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Crystal Palace Profits Drop £15M As Staff Costs Soar

Soaring costs have "taken their toll" on profits at Premier League side Crystal Palace, the club which "recently received an injection of new money" from U.S. investors, according to David Owen of INSIDE WORLD FOOTBALL. With the number of both players/coaches and admin/commercial staff on the Eagles' books "advancing considerably," staff costs surged by 48.5% to £68M in the year ended June 30, with overall operating costs reaching £95M. With turnover pushing through the £100M barrier, mainly from TV, however, the club "was still able to report pre-tax profits of a respectable" £7.9M. This was down from an "impressive" £23.1M in '13-14. The "top brass contributed to the cost increase." Notes to the accounts disclose that directors' emoluments "more than doubled year-on-year" from £205,603 to £456,079. The business review signed by club Chair Steve Parish on behalf of the board noted that the total acquisition cost of new players in the '14-15 season was £30.6M (INSIDE WORLD FOOTBALL, 2/11).

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