Financial Figures Released Show Aston Villa Cut Financial Losses Last Year
Financial figures released showed EPL Aston Villa has cut its annual financial losses to £17.7M ($26.7M), according to Brett Gibbons of the BIRMINGHAM MAIL. Accounts for the year to the end of May revealed that the club "had managed to substantially reduce losses" by more than 50% from almost £54M ($81.5M) the previous year. Operating expenses "also went down" by £20.3M ($30.6M) to £138.4M ($208.8M). England internationals Ashley Young and Stewart Downing "were sold during this period" for a combined figure of around £35M ($52.8M) resulting in increased player trading profit of £8.1M ($12.2M) from £18.8M ($28.3M) to £26.9M ($40.6M). In addition Chair and club Owner Randy Lerner "waived interest on loans" totalling £107.1M ($161.7M) made by him to Villa, which created a one-time benefit to the club of £20.3M ($30.6M) (BIRMINGHAM MAIL, 3/1). In London, David Conn reported Aston Villa CFO Robin Russell said that the figures "demonstrated the club's efforts to become financially sustainable." Russell said, "Having appointed Paul Lambert as manager in June 2012, he is building a youthful, progressive first-team squad, and we continue to offer our season ticket holders and supporters some of the cheapest ticket prices in the Premier League" (GUARDIAN, 3/1).