Sheffield United reports losses

English Sheffield United, fresh off promotion, has had rising wages and bonuses push the club almost GBP 10 million into the red, according to the annual results.

The club was hit with an operating loss of GBP 9.6 million for the year ending June 30, compared with a loss of GBP 1.05 million the year before.

Club wages rose by GBP 3.3 million and Premier League promotion bonuses totaled GBP 2.3 million.

TV revenue and sponsorship should create a significant increase in the coming year, with analysts estimating the club could receive about GBP 20 million in revenue from lucrative television contracts this year.

"In simple terms, we paid significant transfer fees for quality new players either prior to, or during, the Championship season," said club chairman Kevin McCabe. "These players in turn increased the annual football wage bill to a level in excess of what otherwise could normally be afforded."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.