silverfox
Well-Known Member
Soaring wages and bonus payments at newly-promoted Sheffield United have pushed the club more than £6m into the red, its annual results reveal.
The club made an operating loss of £6.2m for the year to 30 June, compared with a profit of £0.6m the year before.
The wage bill rose by £3.3m and the club forked out Premiership promotion bonus payments of £2.3m.
But it said it would benefit from a significant increase in TV revenue and sponsorship in the coming year.
Club chairman Kevin McCabe said: "In simple terms, we paid significant transfer fees for quality new players either prior to or during the Championship season.
"These players in turn increased the annual football wage bill to a level in excess of what otherwise could normally be afforded.
"Additionally, bonus payments to the management team and playing squad earned as a result of promotion amounted to £2.3m.
"The strategy succeeded and this year sees a major increase of revenue forthcoming from the lucrative broadcasting contracts that benefit clubs in the Premiership.
"Thus, I trust shareholders will accept that the benefits of Sheffield United FC achieving promotion outweigh the high annual loss for the year under review."
More info here.......http://www.mysporttoday.co.uk/ViewA...eID=1839902&sitecode=shef&sportcode=sheffuntd
The club made an operating loss of £6.2m for the year to 30 June, compared with a profit of £0.6m the year before.
The wage bill rose by £3.3m and the club forked out Premiership promotion bonus payments of £2.3m.
But it said it would benefit from a significant increase in TV revenue and sponsorship in the coming year.
Club chairman Kevin McCabe said: "In simple terms, we paid significant transfer fees for quality new players either prior to or during the Championship season.
"These players in turn increased the annual football wage bill to a level in excess of what otherwise could normally be afforded.
"Additionally, bonus payments to the management team and playing squad earned as a result of promotion amounted to £2.3m.
"The strategy succeeded and this year sees a major increase of revenue forthcoming from the lucrative broadcasting contracts that benefit clubs in the Premiership.
"Thus, I trust shareholders will accept that the benefits of Sheffield United FC achieving promotion outweigh the high annual loss for the year under review."
More info here.......http://www.mysporttoday.co.uk/ViewA...eID=1839902&sitecode=shef&sportcode=sheffuntd
