Sheffield United, the second-tier English soccer club, made a profit of US$9.4 million in the last financial year. The amount represents a significant upturn on the previous 12 months, which had seen the club make a loss of more than US$10 million.

The club, which was relegated from the Premier League in 2007 and was beaten by Burnley in the promotion playoffs last season, currently sits 14th in the Championship table, 15 points behind leaders Newcastle United. However, its strong financial results will give fans hope of further strengthening of the squad in the January transfer window.

"The world has changed and in leading Sheffield United in these difficult economic times the ability to adapt to change is vital in order to maintain the safe running of our famous club," said club chairman Kevin McCabe. "On the pitch last season we were still in with a chance of automatic promotion but, for the fourth time in the last 12 years, promotion back to the Premier League via the play-offs eluded the Blades."

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He added: "In simple terms, we must all pull together again in order to achieve our aim of getting back to where we belong. The playing squad has been strengthened in several key areas to accommodate our objectives for this season, adding quality to the first team in a manner to suit the need to steadily reduce the annual player wage bill.

"The parachute funding from the Premier League ceased at the end of last season and thus the management of the football team has to be achieved within its budget. But make no bones about it, the budget Sheffield United has is well in excess of the majority of our competitors in the Championship. Let's hope that United get the rub of the green which, for whatever reason, so often seems to elude us as there is no one striving harder than Sheffield United to be back amongst the highest echelon of English football."