Sheffield United reduce debt

Sheffield United owners Kevin McCabe and Prince Abdullah bin Mosaad bin Abulaziz Al Saud
Sheffield United owners Kevin McCabe and Prince Abdullah bin Mosaad bin Abulaziz Al Saud
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Sheffield United have significantly reduced their annual deficit, the club has announced.

In a year when the club was taken over by Saudi Arabia’s Prince Adbullah bin Mosaad bin Abdulaziz, losses at Bramall Lane have been significantly reduced by more than £8m, according to the club’s annual accounts issued on Friday, November 22.

United cut their wage budget by £4.1m and they made £3.1m on player trading.

According to the Blades, Sheffield United made a retained loss of £4.6m (compared to £13m in 2012) following restructuring changes on and off the pitch which saw a major reduction in the overall cost of the players’ salary bill, although it was still regarded as the highest in League One.

The details, which are revealed in Sheffield United plc’s annual report and accounts for 2012/13, come as the organisation proposes to re-register as a private limited company with the name Sheffield United Ltd.

Director Scott McCabe said: “Alongside the needed restructuring of football management and attention to players’ salaries, was the very exciting arrival of our new partner Prince Abdullah.

“His investment, which falls outside this financial reporting period, is concentrated primarily on improving first team football.

“The revised co-ownership will see an adjustment of how the performance of the club is recognised. The McCabes will continue to aid certain liabilities of Sheffield United leaving the reorganised football club in a highly desirable debt-free position which could not have been achieved without more sacrifices from the McCabe family.”

For the 2012/13 season the club generated turnover of £8.9m (£10.3m in 2012). Gate receipts were down from £4.5m to £3.7m – a decrease due to reduction in revenue from play-off fixtures and cup games. Television income and prize money was down £0.2m to £1.2m.

A saving of £4.1m was made on player wages and player trading contributed to £3.1m of profit primarily due to the transfers of Matt Lowton and Nick Blackman plus appearance payments in respect of Kyle Walker.

“Our fans continue to be an inspiration to all at the club,” said Mr McCabe. “They still continue to turn up home and away in great numbers. Fans and shareholders alike all know our club deserves the rub of the green which for whatever reason has eluded us for too many years.

“However, we do not give up, maintaining the drive and ambition to succeed in spite of frustrating setbacks and, believe me, success on the field will be achieved in the not too distant future.”