Craig Hemmings airs Premier League gripe as Preston North End transfer picture set out by Peter Ridsdale

Preston North End's club accounts for 2022/23 have been published and chairman Craig Hemmings has shared his view - along with club director Peter Ridsdale.

The Lilywhites' loss after taxation was £12.2million, down from £16.9m in 2021/22. Turnover rose by 12% to £15.5m, from £13.8m in the previous year. The club's staffing costs and wage bill also dropped, along with wage-income figure - though that still stands at 139%.

Chairman, Craig Hemmings commented: “We, of course, want to have success on the football field and ultimately promotion to the Premier League, but as the custodians of the club we will do our very best to achieve this without jeopardising the club’s long-term financial future. Consequently, I am delighted at the positive steps we have taken in reducing the club’s annual losses, continuing our strive for financial sustainability.

“I make no apologies for again commenting on the lack of level playing field in the Championship, due to some clubs benefiting from huge financial advantages, given to them via the Premier League parachute payments. We have lobbied consistently about a financial re-balancing of the football pyramid. In November it was announced we are to have a new Football Regulator who will oversee the running of English football, to – amongst other important initiatives – ensure a fairer distribution of monies across all divisions.

"Whilst it is likely to be at least a couple of years before the Regulator is in situation, it is a very encouraging step for all of English football. Unfortunately, even though they have been repeatedly requested to do so by Government, the Premier League has thus far either refused or has been unable to agree to any new financial model with the EFL. Let us hope, for the benefit of all football, good sense prevails sooner rather than later.”

Director, Peter Ridsdale added: “For the 2023/24 season we have made some major changes to our commercial matchday partners and our retail partners, bringing in both Sodexo and Castore respectively. Feedback has been very positive for the improved matchday hospitality experience and sales are up on prior year. Also, to date, we are significantly up on sales of our new replica football kits and leisure wear. In addition, we have invested significantly in the infrastructure of the club, with the opening of the Gentry Bar, a new roof on the Town End, new advertising boards and a new electronic screen.

"On Boxing Day, against Leeds United, we had the highest league fixture attendance the club has had since August 1971. We will continue to invest in the stadium as well as ensuring that we have a playing squad capable of competing at the top end of the Championship. The Championship is one of the most competitive leagues in the world, and we are up against teams with player wage bills over double or triple our own. We believe consistently achieving a top-half finish should not be dismissed but rest assured, our ambition is higher.

"In the summer transfer window we made strides to develop and strengthen our squad. We signed eight players, one of the most active I have been involved in since joining the club. We are up against financial constraints and any January activity will need to be balanced with outgoings to keep us within the £39m, three-year cumulative losses limit set by the EFL. I believe we have as strong a squad as we have had for many seasons. Within this squad I am delighted to see we have a number of stand-out Academy players making their way into the first team. This bodes extremely well for the future of the club.”