Sheffield United 2023-24 accounts: Club owners made profit from season of Premier League failure

The Blades finished bottom of the division, conceding a record 104 goals, but such is the lucrative nature of life in the top flight, the owners were still able to turn a profit before selling the club to American consortium COH Sports in December.

Blades Leisure posted a profit of £16.6m for 2023-24 but a charge of £20.7m caused by the revaluation of property assets last summer reduced the net comprehensive income to £6.6m.

Intercompany loan balances between the club and Blades Leisure, consolidated out at group level, produced a headline figure of £7.6m losses for the club itself.

Sheffield United paid £3m “consultancy fees” to the United World group which managed then-owner Prince Abdullah bin Mosaad Al Saud’s global portfolio of clubs.

In order to try to compete at the higher level, transfer spending shot from £4.6m to £52.5m, with a £15m increase in sales to £19m. That outlay left a squad woefully short of what was required in arguably the world's best domestic football league.

It was painfully obvious that Prince Abdullah, who bought the club outright in 2019 after six years of joint ownership with Kevin McCabe, was woefully under-resourced to create a competitive top-flight team, having suffered two relegations on his watch.

Fortunately for the Blades, their latest relegation also comes with parachute payments for up to two years to soften the blow of falling income now they are back in the Championship. They have used it well, and are currently top of the table with seven games remaining.

January saw a big infusion of funds to try to secure promotion back to the Premier League. Seven players were signed, including Tom Cannon for around £10m, a record for the club when out of the top division.

In 2023-24, Blades Leisure turnover more than doubled to £138m, giving them an equity value of -£26m, up from -£32m the previous year.

A new training ground in Dore, which is in the process of being built, cost £3m, but should be a valuable investment, allowing the academy to step up to Category 1 status by staying at Shirecliffe, whilst the seniors benefit from new facilities.

The club reduced their bank loans to £33m but factored debt – debt sold to a third party for an immediate cash advance – increased to £10m.