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Former Dundee United boss Mixu Paatelainen was sacked after the club was relegated from the Scottish Premiership

Dundee United have reported annual losses of £1.55m, following their relegation from the Scottish Premiership last season.

The club received £1m in transfer income after the sales of Nadir Ciftci, John Souttar and Ryan McGowan.

But United's revenue fell by 21% to £4.61m through reduced prize money and match-day attendance income.

The club say they expect to make £1.5m in cost-savings this season as they bid for promotion from Championship.

Administrative costs rose during the period by more than a third to £1.8m. The board say these were mostly football-related as the club took steps to avoid relegation.

United sacked two managers in that time, parting company with Jackie McNamara and Mixu Paatelainen respectively.

The Terrors are currently second in the Championship table, seven points behind league leaders Hibernian.

A club statement read: "The latest annual accounts show the adverse economic effect of a season of poor football results which led to eventual relegation.

"Revenue dropped by 21% to £4.61m through reduced prize money and the associated drop in match attendance income related to sitting at the foot of the Premiership from October 2015 through to the season end in May 2016.

"Broadcast revenue was also down as the club featured in fewer live televised cup games."