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Financial Results

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Chelsea move into the black

Submitted by WG on Thu, 10/01/2013 - 19:33

Chelsea's full annual results have been released by Companies House and they show that the club made a pre-tax profit of £1.4m last season in marked contrast to a £67.4m loss in 2010-11.

There was an operating loss of £46m but it was offset by a big profit in player trading and a one-off cancellation of preference shares held in a subsidiary by BSkyB.   They held shares in a subsidiary, Chelsea Fooptball Club Ltd., but agreed to cancel the shares as part of a deal that saw Chelsea take full control of Chelsea Digital Media, a joint venture with the broadcaster.

Birmingham City FC still get the blues despite profit

Submitted by WG on Wed, 09/01/2013 - 09:33

Birmingham City FC still face serious financial problems and further cutbacks despite making a profit of £15.7m in the 2011-12 financial year.   Their latest auditors have expressed reservations about the financial prospects of the club.

Slim profit for Kilmarnock

Submitted by WG on Tue, 08/01/2013 - 09:37

Kilmarnock made a trading profit of £11,384 for the year ended 31 May 2012, down £186,597 from the previous year.   In the present state of Scottish football, any surplus reflects credit on the club concerned.

Kilmarnock's net debt rose by £83,000 to £9.84m.    This is less than the value of Rugby Park at £11.3m. Turnover went up by £300,000 to £7.4m.    Player and staff costs were just over £3.5m, a figure that has been stable for four years.   This is less than 50 per cent of turnover, a recommended target that few clubs achieve.

Everton losses increase

Submitted by WG on Fri, 04/01/2013 - 20:25

The scale of the financial challenge facing many Premier League club is brought home when one realises that Everton, recognised as having one of the best managers in the Premier League, has lost £52m over the last seven years.  Indeed, if they weren't so skilled at player trading, their losses would be even bigger.

Wigan turn loss into profit

Submitted by WG on Mon, 31/12/2012 - 12:48

Wigan Athletic has achieved something that is all too rare in football, a decent annual profit.   Last year's loss of £7.2m became a net profit of £4.3m in the year to the end of May.  

This is their eighth year in the top flight and it is six years since they have made a profit.   It should be noted, however, that they did gain £7.9m in profit from player sales.   Nevertheless, the club is getting closer to a break even position.

Leeds profits down

Submitted by WG on Fri, 28/12/2012 - 09:04

The profits of Leeds United were down in the year ending 30 June 2012.   This was, of course, before the new owners took over.

Operating profits of £939,000 in 2011 turned into a loss of £3.346m.   However, there was an overall profit of £317,000 compared with a figure of £3.5m the previous year.

Turnover decreased by just under 5 per cent in the period.   Gate receipts fell by a worrying 10.6 per cent, emphasising the need for the new owners to work to boost attendances.  

Big spenders City cut losses

Submitted by WG on Sat, 15/12/2012 - 10:01

Manchester City are the first club to have a wage bill (once PAYE and National Insurance are added in) of over £200m a year, but they cut their losses by £100m in 2011-12.   The losses of £97.9m are still by far the highest in the Barclays Premier League, but it is still a big reduction in the £197.5m reported last year.

Turnover soared  50 per cent from £151.2m to £231,1m, the fourth highest in the Premier League.   The net spend of £69m in the year to 31 May was down from £141m the previous year.   However, £169m had to be issued in new equity.

Debt up at Bolton

Submitted by WG on Tue, 13/11/2012 - 09:25

The debt pile at Bolton Wanderers in the last financial year increased by 24 per cent from £110m to £136.5m.    However, this is less serious than it sounds as it is long-term debt owed to the company of owner Eddie Davis, Moonshift Investments.

Losses at Burnden Leisure decreased from £26.1m to £22,1m.   Turnover was down, but staff and administration costs were reduced.

Chelsea leap out of the red

Submitted by WG on Sat, 10/11/2012 - 15:24

Chelsea have set themselves up well for the new era of financial fair play by recording a profit for the first time in the Abramovich era.   Along with Manchester City, they were seen as one of the English clubs potentially at risk from the new Uefa regime.

Kroenke and Arsenal fans at odds

Submitted by WG on Sat, 27/10/2012 - 09:14

The annual meeting of Arsenal got quite heated after a vigorous exchange of views between majority shareholder Stan Kroenke and the Arsenal Supporters' Trust which represents small shareholders.   Arsenal chief executive Ivan Gazidis was forced to intervene to calm things down.

Kroenke, who owns about 67 per cent of the club, refused to give a long-term commitment that he would not take money out of the club through dividend payments.   He failed to give a direct answer, stating 'This club is run through the board,.  I have always been respectful of that.'