Relegation costs Saints dearly
27/01/2006 - 08:08:43Southampton chairman Rupert Lowe has blamed “the very damaging effects of relegation” for losses announced this morning.
For the six months ended November 30 2005, Southampton Leisure Holdings recorded a loss before taxation of £1.4m (€2m).
A drop in turnover from £18.9m (€27.5m) to £11.4m (€16.6m) has been offset by a fall in operating costs and some profits on player trading.
“This result directly reflects the very damaging effects of relegation,” said Lowe in his chairman’s statement.
Lowe has targeted a quick return to the Barclays Premiership to turn the financial results around.
“Promotion over the next 18 months remains our overriding aim, following a disappointing performance on the pitch so far this season,” he said.
