24 Jul 2008Southampton announce £5m of losses

Football Clubs News | Football Finance News | Football Referees, Players, Managers and Media

Southampton's prolonged existence in the Championship is forcing them to announce pre-tax losses of about £5 million.

The club are coming to the end of their parachute payments from the Premier League and are also suffering from reduced ticket revenue and commercial income.

According to David Jones, the club's finance director, results are expected to show that revenue has dropped year on year by about £14 million.

Rupert Lowe, chairman of the club, said the loss was "predictable".

"We expect to report a substantial loss before tax of around £5 million and this is despite a profit on disposal of players amounting to £12 million," he explained.

"This is clearly not acceptable or sustainable."

Despite the disappointing figures, Lowe was optimistic that the club had good prospects for the coming season.

He called on fans to get behind the club as well as Jan Poortvliet and Mark Wotte.

Southampton were relegated from the top flight of league football in 2006.

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