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.But Hearn is confident Orient remain on a sound financial footing and has urged other clubs not to live beyond their means."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."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."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."

Source: Team_Talk