Sheffield United to reshape group to ease debt

The changes will leave the club's stadium, academy and junior development centre free of debt, according to the annual report and accounts released today. By doing this the club hope to be debt free by 2013.

The Blades currently have business interests across the globe, including football teams in China, Hungary and Australia.

United revealed a retained loss of 18.6m which reflects player wages being over budget, the loss of 13m parachute payments, economic conditions and the businesses' property assets.

Last year the club registered a retained profit of 6m, due mainly to the settlement they received from the Carlos Tevez affair.

Chairman Kevin McCabe said: "Some tough decisions have been taken to totally reshape the group. The time is right to ensure the club is positioned to avoid the type of damage that is currently afflicting, or set to affect, so many clubs.

"Our aim is still to generate revenue and profits from our business to fund all football activities with the clear of objective of getting United back to the Premier League at the earliest opportunity."

Chief executive Trevor Birch said: "These are comprehensvie measures in line with the harsh economic conditions in which we now operate. Going forward we now have to live within our means."

For more on this story read Thursday's Yorkshire Post.