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Austerity at Swansea

An in depth look at the finances of Swansea City through an interview with chief operating officer Chris Pearlman. The Swans have engaged in some severe cost cutting since relegation from the Premier League: Swansea City

Pearlman said that 'the Swans are still "literally paying" for the mistakes they made while trying to stay in the Premier League and he also warns there could be a need for further savings.'

Swansea are still paying off transfers from previous seasons. Previous player sales have only made up for a fraction of the club's revenue deficit. Turnover has dropped from £120m to £60m and parachute payments have to be used to meet obligations to players still under contract.

The club's majority American owners will not make a gift of money to the club but will consider put in extra share capital. Pearlman said that would be likely to mean a dilution of shares, which is potentially problematic as the club's supporters trust own a 21.1% shareholding.

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