Exeter City Football Club’s recent operational review, which incorporated an independent investigation, has now concluded. This includes the resolution of the outstanding issue which related to compliance over VAT payments.
 
The Club reported this matter to HMRC as soon as it was identified in the early summer. An immediate payment was made to HMRC and stronger controls were swiftly introduced to prevent any recurrence. We have now heard from HMRC who have charged us interest, but not further penalties.
 
We apologise for the delay in earlier communication about this issue, as we appreciate this was frustrating for supporters. However, our priority throughout was to act responsibly to safeguard the Club’s position and ensure stronger financial controls were firmly in place.