Iron run up loss to win promotion

Scunthorpe United have revealed they planned to run at a loss in a gamble to gain promotion to the Championship.

In a statement on the club's website, chairman Steve Wharton said that United budgeted to lose £750,000 in order to win promotion from League One.

"Winning promotion means higher income from the Football League television deal," said Wharton.

"In addition we expect to generate extra income through our commercial activity and increased gate revenue."

Wharton added that a cash surplus from recent transfers had been used to offset increased wages and that United will receive a total of £3.3m from a combination of League payments and television money.

He also confirmed that the club would be staying at its present base of Glanford Park and would unveil plans to improve the stadium in the future.