Gary Caldwell admits Exeter City have been given a reality check as financial challenges force the club to rethink its ambitions in League One.
The Grecians’ manager has spoken candidly about the strain of competing in the third tier under the Supporters’ Trust model, with budget cuts, board changes and growing pressure to stay competitive.
What Happened and Why It Matters
Caldwell, who guided Exeter to safety last season, said the club has faced its most difficult spell since returning to League One. A £400,000 loan from the Supporters’ Trust was required over the summer to cover a financial shortfall, prompting structural changes at the board level and tighter restrictions on the playing budget.
Former chairman Nick Hawker and chief executive Joe Gorman both departed, with Clive Harrison appointed interim chairman before the recent return of Richard Pym as club chair and Laurence Overend as vice-chair. Harrison has since taken on a general manager role as part of wider efforts to stabilise operations.
🗣️ “We are two games unbeaten and we have to look to extend that run – starting on Saturday.”
Gary Caldwell is on press duty ahead of Saturday’s trip to @StockportCounty.#ECFC #SemperFidelis pic.twitter.com/IHqxB1MPcG
— Exeter City FC (@OfficialECFC) October 16, 2025
Despite speculation about the scale of the financial gap, Exeter have insisted staff will continue to be paid, and the focus now turns to long-term sustainability. Caldwell believes the last few months have exposed the true scale of the challenge for a fan-owned club trying to compete in an increasingly expensive division.
“It’s been a really difficult time for the football club,” Caldwell said. “I don’t think we need to hide behind that. It’s been a challenging summer and certain things have happened that made everyone’s job a little bit more difficult. But we always knew being in League One was going to be a big challenge.”
Reaction, Impact, and What Comes Next
Caldwell warned that the financial gap between Exeter and their rivals continues to widen, citing the example of Burton Albion, who recently announced losses exceeding £8 million for the 2024–25 campaign.
“The league is progressing at a rate that’s much quicker than how we are progressing as a football club in terms of finances,” he said. “That gap is widening every year, so whilst we are staying in the league, actually the league’s becoming tougher rather than easier, and that challenge has hit home really hard this summer.”
📝 Statement from the board of Exeter City
Read the update ⬇️#ECFC #SemperFidelis https://t.co/f84sP7mXd6
— Exeter City FC (@OfficialECFC) October 14, 2025
The club’s board has confirmed plans to explore new ways of raising funds, including the potential sale of shares while maintaining the core principle of supporter ownership. For Caldwell, the off-field uncertainty adds pressure, but he insists the squad remains united.
“We’ve had to make some changes to budgets and different things, but the challenge is one that everyone at the club wants to take on. My job is to get a team as competitive as I can to keep us in this league, which we’ve managed to do for the last three seasons,” he added.
The 42-year-old also reflected on Exeter’s record of finishing well above their financial standing, noting that the club has outperformed expectations in three consecutive League One seasons.
“We’ve been seven, ten and six places above our financial budget in the financial table,” he said. “We know the challenge, we know it’s big, but I haven’t seen anyone take a backward step. Everyone does their job and a bit more to get the best for Exeter City.”
Caldwell ended by praising the supporters and new board members for their transparency and commitment, saying alignment across all levels of the club will be vital for the next phase. As Exeter prepare to visit Stockport County, his focus remains on results, but his message was clear: realism, not resignation, will define their path forward.
