"Participation in the Uefa Cup generates only a fraction of the revenue compared with the Champions League.
"Last year we finished fifth and won the Worthington Cup but failed to meet our target of qualification for the Champions League. While by no means a write-off, the season was disappointing."
He went on to announce a 4% increase in turnover to just under £100m and a reduction in the club's wage bill, but pre-tax profits were down by £5.5m.
"We must accept that less favourable financial results may have to be a short-term quid pro quo in order to secure a return to our place in football’s elite," he added.