Sheffield United chairman Kevin McCabe has revealed the last two seasons have cost the club £15m, reports BBC Sport. United missed out on promotion from League One at the first attempt after losing 8-7 on penalties to Huddersfield in the play-off final last weekend.

"The last two seasons have cost about £15m, with a high wage bill and less revenue," he told BBC Radio Sheffield.

"With the new financial fair play rules we are going to have to work with a lower budget next season."

He added: "Unless we get the wage bill down next season then we'll face financial penalties."

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