Swansea City announces losses for financial year

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The League One club announced losses in the amount of GBP 193,080 for the financial year that ended May 31, 2005; a negative financial turn after the club posted a profit of GBP 137,581 during the previous 12 months.

The loss comes after a rise in expenditures by nearly GBP 500,000, which offset a rise in turnover by GBP 250,000. The club said the loss is explained by a rise in investments in the playing squad and the cost associated with moving into the club’s new stadium.

Despite the loss, club directors said the season had been “a remarkable success” on and off the pitch.

“Match attendances have averaged around 14,000 compared with 8,453 for last season, and promotion to the Championship is still very much achievable,” said a club statement.

As of the beginning of the month, Swansea is five points from a promotion place with a game in hand, and the club has already wan the FAW Premier Cup and Football League Trophy.