Colchester United managing director Stephen Gage has slammed a report which claimed the U's are the poorest club in the Football League.

"How can we be the poorest," asked Gage, "when Crystal Palace, Chester City, Luton Town and Portsmouth are still in or have just emerged from administration?"

Today (Friday) Gage hit back at reports in the latest review of football finance, from accountants Deloitte and Touche, which placed the U's bottom of the league with an annual turnover for 1998 of just £717,000.

It comes only months after the U's were highlighted as the nation's fastest-growing club commmercially.

Only a handful of the 72 Football League clubs are worse off, according to the latest report. And while the tiny Layer Road club continues to struggle against the odds the financial gulf between the U's and European giants Manchester United continues to soar.

The Red Devils turnover for 1998 was £87,875,000 - more than 100 times greater than that of the U's.

In fact the highly successful Old Trafford club pockets as much in one home game as the U's reap in two seasons.

The U's spiralling wage bill also painted a demoralising picture. They forked out £897,000 in salaries for the season, £180,000 more than their turnover.

The U's new Second Division rivals Cambridge United, promoted this year, reported a £900,000 turnover for 1998, while their other East Anglian neighbours Norwich City and Ipswich Town both painted a healthy picture too.

The Canaries £6,910,000 was well up on the previous year's turnover while Ipswich's £6,222,000 was in fact just down on their £6,226,000 returns for '97.

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