Huddersfield Town have announced a loss of �1,055,094 for the accounting year ending May 2007 - compared to a profit of �61,754 for the previous 12 months. The League One club's income fell from �5.3m to �3.97m during the year, with gate receipts at the Galpharm Stadium down from �3.1m to �2.02m.
In addition, player wages rose from �1.56m to �1.64m.
However, debts owed to former players were cleared during the year, three years ahead of the original schedule.
In his report, chairman Ken Davy stated that it was "very disappointing" to have only finished 15th in League One in 2006/07, when the club's minimum target was the play-offs.
A lack of progress in cup competitions also resulted in a loss of income, while Peter Jackson was sacked as manager in March 2007 and replaced by Andy Ritchie.
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