Colchester United's first season of Division Two football left the club with a loss of almost half-a-million pounds.

A loss of £458,787 in the year ending May 31, 1999, will be revealed to shareholders at the U's annual meeting scheduled to go ahead at Layer Road tonight.

Cash advances during the year of £230,000 from U's chairman Peter Heard and £15,000 from director John Worsp helped the club to balance the books.

The loss is an increase on the previous year's deficit of £252,931 when the U's finished fourth in Division Three and enjoyed a successful season which resulted in the club reaching the play-offs and promotion through the final at Wembley.

In an official statement explaining the latest figures Heard said: "There are a combination of factors which have contributed towards the published figure.

"The club failed to progress in any of the cups, there were costs associated with the change of manager during the year and the club were not involved in any form of play-offs or end-of-season final.

"All in all the costs involved in playing Division Two football were more expensive which clearly impacted on the bottom line."

On the plus side, the sale of season tickets doubled on the previous year from £60,047 to £126,054.

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