Drop in profits at Wolves
Profits at Wolverhampton Wanderers have dropped by nearly £7m compared with last year, but the club still managed to record a pre-tax profit after player trading and net interest charges of £2.2m in the year to 31 May 2011. The figures take into account record £7m buy Steven Fletcher and other acquisitions.
Operating costs increased to £37.9m compared with £29.8m in 2009-10 mainly due to players' wages. Turnover was up to £64.6m compared with £60.4m in 2009-10 largely because of the new three year Premier League television deal.
Wolves chief executive Jez Moxey said the club was now focusung on its two main investment projects, the £18m Stan Cullis stand and the £6m upgrade of the Compton Park training ground.