Date: 2nd October 2009 at 12:38pm
Written by:

After watching the club fall out of the Premiership and then failing to regain promotion, certain sections of the clubs fans had become increasingly frustrated at the lack of investment after seeing a number of players leave the club this summer. At the end of the home game with Sheffield United in August, many fans chanted ‘where`s the money gone` in the direction of the director`s box, and the club has now released a statement telling us exactly that.

It would appear that there was a big overspend in the 2005/2006 season to ensure promotion and that took up a large chunk of the following season`s Premiership budget and players had contracts that doubled, or in some cases trebeled, their wages when they became Premiership players – in fact we spent nearly £60 million on wages in our 2 years in the top flight.

Last season we made ‘a concerted attempt` to get back at the first time of asking and as such made a £6million loss despite the parachute payments relegated clubs received. We were also asked to pay £7million in bank loans due to the current economic climate which is where the money from the sale of the likes of Kevin Doyle and Stephen Hunt has gone.

You can read the full statement from the club on the official website HERE.