Sheffield United Football Club has announced losses of over £18.6million for the year ending 30th June 2010.
In the twelve month period the Blade’s turnover fell by almost £12million, the biggest factor being a reduction in television income as the club did not receive a Premier League parachute payment.
Gate receipts also fell and despite the clubs best efforts it still has one of the largest Championship wage bills as it strives to return to the Premiership.
The Sheffield United Group has now reshaped some of its business activities to address the loss.
It is hoped that the reshaping will leave the football club's stadium, academy and junior development centre free and clear of debt, and that the club should be totally free from external debt by 2013.
Chairman Kevin McCabe said: "Some tough decisions have been taken to totally reshape the group. The time is right to ensure the club is positioned to avoid the type of damage that is currently afflicting or set to affect so many other football clubs.
"Our aim is still to generate revenue and profits from our business to fund all football activities with the clear objective of getting United back to the Premier League at the earliest opportunity"