Fleetwood Town Are Carrying a £46m Deficit Through League Two

In the 2024-25 season covered by these accounts, Fleetwood Town competed in the lower half of League Two, continuing a decline for a club that spent several seasons in League One earlier in the decade under significant investment from owner Andy Pilley.

The accounts don't disclose a turnover figure for the period, but a pre-tax loss of around £7m for the year added to a net asset deficit already sitting at around minus £46m, one of the largest anywhere in League Two.

That scale of debt, built up during Fleetwood's more ambitious League One years, continues to define the club's financial position long after the ambitions that created it have faded, with League Two-level revenue nowhere near enough to make a dent in it.

Cash reserves of just over £0.1m leave almost no room for manoeuvre, a position that makes it difficult for the club to invest even modestly without further stretching its finances.

Fleetwood's league position reflects a club still paying for ambitions from a decade ago, a debt burden that will likely outlast several more managers and seasons before it's meaningfully addressed.