MOVES to ensure Sheffield United becomes a sustainable business have been outlined after the club announced a loss of £13 million in its annual report for 2012.
Kevin McCabe, United’s major shareholder and plc chairman, admitted the loss of television and commercial revenue totalling £4m following relegation from the Championship had impacted the club significantly and follows a loss of £13.6m in 2011. McCabe also acknowledged that the decision to retain players on high wages in an effort to secure an immediate return to the second tier was reflected in the accounts.
Stephen Quinn, Lee Williamson and Matthew Lowton were among those to depart following last season’s play-off final defeat at Wembley. “The financial impact of a season back in League One is self-evident, reinforcing the need to move forward as a financially sustainable organisation still having clear aims and objectives of playing football in the higher echelons of the English league pyramid,” McCabe said.