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Saints announce financial loss

Saints announce financial loss

Rupert Lowe has revealed that Southampton Football Club has lost £4.9 million in the last year. The Chairman, who returned to club back this May, publicized the financial trouble the club is in.

Lowe, who among many Saints fans is disliked, gave a statement which portrayed how the club substantially lost money in the calendar year: "to lose £4.9m after a £12.7m profit on player disposals, and to run a player/coach wage bill of 81% of turnover speaks for itself." The chairman said.

The loss of money is hard to grasp when the profit on player disposals was an impressive £12.7 million. This was from the sales of: Theo Walcott (down payments of) £4.1m, Gareth Bale £5m, Dexter Blackstock £0.5m, Martin Cranie £0.4m, Kenwyne Jones £4.8m, Chris Baird £3m and Leon Best £0.7m over the past two years.

With the return of Lowe as Chairman, the club has seemed more stable. The appointment of Jan Poortvliet as manager is a reasonably popular one, considering the budget the club has.

The use of the academy, despite lacking experience has resulted in exciting, attacking football. This season, Lowe also shut off the four corners in order to cut down stewarding and policing wages. It is decisions like this that are unpopular among fans, but are done to keep the club financially afloat.

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Writer:Abe Hawken
Date:Monday November 24 2008
Time: 5:44PM

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