Swansea City announce £14.6m profit for their debut Barclays Premier League campaign
Swansea City say work on the new £2.5 million Landore training ground is "well underway" as the club are set to confirm a net profit of £14.6 million for their debut Barclays Premier League campaign.
The club will shortly release its full accounts for the first season in the League, which saw them clinch an 11th place finish.
The director's review of the business is set to reveal a turnover of £65.2 million for the year ending May 31, 2012, and a net profit of £14.6 million after tax - despite operating costs including wages.
And the club say that plans to increase the capacity of the Liberty Stadium to 35,000 are being discussed, with the idea of a phased development over a two-year period "when the timing is right."
The net profit, which was boosted by the £5 million received from Liverpool for the loss of former boss Brendan Rodgers and the three staff members to move with Rodgers more than counteracts the net loss of £8.3 million incurred from the promotion push in the previous financial year.
A statement on the club's site said: "The directors will reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans.
"While the extent and timing of a capital investment program relies heavily on the club’s ability to remain in the Premier League, some progress has already been made.
"Work is well underway on the £2.5 million Landore training ground development and the creation of a partnership with Swansea University which involves the acquisition of a long-term lease of the playing fields at Fairwood, which will result in a first class training complex befitting a Premier League club.
"Plans to increase the capacity of the Liberty Stadium are already being discussed with the idea of a phased development over a two-year period when the timing is right.
"Further details and comment will follow on the release of the full accounts."