Progress Wrestling over £1mill down

[Daddymagic]

I thought last year being nearly half a million in the red was bad enough. 
Their latest accounts have been produced and they now owe £1.1 million! 
 

Not sure who is bankrolling this but surely they ain't ever getting that money back. 

Edited April 30, 2025 by Daddymagic

[air_raid]

[Hannibal Scorch]

1 hour ago, air_raid said:

Tranmere Rovers not Luton

[Devon Malcolm]

Already looking forward to May 1st, 2026 when Daddymagic gleefully informs us Progress is £1.5 million in debt.

[CTXRussomark]

It's slightly misleading to only call out the £1.1m as they also have a significantly higher level of debtors (over £400k, up by over £300k on prior year) due to them, so the big jump in creditors could be partially just an issue of timing on debtor receipts.  Without knowing what makes up those balances it's hard to really know.  A cleaner metric to look at would be the actual profit/loss in the year which shows around a £300k loss for last year, up from a roughly £250k loss in the prior year.  So still not good by any means but not an exponential increase as the debt number in isolation would make it seem. 

[Your Fight Site]

13 hours ago, Daddymagic said:

I thought last year being nearly half a million in the red was bad enough. 
Their latest accounts have been produced and they now owe £1.1 million! 
 

Not sure who is bankrolling this but surely they ain't ever getting that money back. 

Why do you care so much to keep posting new threads about this every year?

[TheScarlettChad]

Maybe they owe him money

[Lion_of_the_Midlands]

Maybe they paid Ed Gamble a lot to make the Super Strong Style tournament draw. 

[JLM]

You wanna know what gets Daddy Magic’s NIPPLES HARD? Britwres drama, how ‘bout it?! 

[Supremo]

“GET A TASTE…of these debts!”

[westlondonmist]

1 hour ago, Your Fight Site said:

Why do you care so much to keep posting new threads about this every year?

If he didn't I probably wouldn't know Progress still existed

[lanky316]

I wonder if the investor will be back to discuss these accounts. 

[SuperBacon]

It'll provably transpire that DaddyMagic IS the investor. Russo swerve bro.

[Daddymagic]

Just boggles my mind that anyone as smug as Lee McAteer is willing to lose £1million on progress. 
 

Be back with an update next year .

[The King Of Swing]

Death. 

Taxes. 

Annual Progress financial updates.