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EXCLUSIVE: Sheffield United release annual accounts which show £10 million loss

Sheffield United’s financial reports from the 2017/18 season reveal that the club lost approximately £200,000 per week during the period between July 2017 and June 2018.

Detailed in a remarkable twitter thread by sporting finance expert Kieran Maguire, better known for his in-demand twitter account named ‘price of football’ the study shows how Chris Wilder’s side lost £10 million over the football campaign. This financial loss was partly offset by the £8.4 of profits put back into the club from player sales, however the big-money sale of Welsh star David Brooks to Bournemouth didn’t fall under this accounting period.

Additionally, the accounts further stated that the club’s wage bill rose 90 per cent to £19 million, from the club’s League One winning squad. Suggesting that for every £100 of income United generated, £97 was spent on wages.

Sharpening over income alone, United fell lower mid-table with £20. In comparison, Aston Villa topped the Championship table on income bringing in a reported £74 million, although United’s wage bill was also diminished by Villa, who spent an extortionate £61.5 million. On the other hand, Villa’s first-hand rivals Birmingham City, last term spent almost double their yearly income of £18.8 million on wages alone which reached £38 million for the year.

Moreover, with the top three clubs for overall income all still being in the process of receiving their three-year installed parachute payments. This shows that with a lack of parachute payments how much of an outstanding job Chris Wilder and his directors are doing at maintaining the club’s finances, and on a relatively tight budget compared to their top-six peers, United’s board must be applauded.

Despite lacking the financial power of the likes of Villa, and Norwich City, the red-and-white Sheffield club still have the same intentions as their competitors, as they set their goal as returning to the Premier League.

Therefore, in a club statement after the reports were released, a Sheffield United board representative said: “The ultimate goal will always be to reach the top flight in english football.”

“To this end the board has made significant acquisitions in the summer 2018 transfer market registering five permanent signings along with five temporary signings.”

“The league is highly polarised in terms of revenues with several big teams receiving significant parachute payments following relegation from the Premier League.”

“Underpinning our goal of promotion to the Premier League is the adoption of a self-sustaining business model. The board seek to drive a culture of commercial awareness that encompasses continuous improvement and efficiency savings.”

Conclusively, in retrospect an annual loss of £10 million, considering the debt was paid only months later through the sale of David Brooks, Sheffield United have proved to be one of the better sustained club’s in the Championship.

 

 

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