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SBD Global/April 10, 2013/Franchises
Swansea City Unveils Record Profits Of More Than $24M, Will Pay Dividend
Published April 10, 2013
REWARD SYSTEM: In London, David Conn reported Swansea City's profit will afford "a dividend for the club's shareholders" -- £1M ($1.5M) for this and last season in the EPL. Club Chair Huw Jenkins said that the £2M ($3M) dividend "justly rewards the owners, mostly directors too, who have worked unpaid to steer a remarkable rebuilding, but it risks taking a little shine off Swansea's halo." In a game acclimatizing to a new culture, in which club owners are no longer "custodians" but are motivated by making money for themselves, Swansea has "stood out as an exception, until now." Jenkins argued that "the dividend is correct, as it reflects the club's aim to make a profit, not huge losses like so many others." Dividends, he said, are a more "tax-efficient" way of remunerating directors because national insurance is not paid on them (GUARDIAN, 4/8).