Swansea City posts a profit of £15.3m
English Premier League club Swansea City has released their latest account details which showed a profit of £15.3m for the year ending May 31, 2013.
The pre-tax profit of £20.6m was made up by the £8.4m from normal operations and the remaining from player dealings which included the sale of Joe Allen to Liverpool and Scott Sinclair to Manchester City. And the net profit saw a rise of £1.9m compared to last year.
“The Board is extremely pleased with the latest results and the year in general, both on and off the pitch. We have put the funds generated by these profits to good use with the completion of a new £6m Youth Academy training facility near the Liberty Stadium, plus an initial £5m on a new training complex at nearby Fairwood. The club has also continued to invest in the playing squad to maintain a performance standard required for participation in the Barclays Premier League,” said Swansea City’s Finance Director, Don Keefe.
“The net book value of player registration costs was £19.1m at May, 31, 2013 – an increase of £8.9m over the previous year. Team performance on the pitch was excellent with a ninth-place finish in the Barclays Premier League and a Capital One Cup victory at Wembley Stadium which provided entry into this season’s Europa League competition,” he added.