United announce £1m loss
Dundee United have reported a £1m loss for the year ending June 2017.
Their revenue dropped by 24% due to being in the Championship, although both losses and debt have fallen.
Reduced prize money from league position, lower attendances and an early exit from the Scottish Cup in season 2016-17 seriously affected upon income.
But savings overall of £2.2m meant that total losses were actually down from £1.5m in the previous year.
"Expenses were cut by 30% as the board took decisive action to deal with the change of footballing circumstances," read a United statement. "While the club enjoyed trophy success in the Irn-Bru Cup and progressed to the Premiership play-off final, both events had a neutral net financial effect due to the related costs and SPFL levies.
"The board remains confident that a combination of new revenue streams, including investment in new and improved match day hospitality facilities, balanced with further selective loan finance and carefully targeted cost-cutting will enhance the club's Premiership ambitions while addressing the company's current financial challenges."