SOUTHAMPTON chiefs are counting the cost of poor recruitment after posting a £34million loss for the financial year.
That is a swing of £65m from the post-tax profit of £29m in the Saints’ previous accounts — helped by Virgil van Dijk’s £75m switch to Liverpool.
Southampton have been made to pay the price of poor recruitment – posting a £34million loss
Saints blame the results up to last June on being unable to find buyers for flops Mario Lemina, Guido Carrillo, Fraser Forster and Wesley Hoedt — all of whom are out on loan.
Player wages have also now risen to 77 per cent of expenditure.
The club are relaxed about the figures though — with net debt down from £19.8m to £14.5m.
Saints’ funds could impact on Ralph Hasenhuttl’s transfer plans.
But there is optimism the Austrian boss will still extend his current deal with talks ongoing.
And managing director Toby Steele said: “We are not in a dire position.
“Our transfer liabilities — what we’ve got to pay out — is bigger than the amounts we’ll receive.
“But we have five very marketable players out on loan and we have a solid asset base.
“It’s nothing to be nervous or worried over.”
Owner Gao Jisheng is neither investing into the club or taking cash out.
There has been talk the Chinese supremo is looking to sell his 80 per cent stake. But Steele said: “The board haven’t been given any indication that he is looking to do that.”
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Source: Soccer - thesun.co.uk
