Sheffield United have announced a loss of almost £20million in the last year ending June 2010.
A reported £18million is owed to the Santander bank, with hefty interest which could see the Blades restructure their financial running of the club, as Kevin McCabe speaks of going ‘back-to-basics;` something that would suit the majority of the supporters
‘I firmly believe the Blades are now in the right position to progress,’ said McCabe.
I believe we have the team in place to drive the Blades on as we return to a back-to-basics approach at the football club.’
To do this, it`s thought that United`s far-east ventures could be cut, after failing to bring in the desired revenue, as well as some assets closer to home, including the Copthorne hotel, which currently sits at Bramall Lane.
The reason why restructuring the debts of the club are so vital, is to prevent the same happening as has been seen around the country at clubs such as Portsmouth and Sheffield Wednesday, where winding up orders have been dished out and administration imminent.
With a lack of on-field assets it appears that this news should only damage the Blades off the field, but if the problems worsen, then the wage budget could be reduced even more.
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