Potters Announce Financial Losses

Gislason blamed transfer market losses and interest charges for the net loss: "Operating results improved by £600,000 on the previous year, however profits from transfer activities were down by more than £2million and interest charges increased, resulting in a net loss of just under £1.3million," his report to Stoke City shareholders said.

''This loss was funded by a short-term bank loan amounting to £600,000 and an injection of convertible loan stock by the main shareholders amounting to £800,000.

"Whilst the levels of performance have fluctuated greatly, I feel the better displays have highlighted the team's potential as we seek to further progress the club both on and off the field.

"But we need to do better before we can say the company is healthy."