Source: Team_Talk
Orient chief announces losses
Orient blamed falling attendances and increased salaries - including a change of manager - for the losses of £1,077,687, which were more than £300,000 up on the previous financial year.[LNB]But Hearn is confident Orient remain on a sound financial footing and has urged other clubs not to live beyond their means.[LNB]"I'm disappointed with the results for the year, which emphasises the fact that even football clubs aren't immune to the detrimental effects of the recession," he said.[LNB]"But following the sale and leaseback of the stadium and the financial restructuring of the club, I am pleased to report it is in a strong financial position with no borrowings and a strong balance sheet.[LNB]"I am confident the current season's financial results will show a considerable improvement on this year, but I hope all clubs show some kind of responsibility going forward, employing basic good housekeeping. It's a sobering fact that if all footballers had a 25% reduction in wages then most football clubs would break even."[LNB][LNB]
