SAINTS today have revealed the disastrous financial effect of relegation from the Barclays Premiership.
The club's turnover fell from £44.8m for the 12 months ending May 31 2005 to £25.7m in the 13 months leading up to the end of June 2006.
The massive drop is a combination of less Sky TV money and the fall in matchday income from attendances which nosedived by around 23 per cent in the Championship last season.
As a result, Saints have reported a £3.3m loss before taxation - compared to a £232,000 profit before tax in the year ending May 31, 2005.
The accounts, released to the Stock Exchange this morning, have been delayed by the new board at St Mary's for a month to give them more time to work on them.
Saints report an operating loss of £7.2m but, due to making £5.9m profit on player trading, the figure is reduced to £1.3m.
Interest of around £2m lifts it to the £3.3m loss mark.
See today's Daily Echo for the full story
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