Aston Villa have cut their annual losses to £17.7m in the year to 31 May 2012 compared with £54m the previous year. The wage bill was cut by £13,8m and £26m was made from the sale of players. Owner Randy Lerner waived £20m of interest he was due on £107m of loans.
Football journalist David Conn has tweeted that this looks like a process of downsizing. Income was down £11.6m or 12.6 per cent to £80m. Attendances were down by an average of 3,500 to 33,783. It looks like a case of a club whose ambitions no longer match its history or its potential.
Aston Villa have cut their annual losses to £17.7m in the year to 31 May 2012 compared with £54m the previous year. The wage bill was cut by £13,8m and £26m was made from the sale of players. Owner Randy Lerner waived £20m of interest he was due on £107m of loans.
Football journalist David Conn has tweeted that this looks like a process of downsizing. Income was down £11.6m or 12.6 per cent to £80m. Attendances were down by an average of 3,500 to 33,783. It looks like a case of a club whose ambitions no longer match its history or its potential.
Robin Russell, Villa’s chief financial officer, said the figures demonstrated the club’s efforts to become financially sustainable: ‘Having appointed Paul Lambert as manager in June 2012, he is building a youthful, progressive first-team squad and we continue to offer our season ticket holders and supporters some of the cheapest ticket prices in the Premier League.’