Blades' losses climb to £1.8m

Sheffield United have announced a loss of almost £2m (€2.8m) for the last financial year.

The Blades saw overall turnover up 54% to £10.4m (€16.5m), but their losses amounted to £1.8m (€2.8m), compared to just £400,000 (€636,000) in 2000/2001.

The collapse of ITV Digital, lack of player sales and the failure of Neil Warnock's side to make an impact on the play-offs were among the reasons believed to be behind the disappointing financial results, but there were nevertheless plenty of positives to take from the report.

In August, the club opened the first phase of their Academy and Bramall Lane now has an expanded capacity of 31,000.

The club have also branched out into several commercial ventures, with the Blades Enterprise Centre opening in September 2001 and a Sheffield United Hall of Fame now attracting plenty of visitors.

Acting chairman Kevin McCabe said: "Slowly but surely we are shaking off the time warp of the past and applying skills to building a business with the intention of establishing increased revenues to assist the financing of our core activity - namely top line and entertaining football at Bramall Lane."

He added: "Our squad now has an interesting mix of experience and youth in what is undoubtedly a stronger group of players.

"Whilst of necessity we continue to apply our efforts in re-structuring the annual football costs in line with the club's revenue - ever reducing due to the loss of television income - nevertheless there is a mood of optimism around Bramall Lane that this current season may see us more successful on the field of play."