Sheffield United PLC director Scott McCabe, son of owner Kevin McCabe, has said the football club will seek new investment following relegation from the npower Championship.
The McCabe family has provided the club with over £6m in loans as the Blades pushed for promotion as well as carrying a large wage budget, something which McCabe insists cannot continue.
"Throwing money at the problem has not brought us success. We have to try something different. I would also emphasise our desire to secure new investors for SUFC in order to bring in further funds and new ideas to boost the club's revenues," McCabe said.
McCabe’s comments form part of a statement released by the Blades in which its board accept that income from TV, sponsorship and hospitality would be hit and that the club had to reduce its running costs.
"Relegation means a significant drop in TV revenues and commercial hospitality and sponsorships. Quite clearly costs will need to be reduced significantly with player wages facing the brunt of those cuts," chief executive Trevor Birch said.
"It won't be easy but we have to re-balance the squad budget which will inevitably mean a number of our higher earners moving on.
"We have renewed 10,000 season tickets which is a fantastic expression of support for Sheffield United FC and those supporters, together with our regular match attendees, will be at the core of the rejuvenation of this great club."