Record loss for Scunthorpe
Scunthorpe have revealed record losses of almost £2m for the last financial year, ending June 30th 2012.
Steve Wharton, as he told the official website, had forecast losses but they proved to be worse than he feared: 'The drop in total income which I predicted in my last year`s report at £4-million in fact became £4.5 million and we were only able to reduce our costs by circa £2-million.'
Running costs might have eased in the past year but the turnover has also dropped, with dwindling crowds doing little to help.
It goes without saying that a turnaround in financial fortunes is needed, with general manager David Beeby adding: 'Clearly this kind of loss is not sustainable. it is therefore important that the club gets back to a position where it is not running up debt.
'We were able to reduce wages from £5.5-million to £3.7-million, but when turnover`s £3.2-million, your wages shouldn`t be as high as £3.7-million.
'We have to continue to work hard to get costs down to an affordable level to ensure the club stays on a sound financial footing.'
It's been difficult times for The Iron, on and off the pitch, recently and this is likely to continue...
Win FREE pizza with Vital Football!
Select your team and get 50% off if they score twice.