Villa announce £10m loss
Aston Villa have announced a loss of more than £10m (€15m) for the past financial year.
Publishing their preliminary results for the year ending May 31, 2004, Villa announced a healthy profit of £7.3m (€11m), a rise of £7.1m (€10.7m) on the previous year, before player trading was taken into account.
The club however report an “exceptionally high level of loss on disposal of players” of £5.6m (€8.4m) and a reduction in value of playing assets of £12.2m (€18.4m). Overall turnover increased 23% to £55.9m (€84.2m).
This comes in a year chairman Doug Ellis describes as the best on the field for many years.
Under new manager David O’Leary the club overcame a slow start to the 2003-04 campaign to secure sixth place in the Premiership and reached the semi-finals of the Carling Cup.
Ellis said: “Last season was David O’Leary’s first in charge as team manager and after disappointing early results we just missed out on a UEFA Cup place, although I think it is fair to say that in finishing sixth we ended the season on a high note.
“In addition, we also reached the semi-final of the Carling Cup; the reserve team won their league; our Under-19s won their league and we reached the final of the FA Youth Cup for the second time in three seasons.
“Across the board it was undoubtedly our best playing season for many years.”
Operating costs, including salaries, rose by 3.1% but wages now represent 60.5% of turnover compared to 71.1% in 2003. Ellis added that the club will strive to keep wages under control to ensure a return to profitability.
