Fulham FC is facing significant financial risks, after suffering a £15.8m loss for the year to 30 June 2006, the clubs auditors PKF have warned in Fulham's latest set of accounts.
PKF did not qualify their audit of Fulham, but did decide to add an 'Emphasis of the Matter' note to their audit report, where they raised concerns about the future of Fulham as a going concern.
'The company has incurred significant losses in recent years and has accumulated a significant deficit of shareholders funds.
These conditions indicate the existence of a material uncertainty, which may cast significant doubt about the company's ability to continue as a going concern,' PKF said in the audit report for Fulham Football Leisure, the company that owns the football club.
Over the last decade Fulham has sustained losses of £125m, but has managed to survive because of the ongoing financial support of chairman and Harrods owner Mohammed Al Fayed .
The Fulham board said that it was relying on 'reassurances' from Al Fayed that he would continue to support the club financially.
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