Wolverhampton report overall loss

English Coca-Cola League club Wolverhampton Wanderers had an overall loss of GBP 1.16 million on a turnover of GBP 23.8 million in the fiscal year ending 31 May 2006. The club had an operating profit of GBP 1.3 million before charging GBP 2.2 million for player trading and amortisation.

The wanderers will not receive Premier League parachute payments this year, but it does expect to break even after the sale of high value players and an expected large operating loss of GBP 3.2 million.

The club still has loans from its bankers and paid a net GBP 218 k in interest charges for this year.

GBP 1.8 million was spent on the second half of costs on the construction of the Sir Jack Hayward Training Ground. This is an expensive facility in terms of construction and running costs, but it is expected to pay off in the long run.

The club has a very strong balance sheet with net assets totalling GBP 34.3 million, which includes Molineux Stadium, Aldersley Arena and the training ground.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.