League One Sheffield United have announced a retained loss of £13million in their annual report and accounts for the second year running.
The club's turnover fell by £4.1million to £10.2million for the year ending June 2012 after their first season in League One following a retained loss of £13.6million for the previous year when they were relegated from the Championship.
Sheffield United plc chairman Kevin McCabe said: "The financial impact of a season back in League One is self-evident, reinforcing the need to move forward as a financially sustainable organisation still having clear aims and objectives of playing football in the higher echelons of the English league pyramid.
"On the playing side the transition to recruit younger players on wages the club is structured to afford is well under way, also enabling us to comply with new Football League financial control mechanisms - the Salary Cost Management Protocol. In simple terms, driven by Football League enforced regulations, this club, like any other in Leagues One and Two, will now only recruit players its revenues can support.
"The focus going forward will be to develop and grow a high-performing player talent base, maintaining a sustainable business where we can see a maximum return on our assets and ensuring we are a true family and community club."