Leicester City shareholders today received the PLC's interim report.

Some of the headlines are not good reading!

* Relegation to the Nationwide League confirmed
* Turnover of £17.6m (2001 £17.6m)
* Operating loss before exceptional item and player trading of £0.9m (2001 profit £0.2m)
* Contribution from business operations increased by 11% to £1.5m (2001: £1.3m)
* Player wage inflation of 9%
* Loss on disposal of fixed assets £0.6m (201: profit £4.7m)
* loss for the period £8.9m (2001: profit £0.8m)

Ouch.

The interim accounts were based on finishing 12th in the league...finishing bottom has caused a loss of £2.2 on turnover. And lost us loads of dosh as each league place is worth tens of thousands of pounds.

Match receipts fell by 10%, but gates were only down 2%. The sale of Filbert Street has got us £3.75m.

The really galling part...Peter Taylor and his coaching staff cost us £963,000 for terminating their contracts.

Needless to say, the board has decided not to pay out any dividends for the 6 month period!

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