Dundalk FC confirms €958,842 loss for 2024 financial year

Dundalk FC posted another substantial financial deficit for the year ending December 31st, 2024, according to its abridged financial statements.

In what proved to be a tumultuous year both on and off the pitch, the club reported losses of €958,842.

Although this represents an improvement on the previous year’s €1,467,349 shortfall, it brings Dundalk’s cumulative operating losses from 2018 to 2024 to €3,809,654.

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Of those seven years, 2024 may well have been the most turbulent. After US-based businessman Brian Ainscough assumed control in November 2023, the club came perilously close to being placed into liquidation until local barrister John Temple intervened at the eleventh hour in September 2024 to avert collapse.

Mr Temple remains entangled in a legal battle over the ownership of the club with Chris Clinton, who was brought on board as a minority shareholder by Boston-based Ainscough in February 2024.

In the 2024 accounts—independently audited by local firm Baker Tilly Kirk Ltd and signed on November 24th by company director Chris Clinton and secretary Owen Clinton—it was noted that: “The company regards Christopher Clinton as the ultimate controlling party.

“On 10th October 2025, the club was promoted to the SSE Airtricity Premier Division for 2026. On 30th October 2025, Christopher Clinton acquired John Temple’s 80% shareholding in the club to become the majority shareholder and new chairman.

“The financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue in operational existence for the foreseeable future.

“The time period that the board has considered in evaluating the appropriateness of the going concern basis in preparing the financial statements is for a period of 12 months from the date of signing of these financial statements.

“The shareholders of the company have set about a process to turn the company around. The shareholders have pledged continuing support to the company and that they will not seek repayment of the loan balances owed within 12 months of the signing of the financial statements.

“The directors have also prepared financial projections which show that the company will have sufficient cash to continue in operation for at least a period of 12 months from the date of these financial statements.

“These matters, along with other matters explained in the financial statements, indicate the existence of material uncertainty that casts doubt as to whether the company can continue as a going concern.

“New owners took charge of the club in late 2024 and have set about a process to turn the company around. Latest management accounts indicate a return to profitability.

“The company’s shareholders have indicated that they will continue to support the club, and repayment agreements have been reached with the club’s main creditors.

“The club has recently achieved promotion to the League of Ireland Premier Division for the 2025/2026 season. The directors have prepared financial projections which show that the company will have sufficient cash to continue in operation for at least a period of 12 months from the date of these financial statements.

“On this basis, and on the assumption that the club receives a licence from the FAI for the 2026 season, the directors are of the opinion that it is appropriate to prepare these financial statements on a going concern basis.”

The statement further observed: “The company is currently vigorously defending several claims for alleged unfair dismissal. The directors, under advisement from their legal team, expect that these claims will be successfully defended. On this basis, no provision has been made for any costs or compensation in the financial statements.”

Alongside onboarding Ohio-based Chris Clinton, Ainscough also introduced three additional US-based minority shareholders in 2024—John Keenan, Kevin Brayton and Michael Cianci—all of whom remain involved with the club.

Prior to Ainscough’s brief and turbulent spell in charge, US investment firm PEAK6 amassed losses of €885,814 during their fraught four-year tenure as full owners from 2018 to 2021.

They were followed by a consortium consisting of STATSports duo Sean O’Connor and Alan Clarke, together with FastFix businessman Andy Connolly, under whom further losses of €1,964,998 were recorded over a two-year period.

In 2024—most of which unfolded under Ainscough’s majority ownership—Dundalk posted losses of €958,842 and endured relegation after finishing bottom of the SSE Airtricity League Premier Division.