Swansea City Make £593,901 Profit
Swansea City have revealed figures of £593,901 profit for the 2010 financial year.
The previous year, they had a loss of £457,020, but despite an increase in spending they've been able to turn that around, thanks to transfer fee income and compensation money for Roberto Martinez's move to Wigan Athletic.
A club statement said:
'Turnover increased by £770,512 over the previous year, while operating expenditure increased by £3,235,012 reflecting the seriously growing cost of investment in a football squad capable of maintaining a strong challenge at the top of the Championship.
'This investment was financed by transfer fee income and compensation received from Wigan Athletic for the loss of Roberto Martinez and his management support staff.
'These two income streams totalled £3,023,840.'
Football finance expert Dr John Beech said it's unusual these days for a football club to publish a profit in their financial report:
'Football clubs are not exactly known for doing that,'
'I think I'm right in saying there's fairly substantial fan involvement in the running of the club.
'People are often critical of that model but this is an example of this working well.'