Dundee United announce loss of £1m but debt is down

Mike Martin and Stephen Thompson
Mike Martin has replaced Stephen Thompson in recent weeks

Dundee United have announced a loss of £1m for the year to June 2017.

The club say revenues fell by 24% "due to operating in the Championship" but that losses and debt had fallen.

United were relegated in 2016 and are currently fourth in the second tier - 17 points off leaders St Mirren, but with three games in hand.

In recent weeks, Mike Martin has replaced Stephen Thompson as chairman and Martin said: "Promotion to the Premiership remains the priority."

Should the Tangerines miss out on the automatic promotion place available to the Championship winners, they could return to the top flight via the Premiership play-offs.

The club highlighted that reduced prize money from league position, lower attendances and an early exit from the Scottish Cup in season 2016-17 had negatively impacted income.

However, savings of £2.2m had been made and total losses were down from £1.5m in the previous year.

Dundee United celebrate
Dundee United won their Premiership play-off semi-final last season but lost the final against Hamilton

In their statement, United, who visit Brechin City on Saturday, said: "Expenses were cut by 30% as the board took decisive action to deal with the change of footballing circumstances.

"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."

Martin added: "While we remain in the Championship we will continue to incur losses."