Sheffield United chairman Kevin McCabe has blamed the club's financial losses for the year ending June 30 on the 'Tevez affair'.
The Blades have announced an operating loss before interest and tax of £3.5million, while for the same period last year the club made a profit of £2.7million.
Retained losses stand at £6.3million compared to a £300,000 profit at this time in 2007. Turnover is down from £44.2million to £32.1million.
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 £32.1 million, a reduction from the £44.2 million 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 £50million from West Ham in compensation next spring after an arbitration panel ruled that Carlos 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 £5.5million - but the arbitration panel decided the Hammers had not abided by their pledge to end all third-party agreements in relation to Tevez.
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.