Just received my financial statement for the year ending May 2012. The club made a "significant" loss of £599,919 for the 2011/12 season, mainly due to
No transfer fees
Exiting the cups early
No income from Europe
Higher than expected bonus costs due to the excellent league performance
Legal costs for Well Society formation
The report states that the club is in a strong position relative to many others, but that "we cannot continue to run the risk of repeating losses of this size", and a full review of costs is underway.
Any benefit gained by cutting costs will be offset by a reduction in income due to Rangers not being in the SPL.
Apparently if we were to add an average of 1500 fans to each home gate, the loss would disappear.