Premier League Clubs Spend £1.8bn On Wages
Fri 2nd May 2014 | Money & Finance
A record £1.8bn was spent by Premier League clubs in 2012/13 on player and staff wages according to a review of its member club’s accounts.
The figure was up 11% on the previous year according to a report by the Guardian newspaper which reviewed the accounts of the 20 Premier League clubs.
The increase in wages was on the back of record combined income totalling £2.7bn. Yet despite this it was recorded that club’s made a combined loss of £291m over the same period.
Twelve of the 20 clubs made a loss in 2012-13, with five clubs losing £50m or more: Aston Villa, Chelsea, Liverpool, Manchester City and Queens Park Rangers.
The figures are for the final year of the Premier League's last, 2010-13 round of television deals, worth £3.5bn, before the current massively increased deals, £5.5bn from 2013-16.
Earlier this week it was reported that Manchester City may have fallen foul of UEFA’s Financial Fair Play regulations after posting losses of in excess of £50m last season. However, the report highlights the fact the City are currently the only Premier League club committed to paying its non playing staff the living wage of £7.65 an hour as recommended by Citizens UK.
The proportion of the income clubs spent on wages in 2012-13 was the same as in 2011-12, 67%,
The highest paid director in 2012-13 was Southampton's executive chairman, Nicola Cortese, who earned £2.129m. Next highest paid was Ivan Gazidis, who as Arsenal's chief executive earned £1.825m.
Salary packages of more than a million pounds went to the highest paid director at nine clubs altogether: Arsenal, Chelsea, Liverpool, Manchester United, Norwich City (which included a £867,000 bonus for hitting financial targets and remaining in the Premier League), Southampton, Tottenham Hotspur, West Bromwich Albion and West Ham United.
Image: Action Images / Jason Cairnduff
Posted by: Aaron Gourley
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