Swansea announce £1.7m profit
Swansea have announced a post-tax profit of £1.7m, with turnover increasing by more than £30m to nearly £100m.
The figures, which cover the club’s latest financial accounts ending May 31, 2014, take in a period which saw Swansea finish 12th in their third Barclays Premier League season and reach the knockout stages of the Europa League.
Turnover increased by £31.6m to £98.7m from £67.1m in the previous year and was largely due to additional TV broadcasting income negotiated by the Premier League.
Expenditure increased by £29.7m with club record signing Wilfried Bony (£12m) – who has since been sold to Manchester City for a fee which could rise to £28million – and Jonjo Shelvey (£5m) recruited during the period.
“The board continued to invest in the playing squad during the accounting period to maintain performance standards with notable acquisitions being Wilfried Bony and Jonjo Shelvey,” Swansea’s finance director Don Keefe told the club’s official website.
“The total cost of acquiring all new players during that year amounted to £33.4m, while an additional £6.9m was spent on new training facilities at Fairwood which became operational in February 2014.
“Some additional improvements will still be necessary to fully complete the training sites at Fairwood and Landore to the board’s satisfaction when cash flow permits.”
