Player sales allow relegated Scunthorpe to report £1.4m profit
Scunthorpe have announced a profit of £1.4million for the financial year ending June 30. The Iron were relegated to npower League One in May but the 2011 figures were boosted by the £2.4million sale of striker Gary Hooper to Celtic in July 2010.
The club, whose wage costs rose by £400,000 from £4.6million in 2010 to just over £5million in 2011, have made a combined profit of £2million over the last five years.
But general manager David Beeby warned 2012's figures would show a significant loss, telling the club's official website: "The 2011 figures look pleasing, but the profit is due to player sales.
"It's good that we find ourselves in a relatively strong position because following relegation the 2012 figures will show a significant loss. The difference in central payments between the Championship and League One is huge for a club of our size.
"Overnight £3.7million in revenue disappears and unfortunately it will take longer to reduce our player costs."