The club's annual report reveals a loss of £11.5m in the year ending 30 June 2008 and an operating loss of £8.6m. Turnover was down by 25 per cent compared with the last year in the Premiership. Directors and other shareholders came to the rescue of the club by subscribing to a corporate bond issue that raised £14.7m, allowing short-term loans to be paid off and raising working capital.
Although some economies have been made since then, there have also been some revenue reductions following poor performances this season which could mean at least an equivalent loss this season. How will that be funded this time? We are grateful to the directors and shareholders for their financial support, which I understand is continuing, but the prospects for the club look gloomy, particularly if it is relegated.