York City are losing £24,000 a week, according to figures published today.

The Minstermen's balance sheet reveals their deficit at June 30, 2001, stood at a record £1,261,038 - nearly double that of last year.

The news has been met with dismay by fans.

"I am very concerned that there has been absolutely no improvement on the field, and yet the club's finances are looking increasingly black," said Greg Stone, a former spokesman for a fans' protest group.

"Fans have been saying for some time that there is no ambition shown by the club, and it's going nowhere fast, and more and more fans are staying away."

Chairman Douglas Craig, in his report, said: "The clubs able to prosper have been those with rich benefactors or those who have shrewdly built around youth.

"While this second route is slower it is the only realistic option for the club."

The figures also show that the club's turnover has increased by almost £250,000, and brings sharply into focus the need for City to sell their brightest talent to survive.

City's actual operating loss stood at £1,327,881, an increase of more than £300,000 on last year, as the club's payroll costs breached the £2 million barrier for the first time.

Last year that figure, which includes playing and non-playing staff at Bootham Crescent, stood at £1,635,736 compared to £2,160,181 this time around.

It marks a 12-month rise of 32 per cent and means the City wage bill has nearly tripled in six years.

- For further details see the next York City story

Updated: 13:13 Saturday, November 24, 2001