Swansea board say no to pay
Fri 12th Mar 2010 | Money & Finance
Swansea City's board of directors, including chairman Huw Jenkins, voted for the seventh year in a row to not take any wage from the club. A report of the club's financial performance indicates that the club faced a net loss of £457,002 for the year ending May 31st 2009. The club has also managed to increase the turnover by £3 million since the previous year. There has been a wage bill increase of over £1.5 million in the period also.
Jenkins said, “I think the accounts show we’re running the club as we have done since we arrived. If you look at the accounts over a period of time, you can see we’ve made small profits and small losses, but we’ve managed to balance the two out. Two important things to take into consideration is the accounts cover all expenditure from those 12 months, nothing is spread out, and that we do not include any asset value to our squad.
It was natural turnover was going to go up going into the Championship, just as it was natural we were going to get an increase in wages going up a division. As always, we have tried to stick to within our income levels while staying competitive. It is a difficult job balancing the two but we’ve managed to do that over the last few years and we will be doing our best to make sure that continues.”
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