He said: "It's not good reading at all it's an expensive business investing in football clubs.
"The one mitigating factor is that there have been eighteen months of costs and twelve months of sales, so obviously they are a little bit worse than they should be.
"There's obviously three months of backpay for the players which we had to pay when we took over the club.
"We're in a very strong position and I would think that of the clubs in the league we are in the top ten as far as financial health is concerned."