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£3m More Turnover But £437,000 Loss

£3m More Turnover But £437,000 Loss

Swansea City have announced their figures for the financial year with an increase of turnover of £3m, but an annual loss of £437,000.

And for the seventh year running, the directors refuse to take a salary out of the club, which goes to show how strongly we are financially, compared to our rivals just up the road!

Chairman Huw Jenkins, along with the rest of the hard-working and dedicated directors, have seen and experienced the troubles of the early 00's, when we struggling with debt and the potential relegation from the Football League. They've learnt from these experiences to take massive care and attention to finances and how much money we can realistically spend on wages and transfer fees.

A loss of £457,002 for the year is far from a figure to be alert of. The club is nowhere near in debt and we'll need to spend a little to boost our chances of gaining success at this level. We could potentially improve that at the end of this season with the bonus money we get from Wigan Athletic, providing our former manager Roberto Martinez manages to keep them in the Premier League.

Huw Jenkins said:

"I think the accounts show we`re running the club as we have done since we arrived,"

"If you look at the accounts over a period of time, you can see we`ve made small profits and small losses, but we`ve managed to balance the two out.

"Two important things to take into consideration is the accounts cover all expenditure from those 12 months, nothing is spread out, and that we do not include any asset value to our squad.

"It was natural turnover was going to go up going into the Championship, just as it was natural we were going to get an increase in wages going up a division.

"As always, we have tried to stick to within our income levels while staying competitive. It is a difficult job balancing the two but we`ve managed to do that over the last few years and we will be doing our best to make sure that continues."

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Writer:VitalSwansea
Date:Thursday March 11 2010
Time: 7:45PM

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