League Championship Club Wolverhampton Post Pre-Tax Profit Of $3.5M

League Championship club Wolverhampton Wanderers have posted a pre-tax profit of £2.16M ($3.5M) for the year ended May 31. The period covers Wolves' third season in the Premier League, which ultimately ended with relegation to the Championship. The club was £80,000 ($128,000) down on the pre-tax profits of 12 months previous (£2.24M), largely due to a decrease in generated turnover from £64.4M in '11 to £60.6M ($97.2M) in '12 as a result in part to lower Premier League merit receipts and lower league match revenues. The financial information does not include transfer activity during the summer of '12, including the sales of Steven Fletcher, Matt Jarvis and Michael Kightly as well as the recruitment of seven new players. At the year end for '12, the club's holding company W.W. (1990) Ltd., boasted a strong balance sheet with net assets totaling £74.9M ($120.3M), which includes all of the club's property such as Molineux and the Compton training ground (Wolverhampton).