Yeah but look who reported it? Jim Spence....Tim Spence more like Dundee United's financial results for the year to June show the club posted a profit of £1.45m, with bank debt and directors' loans having been reduced. Revenue suffered a 3% fall to £5m and the percentage of wages to turnover ratio increased from 74% to 76%. But the sales of David Goodwillie and Scott Allan boosted the club's income with a profit of over £2m in transfers. United chairman Stephen Thompson was encouraged by the figures but urged caution about ongoing challenges. He told the club website: "In what most people recognise as one the most difficult financial periods affecting Scottish football in many years, it is pleasing to be able to report a healthy net profit and a significant reduction in bank borrowings. "It is particularly pleasing that the financial position has improved as a direct result of our long term investment in the club's youth development policy, which produced the receipt of significant transfer fees during the year from the sale of David Goodwillie and Scott Allan. "It is equally encouraging that astute signings by the manager and the introduction of further exciting youth development players not only allowed the team to remain competitive, but also provides optimism for further financial improvement. "I would like to pay tribute to the manager Peter Houston, youth director Stevie Campbell and all of the coaches for their patient nurturing of our youth players, many of whom promise an exciting future. "However, I must also caution that the current and forecast economic situation continues to present challenges and whilst the board remains committed to ensuring a team capable of producing performances on the park and entertaining the supporters, we must also ensure that a prudent fiscal policy is maintained. "Our supporters have responded to the recent challenges in magnificent fashion, culminating in a significant increase in season ticket sales."
As long as Stephen Thompson and other Chairmen remember that it was the good work of the fans and continued support in the harshest of economic times, which incidently can only get worse as Cameron squeeks tighter and tighter the areas of the UK who haven't returned Tories in any great numbers. If we all keep our nerve and keep the cheaters where they should, all our clubs will be better off and guilt free.
