Wolverhampton Wanderers have posted pre-tax losses of over £57m for the year ending 31st May 2018.
The club who were promoted to the Premier League last season have released headline financial information which reflects the 2017/18 season, their second season under the ownership of Fosun International and saw the appointment of Nuno Espirito Santo and his coaching staff, who helped guide the team to the Championship title.
Despite a modest increase in turnover for the year to £26.4m (£23.8m in 2017), driven mainly by an increase in attendances, the club made a pre-tax loss of £57.16m, compared to a loss of £23.18m the previous year.
This can be attributed largely to increased expenditure on players, wages, additional amounts payable on promotion as part of existing transfer fees and individual staff and player promotion bonuses.
During their Championship title winning season the number season ticket holders increased significantly from 13,757 to 21,233, whilst average league attendances increased to 28,298, compared to 21,572 in the previous season, resulting in an increase of £1.3m in ticketing income.
There was further growth in revenue through an increase of £0.6m in merchandising revenues, £0.4m in sponsorship and advertising and £0.4m in corporate hospitality revenues.
A statement outlining the accounts said: “Wolves’ owners are committed to continuously improving the club, from both a footballing and wider operational and strategic perspective.
“Their aim, through the continued application of the footballing philosophy which has been so successful during the 2017/18 season and first half of the 2018/19 season, is for the club is to become an established competitor in the Premier League.”
The full accounts can be accessed by clicking here.
Image: PA Images