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Promotion Costs Swansea City £8.2m

Promotion Costs Swansea City £8.2m

Swansea City made a loss of £8.2million for the 2010/2011 financial year.

The Swans are a club run on a strict financial budget, but the loss of £8.2m will easily be paid back and more thanks to promotion to the Premier League.

The losses included the costs of player and management bonuses, transfer and loan fees and compensation to clubs relegated from the Championship.

It's been well documented that promotion to the Premier League is worth around £90m with the money spread out of a number of years.

A club statement explained the reasons for the loss:

'While the accounts reveal an overall loss after tax of £8.2 million, which was consequently unavoidable after our Wembley win, the large amount of income generated in the Premier League has subsequently enabled these liabilities to be adequately met in the current financial year.

'The accounts for the current financial year ending May 31, 2012, will be adversely affected by an increase in operating costs, particularly payroll, but our resolve is to realise sufficient profit to counter the 2010/11 loss, and our operating budgets are structured to make this happen.

'With regard to the future, our immediate goal is to consolidate our position in the Premier League and ensure we survive this season.

Our long-term goal will cater for Swansea City remaining as a top flight club and to continue to contribute in part to the feel-good factor and prosperity in the local community.

'We will not, however, do this in any way that puts the club's financial stability at risk. This remains paramount in our management philosophy.'

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Writer:VitalSwansea
Date:Tuesday January 24 2012
Time: 10:32PM

Comments

0
compensation to clubs relegated from the Championship? wait, what? Swansea actually has to pay the relegated clubs from its own pocket? strange rule, this.
dazzwater
25/01/2012 00:57:00
0
My club Stockport can do with some extra funds how are you fixed Swansea?
Mazarron Albert
25/01/2012 12:38:00
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