Swansea count the cost of promotion

23 January 2012 08:16

Swansea's first ever promotion to the English Premier League came at a cost as they revealed on Monday they had made a loss of 8.2million pounds up to May 2011.

The Welsh side - who played in the old First Division from 1981-83 - won promotion when they beat Reading in the play-off final but bonuses arising from that moment of glory controubted heavily to their financial loss.

A club statement cites player and management bonuses, as well as having to cede their share of the Wembley gate receipts to Reading under Football League rules.

However, they are confident that they will be back in the black at the end of the next financial year in May because of increased TV revenue and other factors.

"With regard to the future, our immediate goal is to consolidate our position in the Premier League and ensure we survive this season," read a statement issued by the club.

"Our long-term goal will cater for Swansea City remaining as a top-flight club and to continue to contribute in part to the feel good factor and prosperity in the local community.

"We will not, however, do this in any way that puts the club's financial stability at risk. This remains paramount in our management philosophy."

Swansea have enjoyed a better than anticipated first half of the campaign and are presently 13th, eight points above the relegation places.

Source: AFP