Sheffield Wednesday reported loss

The League One club has reported a £3.4m loss for the year ending 31 May 2004. Turnover increased 6% to £9m and commercial revenues rise 11.5% in to £4.35m. Operating expenses fell 24% to £10.93m and the wage bill was reduced by 38.9% to £5.99m. Following its relegation to League One, the club had to take extra loans from Chairman Dave Allen (£1m), the Co-Operative Bank (£2m) and new director Ken Cooke (£0.5m). Despite the relegation and the disappointing season on the pitch, match receipts were up by nearly 20% to £4.23m. Allen believes that the proposed sale of the club’s Middlewood training ground to Bloor Homes for £10m will help stabilize the club finances in the long-term. However, that deal still hinges on planning permission from the local council.

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