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Blues boss upbeat despite increased losses
Figures for the financial year ended on August 31 2002 have shown the club's turnover increased from by £1.9m to £15.2m, but losses rose sharply from £2.6m.
This is accounted for mainly by a £7.1m transfer outlay on Robbie Savage, Clinton Morrison and Aliou Cisse, all signed after the club won the First Division play-offs, and the replacing of manager Trevor Francis with Steve Bruce.
This is accounted for mainly by a £7.1m transfer outlay on Robbie Savage, Clinton Morrison and Aliou Cisse, all signed after the club won the First Division play-offs, and the replacing of manager Trevor Francis with Steve Bruce.
The club, however, are confident that should they, in a worst-case scenario, suffer relegation they would remain able to compete on a solid financial footing.
David Sullivan, chairman of Birmingham City plc, said in his statement: "Significant additional costs were incurred in changing the management team and bringing in new players which ultimately resulted in the club's promotion.
"On this basis we feel that this additional expenditure was incurred with good reason and made sound business sense.
"Of course we are aware that the main concern of all newly promoted football clubs is relegation and we know that if we are relegated it will be financially tough.
"Whilst relegation would be both heartbreaking and financially tough, we have ensured that we will not be one of those clubs whose severe troubles have been well documented."
"On this basis we feel that this additional expenditure was incurred with good reason and made sound business sense.
"Of course we are aware that the main concern of all newly promoted football clubs is relegation and we know that if we are relegated it will be financially tough.
"Whilst relegation would be both heartbreaking and financially tough, we have ensured that we will not be one of those clubs whose severe troubles have been well documented."