While Sheffield Wednesday fight off the threat of administration, the mood across the city at Sheffield United is one of cautious optimism. Talks are in progress with a potential Malaysian investor who would join the board, although it is emphasised that this would not be a ‘splash the cash’ deal.
While Sheffield Wednesday fight off the threat of administration, the mood across the city at Sheffield United is one of cautious optimism. Talks are in progress with a potential Malaysian investor who would join the board, although it is emphasised that this would not be a ‘splash the cash’ deal.
Football debts have been kept at a bare minimum, although the lost available figures showed loans and bank overdrafts of £37m. These include a £13.5m construction loan for the Copthorne Hotel built next to the Bramall Lane ground. This was converted into a 18 year facility with HBOS. Directors have provided a number of large loans to the club, notably chairman Kevin McCabe who loaned £1.49m at an interest rate of 10 per cent.
In the last financial year for which figures are available, to 30 June 2009, Sheffield United plc made an operating profit of £6.3m against an operating loss of £11.8m the previous year. However, the club would have sunk to a loss of around £12m without a £18m payout from West Ham following the Carlos Tevez affair.