Dundee United have posted losses of £2.3million for the year ending June 30, 2024 but insist significant strides have been made towards financial sustainability.

In a statement posted on the Tannadice club’s website the United board claim to be “encouraged by the clear improvement in financial performance, achieved in parallel with the club’s main goal of securing promotion back to the Premiership.”

Turnover was down from £8.1million to £6.4million but the club reduced their operating loss – excluding player sales – by 45 per cent from £4.3m in 2022-23, wage costs from £6.9m to £5.2m and total costs by £3.8m or nearly 30 per cent.

The financial report also noted “significant debt reduction — OPG-4 UK loan liability was reduced by 34 per cent from £10.1m to £6.6m.”

The statement continued on a positive theme: “While turnover fell to £6.4m — largely due to relegation to the Championship and the resultant reduced away attendances at Tannadice Park — the club was buoyed by the loyalty and passion of our supporters.

“Season ticket sales and home match ticket revenue remained strong, as did retail and commercial performance.

“These factors ensured DUFC maintained one of the highest turnovers in Scottish football despite relegation.

“Looking ahead, the board remains optimistic. Forecasts for 2024-25 project turnover to surpass £8m, aided by a return to the Premiership. The club will continue to apply strict financial discipline, with cost control and operational efficiencies firmly embedded across the organisation.

“The club remains committed to achieving financial sustainability while remaining competitive on the pitch.

“With the return to Premiership football and further projected financial improvements in 2024-25, the board is confident that the club is on track to achieve its long-term objectives.”

Chairman Mark Ogren said: “These accounts reflect the significant steps taken over the past 12 months to put Dundee United Football Club on a more sound and sustainable footing.

“While a loss is never something we take lightly, it was anticipated due to our relegation to the Championship.

“With the board’s support, along with improvements in our processes and working practices, the reduction in our operating losses, and all of the positivity that comes with being back in the Premiership, we are well-positioned for further growth and improvement.

“This progress is a testament to the hard work of everyone throughout the club, from senior leadership through every department, along with the continued loyalty of our absolutely incredible supporters.”