Swansea move into profit after promotion
Reuters - Monday 15 October 2012, 16:38
Swansea City moved into profit after enjoying a successful first season in the Premier League and receiving five million pounds in compensation when Liverpool hired manager Brendan Rodgers, the club said on Monday.
Profit after taxation totalled 14.6 million pounds in the year to May 31, rebounding from a loss of 8.3 million pounds in their previous promotion-winning season. The swing to profit came despite a doubling in the club's wage bill.
The figures underline the divide between the 20-team Premier League and the other 72 clubs in the English professional games.
That gap will widen further next season when a new domestic television contract worth more than one billion pounds per season, a 70 percent rise, takes effect.
Clubs in the Championship are attracting interest from investors who see a chance of making it into the lucrative top flight.
Swansea finished 11th last season, and their survival and neat playing style led to Liverpool recruiting manager Rodgers.
Swansea are now managed by Dane Michael Laudrup and are again in mid-table.
Swansea have had a rapid rise from the bottom tier over the past seven years. They are unusual in that fans own a 20 per cent stake in the club.