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Swansea post pre-tax loss of 拢17.9m
Image source, Getty Images
Swansea City made a pre-tax loss of 拢17.9m for the year ending July 2023, an increase from the 拢12.5m loss the club posted 12 months earlier.
Turnover at the Championship club increased by 拢1.8m from the previous year to a figure of 拢21.5m.
Player trading produced a profit of 拢4.5m but there were further sales - notably Joel Piroe to Leeds United - and purchases that took place in August 2023, outside this period.
A Swansea statement read: "While losses have increased, Swansea City remains in compliance with EFL [English Football League] profit and sustainability rules."
Swansea chairman Andy Coleman, who joined the Welsh club in August 2023, said: 鈥淭he 2023-24 season has been a challenging one. We have been working diligently to put the building blocks in place to turn around the footballing and financial performance of Swansea City.
鈥淢uch work remains to be done. The Championship is a very unforgiving environment, and we hold no illusions about how difficult it is to succeed on the pitch and off it."
Swansea took the announcement of these accounts as an opportunity to express disappointment that "discussions with the Premier League on a new revenue sharing agreement [with the EFL] remain at a standstill".
The Swans pointed to the fact that the three clubs currently occupying the relegation places in the Premier League are the three clubs promoted from the Championship last season, and three of the top four teams in the Championship are those that were relegated from the Premier League.
Swansea's statement read: "It is essential for the competitiveness of both divisions that a new revenue sharing agreement is reached, and Swansea City is working collaboratively with other EFL and like-minded Premier League clubs to do all we can to help bring about that outcome."
Trust 'shares fan concerns'
Swansea City Supporters' Trust said: "We appreciate that the headline loss will be concerning for trust members and supporters and that is a situation we too share.
"But we continue to be kept updated as to the club鈥檚 financial position and at ways it is looking to become more financially sustainable on a long-term basis."
The Trust also welcomed the decision from Swansea's owners earlier this month to inject a further 拢3m into the club.
That took the group's investment beyond 拢20m since last summer, though other shareholders, including the Trust, will see their stake decrease.
The Trust's statement continued: "The Trust appreciates the ongoing investment into the club from the majority owners, especially when it is in exchange for equity rather than through loans that would increase the debt load on the club.
"Likewise, we are also acutely aware that the results we are seeing today are all too commonplace amongst our Championship rivals, where the majority are also seeing mounting year on year losses.
"This, however, is not a strategy that we wish the club to follow, nor is it one that we believe our majority owners are willing to support on a longer-term basis."