Speaking on the Official Site Tim Davies said " After being relegated from the Premier League in 2003/04, the club has completed its first full season in the newly branded Coca-Cola Championship and its second full year of trading after being successfully acquired out of administration. "
"We had always expected to make a loss in this transitional year between the Premiership and the Championship and to use most of the profits generated in the Premiership in our aim to get re-promoted.
"However, the season saw us finish a disappointing 15th in the Championship, the impact of which is reflected in the loss after taxation of £3,482k.
"This is higher than the original budgeted loss for the year, but within one of our budgeted and planned-for scenarios, i.e., finishing below the Play-Offs.
"This was mainly because of the shortfall in attendances versus budget and the management restructure in the year.
"This was offset to a certain extent by the continued growth in our non-matchday conference and banqueting business (24%)."
Mr Davies also went on to explain that the board were still commited to giving Levein the funds to have the best possible chance of securing the best players available to us.
It is worth noting that these figures do not include the sale of Connolly to Wigan or infact any of the summer transfer activity. What these figures clearly justify is the wage cutting action taken by Levein in the summer.