Swansea Announce Annual Financial Loss.
Swansea City chairman Huw Jenkins and the club have announced an annual loss of £647,313 over the course of the year.
Financially the club were at a stronger position in May of last year announcing a profit margin of £447,793. It is not clear weather the club will have to under take a period of cost cutting but Jenkins has insisted that the club will be more than able to compete in the Championship despite the revenue shortfall.
It is widely thought that Swansea City will earn up to £2 Million in the jump in revenue from new sponsorship deals , Hospitality packages and money from the pooled broadcast fund, next season.
Season Ticket sales look set to rise from the 8000 or so holders now as fans flock to get their seats for next season and with the likes of Derby County , Norwich City and Charlton Athletic gracing the Liberty Stadium next season, club officials will see gate revenue rise.
Despite the fiscal loss Jenkins has been quick to highlight the club are solvent and the club are well managed.
Jenkins told the SWEP:
|“'Every penny was put back into the club, and that's the way it will always be under this board of directors.”|
'We had our least successful season in recent years in the year leading up to May 31, 2007, when further investment was made in our training facilities and playing squad and we also changed our manager. I would say it's a remarkable achievement to make the loss we did.'
'We are a well-run club and, unlike many clubs in the division we're going into, we are in a stable financial position. This club operates in the black continuously and, while there will always be swings and variations from season to season; we will continue to run it along those lines.” We will continue to work within our budgets and we will have to be judged on our results, we have a wonderful young manager and we don't have debts hanging around our neck.'
Swansea City 11 side beat Port Talbot Town 3-2 in a testimonial match for long standing player Robert Cockings. Swansea City manager Roberto Martinez did play 45 minutes in the second half. .
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