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Financial Results

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Arsenal in robust financial health

The latest financial results for Arsenal show the club to be in robust financial health, even though overall profits dropped from £6.7m to £4.7m in a year in which there was little activity on the property front. Cash balances remain very healthy, up to £173.3m from £119.6m in 2013.

Manchester United pay price

The effects of poor performance (by their standards) on the pitch are being felt by Manchester United.   Revenue and profits are expected to fall in 2015 in the absence of Champions League income.  Even so, the club's revenues and earnings are still far in excess of Premier League rivals.

Profits up at United

 Manchester United has reported a 60 percent increase in quarterly profit, saying it had the financial muscle to improve its squad after a poor season on the pitch.  

Premiership finances 2012-13

David Conn of The Guardian has provided a thorough and authoritative review of Premiership finances for the 2012-13 season as revealed in clubs' accounts.

The chasm facing clubs that might be relegated is evident.   Fulham would not be able to finance their ongoing contractual commitments over the next two years.   Norwich City, praised as a stable, financially well-managed club, would face a 'multi-million pound trauma'.

£18m losses at Rangers

The Rangers Football Club Ltd. has announced losses of £18.1m in the 13 months to June 2013.  It should be noted that there is a complex corporate structure at Rangers and more information can be found here.

Clubs in the money

Now that all the Premier League club accounts for last season are available, the authoritative Swiss Ramble blog has been able to make an overall analysis.

Eight clubs made a profit, which is more than I expected, with Swansea City leading the pack at £21m. QPR, who were relegated, made by far the biggest losses.   Arsenal had the biggest cash balances at £153m, followed by Manchester United at £94m.

New revelations about Leeds

Accounts filed at Companies House have led to new revelations about Leeds United.  GFH Capital sold half its stake to an unnamed party between March and June last year before buying it back in December 2013, reaching 85 per cent ownership.  This meant that there was no 'controlling party' of the club for at least six months.

Big losses at Charlton

It is well known that the Championship is a challenging division financially.  Medium-sized clubs such as Charlton have to compete with clubs with wealthy benefactors or parachute payments.   Hence, it is no surprise that the latest accounts show continuing financial losses.

In the 2012/13 the club reported overall losses of £7.4m, although profits on player trading reduced this to £6m.  Turnover was up by £3.4m, largely reflecting increased television revenue and solidarity payments following promotion to the Championship.

Good financial results at Spurs

Tottenham Hotspur have announced a good set of financial results.   Turnover was up to not far short of £150m.   Profit excluding player trading and before depreciation was £23.4m.   After taking account of interest and tax, profit was £1.5m which is a respectable figure when many clubs are making big losses.

Derby are debt free

Apart from the £15 million pound mortgage on the iPro stadium, Derby County are now a debt free club. £28.5m of loans have been converted to equity by the club's owners.

However, the club continued to make losses of over £7m a year, showing how difficult it is to even approach break even in the Championship and contend for promotion.   Like other clubs, the Rams are reliant on the continued support of the owners.