West Ham United was back in the firing line over the Carlos Tevez affair today, with Sheffield United revealing just how damaging the issue has been to its finances.

The club was relegated from the Premier League at the end of the 2006/07 season, while West Ham stayed up thanks to Tevez's goals.

The Football Association has since said the signings of Tevez and Javier Mascherano breached the rules.

West Ham has admitted to irregularities in the striker's "ownership" by private investors and to misleading the Premier League about those arrangements. Tevez now plays for Manchester United.

Today Sheffield United unveiled its financial results for the year to the end of June, confirming a slump in turnover due to relegation. The club made a £3.5 million loss against a £2.7 million profit a year ago. Turnover fell £12 million to £32 million.

Sheffield United chairman Kevin 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 Tevez affair.

"Sheffied 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 is pursuing West Ham for £50 million in compensation, which would devastate the London club, although reports suggest the Blades may settle for £25 million. Sheffield United shares stood at 9.75p today, valuing the business at £27 million.