Fulham suffer record losses

Last updated : 28 April 2003 By FootyMAD
Lasts years accounts showed losses of £24million but this year's figure ranks as the second largest loss ever by a Premiership club - Leeds announced a loss of just under £34million in October last year.

Fulham's financial director Andy Ambler said: "Getting established in the Premier League was obviously a costly exercise and these figures represent that.

"But over the past 12 months we have returned to more prudent policies and with the controls we now have in place we hope will see the club breaking even within the next two or three years."

Transfer costs of £13million and a one-off £12m reduction in the first-team squad's estimated value are blamed for most of the loss.

"We must tighten our belts and introduce prudent budgetary control from the top to the bottom - transfer fees, player salaries and stadium development will all be scrutinised," Fulham chairman Mohamed Al Fayed said.