When American Adam Webb took over as owner of St. Johnstone last summer, if he faced a significant challenge—a head and neck cancer diagnosis. Just over six months on, though, Webb has completed treatment (chemotherapy and radiation) and was deemed cancer free in January, following testing.
“A huge weight lifted,” the Atlanta-based businessman told Full Scottish. “There are numerous side effects that I have to deal with but I am mostly feeling great.”
The Full Scottish
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Demonstrating the unique courage of a cancer survivor, Webb has described the experience as “spiritually uplifting,” citing the support from family, friends, even random individuals, and the “St. Johnstone Family.”
The Perth club has long pointed to its “family” culture with pride, but Webb’s arrival has marked a significant change, after former owner Geoff Brown ended his tenure following nearly 40 years in charge. Now, Webb will helm the club as it navigates the rough waters facing all of Scotland’s clubs that don’t call Glasgow, Edinburgh or Aberdeen home. The course is particularly fraught, given that the Saints currently sit at the bottom of the Premiership table.
With 49ers Enterprises—the investment arm of the San Francisco 49ers NFL team—reportedly in negotiations to purchase a controlling stake in Rangers (now with former captain Barry Ferguson as gaffer), the Full Scottish decided to catch up with one of the Premiership’s other American owners (Bill Foley and Black Knight Sports and Entertainment at Hibernian is another) about what makes Scotland’s game so ripe for investment.
One thing to clarify first: Webb’s involvement at St. Johnstone is not an example of the increasingly popular multi-club ownership (MCO) scheme. Though the American owned a 10% stake in Cambridge United in England until this fall (he sold the shares after his cancer diagnosis), he now only has a controlling interest in the McDiarmid Park club—unlike Black Knight (Hibs, Bournemouth), 49ers Enterprises (Leeds United and, perhaps, ’Gers) and the City Football Group.
Why own St. Johnstone?
“A Scottish club was first on my list because of the many positives of Scottish football: passionate fans—likely the world’s most passionate—[and] dynamic and successful leagues,” Webb explained of his decision to buy into St. Johnstone. He added that the country has “clubs with long histories … all in one of the most beautiful parts of the world.”
As a foreign investor, he also noted that it helped that people in Scotland primarily speak English. “Though some might disagree,” he joked.
For Webb, “St. Johnstone carries all of these positives, including a 140-year history, a beautiful city and incredible supporters.”
Still, the club is not without its challenges: According to its most recent financials (through May 2024), the club posted just a £110,000 profit on revenues of just over £6 million for the 2023-24 and maintained cash reserves of £3 million. Although Webb admits his “judgment was clouded by emotion and excitement” during the purchasing process, which saw him take a 76% stake in the club, he believes “St. Johnstone has several unique assets that make it an excellent business.
These include: a great staff of dedicated employees; substantial real estate assets, including a 22-acre campus in a great area; an excellent 10,600-seat stadium with several VIP hospitality suites that are often booked six days each week; and being the only SPFL club in Perth,” a city of nearly 50,000 people.
St. Johnstone also owns its ground, and its youth setup has been hugely successful in recent seasons, a must for a club of its size. That said, Webb acknowledged, “I do not expect annual dividends!”
Indeed, judging by our exchange, the new owner is seeking something else from leading St. Johnstone that goes beyond money.
“Frankly, I never evaluated this purchase as simply a business investment,” Webb said. “I know what American fans love about UK football, because I am one of them. We love the tradition, the passion, the history, and the promotion/relegation dynamic that USA leagues are too greedy to institute. Scotland has all of these, and to a slightly higher level than the EPL and EFL. And we have characters, compelling, poignant, and hilarious characters that are second to none in the world.”
News regarding traveling supporters for football generated major headlines in Scotland this week after Celtic and Rangers reached an agreement on allowing away fans into their respective grounds for future Glasgow derbies, starting with the match at Parkhead later this month.
There was also the small matter of the SFA announcing a 500-ticket reduction for future cup ties at Hampden for both Glasgow clubs over the use of pyrotechnics by some supporters at recent matches.
However, the issue of traveling supporters in Scotland has actually been news in recent seasons after several clubs decided to reduce the allocations for both Celtic and Rangers, with the goal of maintaining a home advantage (and limiting incidents of fan misbehavior).
One of the clubs making that move is St. Johnstone.
Old Firm Issues
Part of the decision to reduce the allocations for Celtic and Rangers at McDiarmid Park this season was a call to action from Webb, urging Saints supporters to come out and support their team and help offset the revenue loss. How has the response been to that call to action?
“Poor,” said Webb. “Our fans have not shown up in sufficient numbers for the Old Firm games. Therefore, we are reevaluating our policies for the future.”
He added, “We have been very transparent about this process. Most fans understand that we must do what is best for the financial viability of the club.”
That’s particularly true given that one of Webb’s promises upon taking over ownership of the club last summer was to increase the player budget.
“We have increased the player budget for this season and, if we stay in the Premiership, we will do so again next year,” Webb told us. “Our goal is to sustainably increase player payroll by 5% to 10% each year as we grow the club.”
Relegation Battle
Unfortunately, that investment has yet to yield returns on the pitch. Although results have improved under Finn gaffer Simo Valakari, who was appointed in October, the Saints remain in last place in the Premiership, six points from safety. Premiership survival is obviously a priority.
“We have a relegation battle to survive,” Webb acknowledged.
However, that battle has only strengthened the new owner’s resolve. He remains bullish on Scottish football, provided things change.
“We have to grow the club with fans and sponsors, and we need Scottish football, both national teams and leagues, to be successful,” Webb said. “And we need help from the Scottish government to remove discriminatory rules that harm Scottish football, such as refusing to allow fans to have a beer at our games.”
Beer Ban
That last bit may be in the offing, what with news this week that Police Scotland is considering lifting the beer ban that has been in place for more than four decades. Still, we asked Webb whether a club like St. Johnstone can be a viable — and profitable — business considering the financial challenges facing smaller clubs in Scotland.
“Viable? Yes. Profitable on a consistent basis? No,” he said. “There are occurrences which can make for a profitable season, such as player sales, cup wins or success in European competition. In most years, we will be fortunate to break even. Over time, we certainly hope this will change.”
On that we can all agree.