The Blades have announced an operating loss before interest and tax of £3.5m, while for the same period last year the club made a profit of £2.7m.

Retained losses stand at £6.3m compared to a £300,000 profit at this time in 2007. Turnover is down from £44.2m to £32.1m.

McCabe said: "One can only ponder as to the potential turnover and profitability that may have been achieved were it not for the circumstances and events emanating from the media-named 'Tevez affair'.

"Sheffield United are now a robust, strong and proud club, who will simply not back down or walk away from tackling head on those organisations responsible for the shameful actions and events that have tarnished English football."

McCabe added: "Turnover in 2008 was £32.1m, a reduction from the £44.2m of 2007, arising from our unjust relegation from the Premier League in May last year and thankfully limited due to the success of our off-the-field interests."

The Blades are hoping to claim up to £50m from West Ham in compensation next spring after an arbitration panel ruled that Tevez should not have been permitted to play in the final matches of the 2006/7 season, when the Argentina striker helped West Ham avoid relegation at Sheffield United's expense.

West Ham have argued they have already been punished by the Premier League – they were fined £5.5m – but the arbitration panel decided the Hammers had not abided by their pledge to end all third-party agreements in relation to Tevez.

The 24-year-old Argentinian striker, who now plays for Manchester United, was deemed by September's independent tribunal to have played a key part in the London's club's Premier League survival as the Blades were relegated in the 2006-2007 campaign.

"On the totality of the evidence, we have no doubt that West Ham would have secured at least three fewer points over the 2006/7 season if Carlos Tevez had not been playing for the club," the judgement read.

West Ham this week lodged an appeal against a High Court ruling in United's favour that stopped the Hammers appealing to the Court of Arbitration for Sport (CAS).

The matter will return to the High Court for a full trial next year when the Blades will be seeking a permanent injunction.

Both parties will meet the arbitration panel in March to thrash out a compensation figure, but it has been reported that should the case drag on, the matter could be settled out of court.
Meanwhile, out-of-favour winger Keith Gillespie has joined Charlton Athletic on loan.

Gillespie, 33, who has featured just once in the league for the Blades this term, will remain at the Valley until January 3rd, with United holding a recall clause after 28 days.

Blades manager Kevin Blackwell said: "It's a chance for Keith to get his league career going again."