.
The club have settled their outstanding loan with Three Directors Limited after making a payment of £600,000 to a company that includes former chairman Paul Scally as one of the directors.
Mr Scally and Mr Galinson are currently in the process of a legal argument that is set to be heard in the courts.
Current majority owner Mr Galinson is suing over the £7m takeover of the club, alleging a whole host of financial wrongdoing concerning the League 2 side’s affairs. The Galinson family have a 70% stake in the club. Mr Scally retains a minority share.
Revenue of £7.5m includes £3.5m of football-related activity, including gate receipts, commercial income of £2.3m, £518k in the club shop and £653k from the youth academy.
Matchday kiosk sales and programme income were both down. The accounts include £35,000 in transfer fees.
The only undisclosed transfer fee was for the sale of Dom Jefferies to Lincoln City in July 2024
Wages were up slightly from £5.6m to just over £6m – in a year which saw the Gills change manager twice – but the club have this season reduced the playing budget by around £500,000. Player registrations were up from £184,000 to £286,000.
The club’s accounts note that debtors include £10,549 due from Mr Scally.
Hatcham Management Limited, a company owned by Mr Scally, invoiced the club £200,000 the previous year for services, but there was no amount due in the latest accounts.
Mr Scally’s daughter paid the company £1,873 in relation to a car lease.
GFC paid rent of £100,000 for Priestfield Stadium to parent company GFC Holdings.
The yearly accounts add that since the appointment of manager Gareth Ainsworth they are embarking on a “two-year journey towards promotion.”
