EPL Side Swansea Announces Net Profit of $24.6M For Year Ending In May
EPL side Swansea has announced it made a net profit of £15.3M ($24.6M) for the year, according to WALES ONLINE. The figure was up £700,000 ($1.1M) on the same time in '12. Turnover at the club, "excluding player dealings," increased by £1.9M ($3M) to £67.1M ($108M), up from £65.2M ($1056M) "the previous year." Profit "before interest charges and taxation amounted" to £20.6M ($33M), which was made up of £8.4M ($13.5M) from "normal operations" and £12.2M ($19.6M) from "player dealings which arose in the main from the sale of players Joe Allen and Scott Sinclair" (WALES ONLINE, 10/31). The BBC reported Swansea "said it has used the money to build a youth academy training facility near the Liberty Stadium and a training complex at Fairwood." Swansea finished ninth in the Premier League last season and "won their first major trophy, the Capital One Cup, which gave them entry into this season's Europa League." The club "have made a profit ever since joining the Premier League." Swansea has submitted plans to "increase the capacity of the council-owned Liberty Stadium home from 20,500 to 32,000, and work is underway on the new training facility on land acquired on lease from Swansea University" (BBC, 10/31).