09 Mar Dundee United report seven-figure loss
Dundee United have reported another seven-figure loss despite making major cuts across the club.
United’s deficit in their first campaign in the Ladbrokes Championship was £1million, down a third on their relegation season.
The Tayside club made £2.2million in cost savings while revenue fell from £4.6million to £3.5million. The debt level is recorded at £1.8million.
A club statement read: “The board remains confident that a combination of new revenue streams, including investment in new and improved match day hospitality facilities, balanced with further selective loan finance and carefully targeted cost-cutting will enhance the club’s Premiership ambitions while addressing the company’s current financial challenges.”
Chairman Mike Martin, who took over from Stephen Thompson last week, added: “The club continues to address the financial challenges of life out with the top league. While we remain in the Championship we will continue to incur losses.
“The support of our corporate partners and fans continues to be impressive and we are very grateful for this.
“Promotion to the Premiership remains the priority for the club and the board are committed to financing the infrastructure and resource required to achieve this.”