Date: 2nd March 2017 at 10:27pm
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Dundee United have announced annual losses of £1.55m following their relegation from the Scottish Premiership.

That was despite £1m in transfer income after the sales of Nadir Ciftci, John Souttar and Ryan McGowan.

Counteracting that was a revenue drop of 21% to £4.61m due to reduced prize money and match-day attendances.

There was an accompanying rise in administrative costs by over a third to £1.8m, mostly football-related while attempting to stave of relegation.

Two managers were also dismissed in Jackie McNamara and Mixu Paatelainen.

As a result the Tangerines were targeting £1.5m in cost-saving measures this season.

“Despite the extreme disappointment with the outcome of season 15/16, the Board remains confident that it has taken and continues to take corrective measures to cope with the significant financial impact of relegation,” chairman Stephen Thompson told United’s official website.

“The appointment of Ray McKinnon as first team manager in May 2016 and the subsequent restructuring of the playing squad was the first step in regaining the Club’s place in the top tier of Scottish football. The new manager has been backed financially to build a team capable of securing a return to the Premiership.

“Much work is being done in parallel with our on-field investment to reduce operating costs even although relegation has added a significant financial challenge,” he added. “Salary and operating expenses will remain under scrutiny, and because of this ongoing diligence we remain confident that the positive effect will be demonstrated when we report our next figures.”