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...