Wolves submit 2021 accounts. Day to day losses ⬇️ from £45m to £37m but higher player sale profits of £61m (which count towards FFP) & debt write off from Fosun of £126m (which doesn’t) converts this to profit of £145m #WWFC
Wolves finished 2020/21 with £35m in bank. Debt write off strengthened balance sheet as club went from being technically insolvent (but not realistically) to having net assets of £100m
Wolves spent £10m more than they earned from day to day activities. Club paid net £10m in respect of player transfers and so borrowed £35m in the year.
Wolves revenue ⬆️ 47% despite Covid. This is because played 44 PL matches in period 1 June 2020 to 31 May 2021 so ⬆️ in broadcast income more than offset ⬇️ in Matchday. 87% of Wolves’ income from PL & UEFA 📺 deals.
Player transfer amortisation ⬆️ 20% and wages ⬆️ 46% despite fewer employees. Ave weekly wage now £65,000
Highest paid director had pay cut down to ‘just’ £400k. Club pay over £100k a week in bank interest.
Fosun wrote off £126.5m owed to them. It’s not just Russian oligarchs who write off debt, but some owners make less of a fuss about it.
Wolves bought players for £84m in 2020/21 and had sales of £74m
At end of 2020/21 Wolves were owed £64m by other clubs as most transfer deals are on credit. Wolves owed other clubs £110m for the same reason.
Wolves have borrowed £60m from a bank (Macquarie?) and are paying interest of 7.14% on the loan.
As well as the loan write off Fosun sponsor Wolves £1m a year.
Wolves have had a net transfer of £5m since 31 May 2021. Club says this has made a ‘cummulative’ profit of £14m in the 2021/22 accounts but even I don’t think it’s that exciting, and I’m a dweeb.
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