From the Beeb - Sheff Utd, long term gain, short term pain ?

<table cellspacing="0" cellpadding="0" width="629" border="0"><tbody><tr><td colspan="3"><div class="mxb"><div class="sh">Promotion pushes Blades into red </div></div></td></tr><tr><td valign="top" width="416"><font size="2">Soaring wages and bonus payments at newly-promoted Sheffield United have helped push the club almost £10m into the red, its annual results reveal.

The club made an operating loss of £9.6m for the year to 30 June, compared with a loss of £1.05m the year before. </p>

The wage bill rose by £3.3m and the club forked out Premiership promotion bonus payments of £2.3m. </p>

But it said it would benefit from a significant increase in TV revenue and sponsorship in the coming year. </p>

City analysts estimate the club could receive about £20m in revenue from lucrative television contracts this year. </p>

'Successful strategy' </p>

Club chairman Kevin McCabe said: &quot;In simple terms, we paid significant transfer fees for quality new players either prior to or during the Championship season. </p>

&quot;These players in turn increased the annual football wage bill to a level in excess of what otherwise could normally be afforded. </p>

&quot;Additionally, bonus payments to the management team and playing squad earned as a result of promotion amounted to £2.3m. </p>

&quot;The strategy succeeded and this year sees a major increase of revenue forthcoming from the lucrative broadcasting contracts that benefit clubs in the Premiership. </p>

&quot;Thus, I trust shareholders will accept that the benefits of Sheffield United FC achieving promotion outweigh the high annual loss for the year under review.&quot; </p>

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<div class="nwfiller2"><div class="nlp">FEATURES, VIEWS, ANALYSIS </div></div><table cellspacing="0" cellpadding="0" width="629" border="0"><tbody><tr><td valign="top" width="203"><div class="pb"><div class="o"><a class="pbl" onclick="function anonymous(){window.open('http://news.bbc.co.uk/1/shared/spl/hi/pop_ups/06/entertainment_my_guy_stars/html/1.stm', '1161709734', 'toolbar=0,scrollbars=0,location=0,statusbar=0,menubar=0,resizable=1,width=600,height=530,left=280,top=100'); return false;}" href="http://news.bbc.co.uk/1/shared/spl/hi/pop_ups/06/entertainment_my_guy_stars/html/1.stm"> In pictures
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