by Gwyn Griffiths

NICKY Maynard's £2.2m sale ensured Crewe did not post massive losses during their relegation to League Two.

Maynard's move to The striker's switch to Bristol City in July 2008 boosted club finances and ensured an operating income of £5,501,789 covered expenses of £5,416,853.

A small profit of £84,936 was then swelled by tax deferments, allowing Crewe the Alex to make a surplus of £184,121 during the 2008/09 season, compared to £399,796 in 2007/08.

But their dependency on selling their assets still holds the key to a tightening financial picture.

The Maynard cash helped fund former boss Steve Holland's spending spree of about £640,000 on transfer fees for the likes of Calvin Zola, Clayton Donaldson and Anthony Elding arrived at Gresty Road in the summer of 2008.

It also helped counter a near £550,000 increase in the wages budget (to £3.4m), which would have been swelled by Gudjon Thordarson signing expensive loanees like John Ruddy and Marlon Broomes, in a bid to stave off the drop later in the campaign.

But the club's accounts, which will be presented to shareholders later this month, do not reflect Crewe's current ethos.

Before he was axed, Thordarson embarked on a cost-cutting exercise with several high-earners leavinging players departing.

Efforts to generate more revenue from off-the-pitch activities resulted in the proposal to transfer the Gresty Road ground into a separate company, Crewe Alexandra Developments Ltd.

But directors report the switch and issue of new shares in the property company to existing shareholders has yet to be implemented.

And neither has a £1.2m loan made by the club to Crewe Alexandra Developments Ltd during the 2006/07 season been repaid, although major shareholder Norman Hassall provided an interest free loan of £100,000 to tide things over last season.

While some supporters have voiced concerns over the finance director's role, he remains an unpaid member of the boardroom.

The only Crewe paid director was Dario Gradi, who received £129,463 while serving as technical director and then caretaker manager after Holland's sacking inat the end of 2008.

Only shareholders will be admitted to the March 25 annual meeting. Fans will get the chance to quiz the board at a forum next month.

DARIO Gradi felt woeful passing left Crewe grateful to salvage a late point from a 2-2 draw with lowly Barnet.

Clayton Donaldson hit an 81st-minute equaliser after he'd opened the scoring in the first half.