Hearts & Hibs SPFL rivals post massive £2.8m loss after 'extremely challenging' season

The club must ensure promotion if they are continue remaining financially self-sustaining
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Dundee United, who were relegated last season from the Scottish Premiership, have posted an annual loss of £2.8 million to June 2023. The Tangerines sacked managers Jack Ross and Liam Fox and brought in Jim Goodwin to the mix which has added to their financial woes as wages went up 18% to £6.9 million.

The club also went over-budget in signing players, received less prize money and suffered a drop in attendances from Premiership to Championship matches, all of which have accumulated to Dundee United slashing their budged for the season by £4.6 million.

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Dundee United's chairman Mark Ogren has said of the budget cuts: "Dropping down to the Championship is extremely challenging financially for the business.

"The board estimate a £2-3m drop in turnover. To overcome this, there have been fundamental changes within the club during the summer - these changes include greater cost control, cohesion, and communication across the club."

The financial report also suggested that returning to the Premiership is essential for the club to get back to begin financially self-sustaining with accounts showing United booked a £5m loss, up from the £1.9m they suffered the year before.

Harry Soutar's move from Stoke City to Leicester City has softened some of those losses due to the sell-on clause in Stoke's contract for the 25-year-old.

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"Unfortunately, as wage costs increased significantly following investment in the playing squad at the beginning of the campaign, prize money, crowd receipts, and other income fell as the club's fortunes on the park weakened.

The board has backed Goodwin's efforts as the side continue to challenge for promotion. Dundee United currently sit second in the league, just three points behind Raith Rovers with a game in hand but lost their most recent match at home to Greenock Morton.

"The board remains convinced that he and his staff will lead the club to future success," the chairman said. They are back in action this Friday as they take on Inverness Caley Thistle at the Caledonian Stadium.

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