Wolves reveal £1 million loss
Wolves today reported overall losses of £1.16m for last year as the removal of the Premiership "parachute payments" hit hard. Wolves today reported overall losses of £1.16m for last year as the removal of the Premiership "parachute payments" hit hard. But the club say they expect to break even for the ending May 31, 2007. The club generated turnover of £23.8m and recorded operating profits of just under £1.3m. But they spent £2.2m on players and paid out net interest of £218,000. Wolves today revealed they expect to sell over 14,000 Early Bird season tickets. The sales represent a 40 per cent increase on last year's figure of 10,000. Read the full story in the Shropshire Star
But the club say they expect to break even for the ending May 31, 2007. The club generated turnover of £23.8m and recorded operating profits of just under £1.3m.
But they spent £2.2m on players and paid out net interest of £218,000. Transfer market valuations of players are not included.
Chief executive Jez Moxey earned an annual salary of £289,000, plus bonuses of £169,000 "in recognition of his handling of the Henri Camara situation".
A club statement said: "Faced with the player publicly going on strike, he secured a British record loan fee of £1.5m from Celtic and a subsequent transfer fee of £3m from Wigan Athletic."
In a report released today, the club say the losses would have been "significantly higher" but for the sales of 'Early Bird' season tickets in February and March 2006.
The club lost £9m revenues on the previous year, £7m of which was the Premiership "parachute" payments designed to ease the financial transition between the top flight and the Coca Cola Championship.
Average attendances were down to 20,473 from 23,624.
Mr Moxey said: "In order to break even the club agreed to the sales of Joleon Lescott, Seol Ki-Hyeon and Lee Naylor."
The club has assets totalling £34.3m - including the buildings at Molineux Stadium and the Aldersley (indoor) Arena.
Wolves paid out £1.8m in the second half of last year to have the Sir Jack Hayward Training Ground at Compton built.
Glenn Hoddle, who resigned as manager last August after the period the figures were compiled for, received no compensation.
As in all previous years, Sir Jack Hayward and no other member of the Hayward family received any remuneration.
Wolves today revealed they expect to sell over 14,000 Early Bird season tickets.
The sales represent a 40 per cent increase on last year's figure of 10,000.
"We are expecting to report sales of over 14,000 Early Bird season tickets once processing has been completed," said Moxey.
"We are pleased that, regardless of our divisional status next season, the majority of Wolves fans will again be benefiting from some of the most cost-effective ticket prices on offer."