The war chest is filling up nicely Swansea City have announced a record profit of £15.9m for the six months up to the end of November 2012. The sale of Joe Allen to Liverpool and Scott Sinclair to Manchester City contributed to an increased profit of almost £10m on the same period in 2011. Turnover, with the exclusion of player sales, has also risen to £28.5m, a growth of 11.5% from the £25.5m for the previous six months. Swansea lost £8.3m in their promotion-winning season of 2010-11. But the club have made a profit ever since joining the Premier League, and are building towards the future.
Not a fan of half year figures because they paint an incomplete figure. Those figures include £20m+ received for Allen and Sinclair, but don't include the majority of the TV money we get each season. Still, we're comfortably in the black and look capable of funding various capital projects without having to borrow so it's all good.
Monies that are being spent on capital projects such as RTB and Fairwood show the intent of the club and with a further large cash injection next season it looks like we're as near to being as solvent as we could hope for . The aim of the board must be to ensure the continuing financial stability and within boundaries grow the club. There are few clubs who are in the enviable position as we find ourselves and with the direction we're taking who knows what the future holds and what we can achieve.
And we have to give credit to the board because in 11 years they didn't take a penny, so I do not condemn them for giving themselves a dividend of £1M each for big owners and Huw Jenkins, I believe in total about £3M was given. It is going to be frightening to see what end of season profits are because we have that £30M TV money AND the £11M that comes with a mid-table finish, and the money from the QF, SF and Final ticket sales from the League Cup and lets not forget we have the £5M for Danny Graham to add on top. Lots of cash still to be included into our end of season figure!!!
Just noticed that CardiffWalesOnline hasn't reported our financial superiority yet, they must feel so butt hurt about it and are pretending the news doesn't exist considering that Asian, American, African, European and Australian news outlets have published the results. I can only laugh!
