The club have today (Wednesday) announced it has suffered losses of £18.1 million for the year leading up to June 2010.
The current economical crisis has had severe affects on the club and its earnings over the past year.
Attendances at Bramall Lane have dropped, TV revenue has been much less than the club earned when it was in the top-flight, United don't get paid parachute payments from the Premier League anymore, and players' wages has also been a problem recently with those parachute payments expiring.
Earnings from television rights have dramatically dropped by £5.6 million. The Blades have lost £2 million on gate receipts.
United's reshaping process has meant the sale of Chinese side Chengdu Blades, the sale of the Copthorne Hotel adjacent to Bramall Lane, and a disposal of a 50% interest in Blades Realty Ltd.
Despite these huge losses, the Bramall Lane stadium, the Academy at Shirecliffe and the Junior Development Centre at Crookes become "free and clear" assets.
Kevin McCabe, the Sheffield United Chairman, explains it all: "Some tough decisions have been taken to totally reshape the group. The time is right to ensure the club is positioned to avoid the type of damage that is currently afflicting or set to affect so many other football clubs.
"Our aim is still to generate revenue and profits from our business to fund all football activities with the clear objective of getting United back to the Premier League at the earliest opportunity.
"Since relegation no-one could say we have not given it one hell of a go on the pitch. I have personally invested substantial funds during the last three seasons and last season alone we put £2.5m into acquiring a large number of loan players, a figure we had not budgeted for. It showed the efforts we made last season - the first without parachute payments - to reach the play-offs again.
"We have long pursued a strategy of creative diversification to broaden income streams and reduce risk. However, the length and depth of today's economic conditions, coupled with the introduction of four year parachute payments, has led us to challenging previous assumptions on how best to structure Sheffield United."
He continued: "I firmly believe that the Blades are now in the right position to progress. In Trevor Birch, Gary Speed and John Pemberton, I believe we have the team in place to drive the Blades on as we return to a back to basics approach at the football club.
"The manager will teem and ladle with players and the squad will be shortly boosted by the return from long term injury of Darius Henderson and Lee Williamson. There may be opportunities to manoeuvre if investment comes forward.
"Our aims remain the same in bringing growth and success on and off the field of play. Every single action we have taken is about making this a better football club," he finished.
Chief executive Trevor Birch added: "These are comprehensive measures in line with the harsh economic conditions in which we now operate. Going forward we now have to live within our means.
"We have re-structured the Club and continue to re-organise so that the cost of the player wage bill is one that can be supported by the club's football and commercial income streams. It is back to basics and we have to think longer term in our objectives but we are well placed to ride out the economic downturn and compete strongly in the Championship.
"We all need to realise it has been a difficult trading year for Sheffield United but the board has taken decisive steps off and on the field, where we have, in Gary Speed, an excellent new manager. At the academy, which remains central to our strategy, John Pemberton is laying down the foundations which will stand us in good stead for the future.
"Gary and John are fully aware of the changes and are determined like everyone else at the club to bring playing success but it may not be a quick fix and they need time to produce a winning formula."
To see the full ins and outs of the reshaping actions the club has implemented, visit www.sufc.co.uk for more.
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