Pretty much a "steady as you are" set of accounts to be honest mate, nothing at all to get excited about really. More than anything else they demonstrate that without investment we can not develop the club, facilities or heavily invest in playing staff. In the absence of a takeover or fresh investment, we will remain indebted until the next huge increase in broadcasting revenues which start in season 2016/17.
The club is profitable at the operating level which should be welcomed but the commercial and sponsorship revenues are extremely poor compared to our competitors at the top end of the Premiership. Because of that we will continue to fall behind those clubs financially and allow the gap between ourselves and the likes of Stoke and Southampton to narrow further.
Whereas even 5 years ago we could point at a club that was progressively sinking, we at least are on an even keel now - only down to the increase in broadcasting revenues, nothing else. We need to be taken over to move forward regardless of our ability to out-perform (in relation to funds) on the pitch - it's as simple as that.