Source: Team_Talk
Bues announce big pre-tax loss
The Blues, who made profit of £7.8million for the corresponding period when in the Premier League last year, have seen turnover fall from £32.6million to £15.6million following relegation from the top flight at the end of the 2007/8 season.
Chairman David Sullivan said in a statement: "The board's decision to maintain the comparatively high level of player wage payments and our confidence in the managerial team led by Alex McLeish has proved justified with re-promotion at the first attempt achieved in the last match of the season at Reading.
"The challenge for the board is now to consolidate our position within the Premier League without jeopardising the financial stability of the organisation."
Managing director Karren Brady added: "We estimate that promotion will mean additional revenues of around £30million from the Premier League, together with a positive effect on attendances and increases in most revenue streams.
"We must use the opportunity that Premier League membership provides to maximise our commercial revenues, recognising that we will need to spend more on the playing squad."
