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Dundee United chairman sends warning
Dundee United reported a net profit of £66,000 last season after winning the Scottish Cup and finishing third in the Clydesdale Bank Premier League but chairman Stephen Thompson warned of lean times ahead after announcing the club's financial figures today.
Annual accounts for the period up to June 2010 revealed an £203,000 improved net profit to £66,000, with turnover at £6.052 million, an increase of £260,000 over the prior year and a £2.24m increase over 2004.
Chairman Thompson said: "Despite the huge success enjoyed on the park, home attendances dropped by 10% in relation to the previous season."
Bank borrowing remained consistent with the previous year with the balance of the term loan remaining at £5.4m, while directors' loans for the year increased by £300,000 to £435,000.
Thompson continued: "In extremely difficult financial times for Scottish football as a whole, it is pleasing to see the club return a small profit for the year.
"It should be stated, however, in a season in which we won the Scottish Cup and finished third in the league, this modest profit only goes to show the harsh realities of the current financial climate within Scottish football.
"The club remains committed to supporting (manager) Peter Houston in providing the best team possible but we also accept that any expenses incurred have to be covered by income generated.
"This is the challenge that faces us over the next few seasons.
"It is with the continued support of the fans that we can ensure the long term stability of the club.
"We will continue to monitor and pursue cost saving measures and over the months ahead the club faces some tough decisions but, with the support of our loyal fan base, we remain totally committed to providing Dundee United supporters with both a team on the park to be proud of and also a football club run in a prudent and efficient manner."
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