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.
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.