Blades announce profit

United recover from big loss with reduced debt

Last updated: 25th November 2009   Subscribe to RSS Feed

Blades announce profit

McCabe: Optimistic about the future

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Sheffield United have released figures that show a profit of £5.7million over the past financial year.

The figures represent a financial turnaround for the Blades, who suffered a loss of £6.3million in the previous financial year.

Although the club's total turnover has actually decreased, one of the main reasons behind United's improved fortunes is a reduction in bank debt of over £9million.

Chairman Kevin McCabe stressed the importance of adapting to the current economic uncertainty.

"The world has changed and in leading Sheffield United in these difficult economic times the ability to adapt is vital in order to maintain the safe running of our famous club," he said.

Aims

McCabe also stated that United, who missed out on promotion in the play-off final last year, are well prepared to establish themselves as a top-flight cub again in the future.

He added: "In simple terms, we must all pull together again in order to achieve our aim of getting back where we belong.

"The playing squad has been strengthened in several key areas to accommodate our objectives for this season, adding quality to the first team in a manner to suit the need to steadily reduce the annual player wage bill.

"The parachute funding from the Premier League ceased at the end of last season and thus the management of the football team has to be achieved within its budget.

"But make no bones about it, the budget Sheffield United has is well in excess of the majority of our competitors in the Championship."