Scunthorpe United announce record loss of almost £2m
Scunthorpe have announced a record loss of just under £2m for the financial year ending 30 June 2012.
The club have blamed a fall in matchday revenues because of poor results and lower away attendances.
David Beeby Scunthorpe United general manager
“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”
The Iron were relegated to League One at the end of the 2010/11 season.
General manager David Beeby told the club website: "Clearly this kind of loss isn't sustainable. It is important the club gets back to a position where it is not running up debt."
Last year, the club posted profits of £1.4m but warned it would almost certainly be followed by a "significant loss" in 2012.
Outgoing chairman Steve Wharton repeated that the club were set to post a loss for 2012 and expected to do so again next year when he replaced boss Alan Knill with Brian Laws last month.
Beeby continued: "We were able to reduce wages from £5.5m to £3.7m, but when turnover's £3.2m, your wages shouldn't be as high as £3.7m.
"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."
The Glanford Park side finished a disappointing 18th in League One last season and are currently 21st.