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Blades happy to pay the price of promotion

The annual report of Blades Leisure Limited has a justifiably celebratory tone. It notes that the 2018/19 season was a 'landmark' one for Sheffield United. 'The Club's long term strategy is to be a self-sustaining, globally recognised Club competing in the top tier of English football.'

It considers that 'The Club has a tremendous opportunity this season to make its mark on the global stage and it is critical that we optimise this ... We will invest in globalising the Sheffield United brand.' The truncation of the season is therefore a particular blow for the Blades. No one knows what is going to happen about European qualification which would have been the next stage in their development.'

Financial losses for the year ending June 2019 were £21.5m, up from £2m, 'demonstrating the exceptional cost of promotion to the Premier League.' They would have been even higher without player sales. In particular David Brooks went to Bournemouth for a club record fee 'far in excess of our own valuation of the player.'

Turnover went up marginally from £20.9m to £21.5m, but costs went up from £23m to £45m. Media income of £8.6m represented 40 per cent of total revenue. The league performance in the 2018/19 season resulted in selection for eight home televised fixtures and nine away fixtures contributing to a further increase in net income of £1.0m.

Match day revenues saw a steady increase in the Championship with greater uptake of hospitality packages. New LED perimeter boards protected against a slight decrease in ticket revenues. 'The season saw the introduction of the "Sky red button" which enabled Sky customers to gain live access to all midweek fixtures which has made the sale of evening fixtures much more challenging.'

Profit on player trading increased by £5.8m to £14.2m. This 'continues to represent a key element in our strategy to be a self-sustaining Club. Our Academy continues to be a key element of our financial strategy. It must continue to make significant returns.'

Kieran Maguire of the PriceofFootall comments: 'Over the last decade Sheffield United had income of £133 million, wages of £152 million (£114 in wages for every £100 of income) and operating losses of £129 million.'/p>

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