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Top 5: First XI costs in Premier League

Transfers 4 minutes ago
Read
Oct 16, 2012

Swans announce £14.6 million profit

Swansea City made a £14.6 million profit as their debut season in the Premier League ended in an 11th-placed finish, figures released on Tuesday have shown.

• Blog: Swans run a tight ship

The data showed that the Swans - who almost went out of business less than a decade ago - gained £5 million of that from Liverpool's compensation payments for manager Brendan Rodgers and members of his staff.

Rodgers left the Liberty Stadium at the end of the season, having guided the club to promotion and then comfortable survival, and was succeeded by Michael Laudrup.

In a statement, the directors said they were committed to managing the finances in a way that allowed for future investment, with plans including a new training facility - on which work is under way - and potential expansion of the stadium.

They said the profit, on a turnover of £65.2 million, had been achieved despite promotion bringing big increases in costs, with the club's operating costs, including the wage bill, almost doubling in a year.

The statement said the positive figures "reflect the club's successful first season in the Premier League".

It added: "The directors' review of the business is set to reveal a turnover of £65.2 million, which aptly demonstrates the reward of achieving Premier League status, and a net profit after taxation of £14.6 million despite operating costs, particularly wages, being double those of the previous year.

"The net profit, which was boosted by the £5 million received from Liverpool for the loss of management staff, more than counteracts the net loss of £8.3 million incurred as a result of the cost of the promotion push in the previous financial year.

"The directors will reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans."

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