Wolves announce pre-tax profits of £9.1million following last year’s loss



Wolves

Wolves

Wolverhampton Wanderers have announced pre tax profits of over £9million showing how a healthy club should be run.

The results run for the season from the end of May 09 to the end of May 2010, and compare to a £4.9million loss the year before.

Wolves profits show the value of the Premier League, as the 09/10 season was the clubs first year back in the top flight of English football for 6 years.

Wolves turnover for their last season in the Championship was just £18.3million compared with £60.6million in the Premier League.

The clubs attendances also rose with the bonus of Premier League football, from 24,153 and 28,366 as did ticket revenue.

The club’s added turnover enabled them to spend £6million on Kevin Doyle from Reading, and still turn a profit.

Wolves chief executive Jez Moxey said: “It was a huge success for our young, developing team to finish in 15th place in the Premier League in our first season back in the top flight.

“Our financial results reflect the successful balance the club struck between sound financial management and continuing investment in players and off the pitch infrastructure.

“We have said many times before that we will not be irresponsible and fall into the dangerous trap of over-stretching the club.

“Chairman Steve Morgan has outlined a long-term vision for the club’s overall development and has clearly stated that this won’t be at the expense of sensible investment in new players.”

Moxey added: “We remain confident that we have a team capable of avoiding relegation.

“However, it will take a big effort from the team, the wider club and our tremendous supporters to pull together as one and rally behind the cause of battling our way to staying up.

“The spirit of Wolves is something which sets us apart from the competition and I’m sure it will be crucial as we enter the final stages of the season.”

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