SeagullSimon
New member
Chairman Dave Allen reckons Sheffield Wednesday are heading in the right direction despite announcing a £23.6m debt for the year ending 31 May 2003.
Allen and his board have contributed £4.35m in loans to the club with the account figures reflecting a period before he was installed as chairman.
"As chairman I've implemented my ideas to revitalise and restructure the business at Hillsborough," said Allen.
"It's easier to deal with the club's problems and plan a better future."
For the year ending 2003 the club operated at a loss of £7m due to the collapse of ITV Digital - worth £2m - while it was the first season without the club receiving a Premiership parachute payment of £5m.
The Owls have since reduced operating costs by £2.3m, while next year's figures will be boosted by the record-breaking kit launch, season ticket and corporate sales this term.
Allen and his board have contributed £4.35m in loans to the club with the account figures reflecting a period before he was installed as chairman.
"As chairman I've implemented my ideas to revitalise and restructure the business at Hillsborough," said Allen.
"It's easier to deal with the club's problems and plan a better future."
For the year ending 2003 the club operated at a loss of £7m due to the collapse of ITV Digital - worth £2m - while it was the first season without the club receiving a Premiership parachute payment of £5m.
The Owls have since reduced operating costs by £2.3m, while next year's figures will be boosted by the record-breaking kit launch, season ticket and corporate sales this term.
