Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Sunderland reduce losses by 72%

Tue 27th Mar 2012 | Money & Finance

Sunderland AFC have reduced its losses by 72% according to their latest financial accounts released today.

The figures for the year ending July 31st 2011, show a vast increase in turnover of 21% to £79.4m, rising by £14m on figures announced in the previous period.

The overall loss for the financial year was reduced by 72% to £7.8m - £20.1m less than the previous year's figure of £27.9m.

Commenting on the results, chief executive Margaret Byrne, said: "We have to make sure that we are financially sound and prepare the club for the implementation of Financial Fair Play rules.

"Our financial results show that we are heading in the right direction on both fronts.”

The club's operating expenses, which include areas such as staff/player wages, match costs and utilities rose to £110.7m, which resulted in a net operating loss of £31.2m.

These operating expenses feature player amortisation costs for the period of £29.1m, reflecting the addition of 14 players to the first-team squad during three transfer windows.


"We have seen significant strengthening of our playing squad with the acquisition of 14 players during the period, culminating in a tenth place finish in the Barclays Premier League, which was always our aim,” added Byrne.

"We have also seen a growth in our commercial revenue, from areas such as concerts and sponsorship, which is something that is key to us achieving our aims."

Finance director Angela Lowes added: "Our financial results reflect a period of development for the business as a whole, both on and off the field.

"It is pleasing to see growth in some areas and the figures certainly give us a platform to build on for the future."

 Posted by: Aaron Gourley

 


 

GrassRoots banner (468x60_bogof.gif)

http://www.buttonshut.com http://www.buttonshut.com http://www.buttonshut.com

---------------------------------------------------------------------------------------------------

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE FCBUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Watford FC: An Unlikely Financial Success Story?

Wed 26th Apr 2017 | Money & Finance

The business model carried out by the owners of Watford FC is unlikely to be adopted by too many sectors outside of football, but by hiring and firing a conveyor belt of managers, they have managed to...

Newcastle United & West Ham Face Tax Investigation

Wed 26th Apr 2017 | Money & Finance

Newcastle United and West Ham United have been targeted by HMRC for alleged Tax and National Insurance fraud. Officers are understood to have raided the offices at St James’s Park and the London...

Premier League Revenues Grow But Losses Return

Thu 20th Apr 2017 | Money & Finance

Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...

7 Tips From The Best Online Football Merchandise Stores

Thu 13th Apr 2017 | Money & Finance

CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...