Crystal Palace lost £750,000 a week from trading in 2017/18. Palace’s total losses since American investors bought into the club were £63 million at 30 June 2018.
The main reason for the losses were that income increased to a record £150 million but player costs (wages and amortisation) were £163 million, meaning owners had to pay for all the overheads.
Turnover grew from £142.7m to £150.3m. There was an operating profit of £7m before player trading. The strategic report notes, 'The loss after player trading is a consequence of significant and continued investment in player assets to reduce the risk of relegation'.
Revenues from the Premier League accounted for 81 per cent of income. Commercial revenue was up 16 per cent year on year, helped by an improved shirt sponsorship deal. Revenue from ticket sales remained broadly flat as the club is operating at 98.5 per cent occupancy. There is a hint that ticket prices may be increased next year.
Basic player wages rose slightly to £70m. Staff costs as a percentage of turnover stayed steady at 78 per cent, a little above the level of 70 per cent recommended by Uefa.
Crystal Palace player trading 2017/18: Purchases £53.6 million, sales £3.8m.
The club borrowed £38 million in 2017/18. Palace owners lent club a further £24 million since June 2018.
Ergo......el skinto.......
ReplyDeleteMaybe stop paying Dougie Freedman to do F all!
ReplyDeleteThis seems like total mismanagement surely.
ReplyDeleteThis worse financially than the Ron Nodes Era when we had to sell 1 or 2 player's every year to survive !!!