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Cardiff City: Bluebirds announce 拢9.469m loss for 2015-16
Image source, Getty Images
Cardiff City Football Club lost nearly 拢9.5m in the year ending May 2016, compared to a 拢3.81m profit in 2015, according to the club's accounts.
Gate receipts, broadcasting, sponsorship, advertising and commercial income together went down from just over 拢37m to just over 拢31m.
Players' wages and salaries were reduced from 拢30.8 million to 拢25.4m.
The accounts show a loss of 拢9.469m, but a club statement indicated investment would continue.
"Our aim remains to attain promotion back to the Premiership at the earliest possible time," Cardiff's chief executive, Ken Choo, said.
A club statement added: "While their funding is not guaranteed, the investors have indicated that, providing the business develops as planned, they will continue to support the company in the foreseeable future and provide additional finance in order that it can settle its liabilities."
The latest accounts also indicate the club "paid exceptional costs of 拢2.2 million relating to the change of football and senior management, including termination costs together with payments to other football clubs in compensation for the release of employee's contracts."
Cardiff replaced manager Russell Slade with Paul Trollope in May 2016, before sacking Trollope and appointing Neil Warnock in October.
The Championship club will also face a payment of 拢1.75m to holders of "unsecured redeemable loan stock" if they are promoted to the Premier League, but "all other debts to this concern have been settled".
Next season will be the fourth and final campaign in which Cardiff will receive parachute payments, the sum of money allocated to clubs following relegation from the Premier League.
Bluebirds owner Vincent Tan has said he would be willing to sell the club for the right price.
No need for 'alarm'
Cardiff City Supporters Trust chairman Keith Morgan - a chartered accountant by trade - says fans should not be "alarmed" at the loss.
But he says the Bluebirds' financial situation underlines why there is "hard work" ahead for club chiefs to provide the means for manager Warnock to launch a 2017-18 promotion push.
"I think Neil Warnock has already made reference to the fact that he may have to sell players to free up cash and have a wage budget to bring in the players that he wants, that he feels with strengthen the squad," Morgan said.
"I wouldn't be at all shocked in the summer to see some fringe squad players or possibly one or more first team regulars depart the club to refresh the squad, as it were."