Swansea post pre-tax loss of £15.2m

Swansea City posted a pre-tax loss of £15.2m in the latest financial year, the club have announced.

It represents a drop of £2.7m compared to the pre-tax loss of £17.9m posted for the previous financial year.

The Championship side posted a turnover of £21.5m for the year ending 30 June, 2024.

They also made a £10.5m profit on player trading, which included the sale of striker Joel Piroe to Leeds United.

Swansea say player sales have ensured they have remained compliant with the English Football League (EFL) profitability and sustainability regulations.

Swansea's significant squad turnover in the summer of 2023 was a major contributing factor in operational expenses rising by £4m to £47m in the latest financial year.

The club state that they "invested significantly" in the playing squad in the financial year under review, with acquisition costs of player registrations amounting to £6m.

Right-back Josh Key, strikers Jerry Yates and Mykola Kuharevich, centre-back Kristian Pedersen and left-back Josh Tymon were among the players recruited by the Swans after Michael Duff replaced Russell Martin as head coach.

The figures also include the 2024 January transfer window, during which Swansea signed Przemysław Płacheta from Norwich City, Ronald from Gremio Anapolis and Charles Sagoe Jr on loan from Arsenal.

Swansea's latest accounts - which are yet to be published in full on Companies House - do not include the takeover of the club last November, which saw Andy Coleman, Brett Cravatt, Nigel Morris and Jason Cohen purchase the shares of former majority owners Jason Levien and Steve Kaplan.

A club statement read: "The board acknowledges that whilst the magnitude of the operational loss is a product of the highly competitive environment within the EFL Championship in which the club currently competes, the club will continue to focus on achieving operational efficiencies in order to maximise the resources which can be invested into the first-team squad.

"The costs of operating a stadium and two training facilities are significant and are growing.

"In the absence of any immediate prospect of a redistribution agreement between the EFL and the Premier League, the club will continue to be reliant on the support of its ownership group as the main source of funding."

Duff was sacked midway through the 2023-24 campaign, with Luke Williams being appointed head coach in January 2024.

But Williams lasted little more than a year in the role, with current caretaker boss Alan Sheehan taking charge of the Swans for the remainder of the current season.