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Another financial scandal brews

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Another financial scandal is blowing through Scottish football on the watch of Stewart Regan and Neil Doncaster.

After issuing a statement on their own website it seems that Hamilton Accies have been the victims of an electronic fraud that has cost the club more than £750,000.

If Martin Canning had used that sum as a transfer fee all sorts of alarms would have gone off but it seems that that figure has quietly worked it’s way out of the club accounts.

Details of the club finances are sketchy with share trading completed in private. In their accounts to 30 June 2016 the club had net assets of £907,116.

Turnover at the club is likely to be less than £4m with the bulk of their income coming from SPFL prize money and match ticket sales. The £300,000 from Celtic’s Champions League participation will be a very welcome chunk of income.

Despite the administration followed by liquidation of Rangers in 2012 there are no Financial Fair Play measures in Scottish football with self certification the order of the day.

Unlike other top flight clubs Hamilton haven’t been given a UEFA licence in recent seasons which suggests that there are flaws in their accounting or auditing procedures.

It’s unlikely that the latest scandal will make much difference with normal business practices apparently unwelcome in Scottish football with a reluctance to learn lessons from past mistakes.

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