A very good result but cash flow concern: Kieran Maguire's verdict on Sheffield United accounts

Leading football finance expert Kieran Maguire has praised Sheffield United for being the only club in the Premier League to post a profit. The Blades published their accounts for the period covering their second season in the top flight and Maguire says it was 'one hell of an achievement' to record a surplus.

United posted a profit for the second successive season when they finished with £9.5m in the bank. Given they finished bottom of the league and had Covid affecting matchday income and other revenue streams, he says those figures are impressive under the circumstances.

"They're as good as can be expected," he told Yorkshire Live.

"They are the only club in the Premier League to be reporting a profit from day to day trading, which is one hell of an achievement given that there was Covid to factor in and they finished bottom of the league, which reduces significantly their money, because the amount of TV cash you receive is linked to final position.

"The reason for that profit was they kept their wage bill low and it looks as if they had fairly significant bonuses built in for avoiding relegation, so those weren't triggered. The investment in players didn't work. They spent a further £46m on players in the season and that didn't deliver what they were aiming for which, being realistic, is 17th in your early years.

"The previous season was a magnificent achievement. Since the end of the season they have sold players and taken out advanced loans on instalments due, so that does suggest cash flow is still a concern. They have the stadium back, which is positive, so they are good results."

For the second year running, United will also finish bottom of the table when it comes to player wages. He estimates United's weekly