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Birmingham City reports interim profit
England - 29 May, 2007
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Despite announcing a half year of profits, and even with a promotion to the English Premier League, Birmingham City chairman David Sullivan said the club must keep a tight lid on its finances.
The club posted a GBP 3.4 million pre-tax profit for the six months ending 28 February, after being relegated in summer 2006. That led to a sell of players to keep cash flow.
"Relegation substantially affected turnover, despite the measure taken to reduce costs," Sullivan said. "The consequent trading losses were offset by gains from the sale of David Dunn to Blackburn and Matthew Upson to West Ham, leaving a profit on ordinary activities of GBP 3.4 million."
With additional commercial and TV revenue in the Premier League, the club can expect in the neighborhood of GBP 30 million.
The club posted a GBP 3.4 million pre-tax profit for the six months ending 28 February, after being relegated in summer 2006. That led to a sell of players to keep cash flow.
"Relegation substantially affected turnover, despite the measure taken to reduce costs," Sullivan said. "The consequent trading losses were offset by gains from the sale of David Dunn to Blackburn and Matthew Upson to West Ham, leaving a profit on ordinary activities of GBP 3.4 million."
With additional commercial and TV revenue in the Premier League, the club can expect in the neighborhood of GBP 30 million.
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