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Premier League: Swansea announce £1.7m profits in year they spent £33.4m on new players

A general view of the Ivor Allchurch statue outside the Liberty Stadium
Image: The Ivor Allchurch statue outside Swansea's Liberty Stadium

Swansea have announced a post-tax profit of £1.7m, with turnover increasing by more than £30m to nearly £100m.

The figures for the year ending May 31, 2014, reveal the club spent a total of £33.4m on new players during that time.

The financial accounts are for the period which saw Swansea finish 12th in their third Premier League season and reach the knockout stages of the Europa League.

Turnover increased by £31.6m to £98.7m from £67.1m in the previous year and was largely due to additional TV broadcasting income negotiated by the Premier League.

Expenditure increased by £29.7m with the recruits during that period including club record signing Wilfried Bony (£12m) - who has since been sold to Manchester City for a fee which could rise to £28m - and Jonjo Shelvey (£5m).

"The board continued to invest in the playing squad during the accounting period to maintain performance standards with notable acquisitions being Wilfried Bony and Jonjo Shelvey," Swansea's finance director Don Keefe told the club's website.

"The total cost of acquiring all new players during that year amounted to £33.4m, while an additional £6.9m was spent on new training facilities at Fairwood which became operational in February 2014.

"Some additional improvements will still be necessary to fully complete the training sites at Fairwood and Landore to the board's satisfaction when cash flow permits."

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