Leeds and co a lesson to us all: Saints chief

A £2.6m (€3.8m) deficit on player transfers contributed to Southampton seeing their healthy profits from 2003 turn into a £1.6m (€2.3m) loss in the six months to November last year.

And the situation would have been worse had it not been for the £3m (€4.3m) income arising from the completion and sale of The Dell, the club’s former stadium.