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Carlisle United lose £1.15 million
Carlisle United Football Club has lost £1.15 million in the year to June 30th 2003 according to the Carlisle News and Star. And it is still losing money despite cutting costs.
The club is said to be £2 million in debt, but new chairman, Fred Story, claims the club is trying to balance the books.
However Story admits that the latest accounts due to be published by the end of November will show heavy losses.
Story said: "We have reduced the wage bill by £350,000 a year and reduced interest payments by £130,000 a year by consolidating the club's debts."
The 2003 accounts should have been filed by April 30 but were only received at Companies House in Cardiff this week, a delay that cost United a £1,000 penalty.
Wage costs, during the period, increased by 45 per cent to £1.59 million and other debts included £465,000 to trade creditors and £498,000 owed to the tax man.