The club's plc chairman Kevin McCabe confirmed the projected losses and spoke of his shame at the end of a "wretched season" following the Blades' relegation to the third tier for the first time since 1989.
McCabe, who will make a decision on manager Micky Adams' future by the end of the week, said: "Thankfully we don't have any bank borrowing so the pressure really is how we want to spend our money to fund wage bills and the like for the coming seasons.
"We must look to make savings across the board; people employed at Bramall Lane, the academy, advisors that may be working for us, professional legal and accountancy people - all these divisions will be thoroughly inspected to try and save money."
McCabe, who has invested ?70million of his own fortune in the club and who has made no secret of his plans to eventually retire, added: "I wish the club didn't have to [rely on his continued investment]. That's why this is another real blow to myself. Relegation was never contemplated, but it's the reality of where we are. That's why I'm here to get a good feel of what's gone wrong.
"It will probably cost us an additional ?12million in terms of a loss. TV income sponsorships and thing like that. I'm here now to work out whatever is required for next season to sensibly fund what will have to be funded."
Source: PA
Source: PA