Cardiff City's Debt Increases Despite Premier League Cash
Mon 2nd Mar 2015 | Money & Finance
Cardiff City’s total debt amounts to £174m according to their latest accounts.
The Welsh club, who were relegated from the Premier League at the end of last season also revealed a loss of almost £12m.
The accounts, which cover the year ending May 2014, show that revenue increased from £14.5m to £79.9m thanks mainly to £63.9m of Premier League broadcast payments.
During the accounting period, Cardiff spent £45m on transfers and paid £46.7m on wages.
However, losses were down mainly due to money from the Premier League broadcasting rights, falling from £30.9m in the 2012/2013 promotion season to £11.7m.
Net debt stands at £81m – up from £69.3m - with the value of Cardiff City Stadium and the playing squad offsetting some of the monies owed. The club themselves are owed £15.7m.
Gate receipts increased from £6.2m to £8.2m while “centralised broadcasting and commercial distributions” rose from £4.8m in the Championship, to £63.9m.
Owner, Vincent Tan, made his first visit to the club since they were relegated from the Premier League in May 2014 this weekend wearing the club's blue kit.
Image: Action Images / Rebecca Naden Livepic
Posted by: Aaron Gourley
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