Swansea City announce record-breaking profits
SWANSEA City have announced record-breaking profits.
The Liberty Stadium club made a net profit of £15.9 million in the six months up to November 30 last year.
That sum is almost £10 million more than they made in the same period in 2011.
Excluding player sales, Swansea's turnover increased by 11.5 per cent during the period concerned to £28.5 million.
The club's profit from operations was a healthy £5.6 million, while another £14.8 million was made as a result of player transfers including the sales of Joe Allen to Liverpool and Scott Sinclair to Manchester City.
"The funds generated by the profit are invaluable bearing in mind the extent of the finance needed, not only to maintain Premier League status but for the expansion of capacity in the Liberty Stadium and the development of appropriate training facilities of a standard befitting a Premier League club," said Swansea's finance director Don Keefe.
Swansea revealed that a budget of £5.5 million — much of which has already been spent — was set aside for the development of their new Landore training base, which is now up and running.
Swansea also say preliminary work aimed at improving irrigation and drainage at Fairwood is under way as they build towards having separate training grounds for the senior squad and youth academy.
Plans for the first phase of redevelopment at the Liberty and its superstore, meantime, have been submitted to the planning authority.