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EPL side Swansea City confirmed a loss of £14.6M in its "latest set of annual accounts," according to Andrew Gwilym of WALES ONLINE. The club recorded a profit of £1.1M "in the previous figures" for the 14-month period up to July '15. Chair Huw Jenkins "warned earlier this season that the latest set of accounts would show a significant loss" for the year ending July '16, and that has "proved to be the case." Turnover was £97.2M compared with £103.9M from the previous accounts, with total operating costs "also down" to £117.5M from £120.8M. There was a profit made "when it came to players sales," with Jonjo Shelvey’s £12M move to Newcastle contributing to a £6.1M figure. The club stated that "there are several reasons behind the amount lost, which is the highest the club has recorded since promotion" to the Premier League in '11. The sales of Ashley Williams and Andre Ayew "fall outside the current figures, but will be represented in the next batch of accounts, as well as the cost of terminating the employment of Garry Monk and several of his coaching staff" during the '15-16 season. Additionally, the loss in revenue from a lower Premier League finish, a larger playing squad and "continued investment in the club's training facilities and academy set-up" contributed to the figure. However, the club claimed it is "on course to post a profit" of more than £10M ($12.3M) for the current financial year (
WALES ONLINE, 3/4).
