Heavy losses for Wolves

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Wolves have announced losses of £33.1million for the year ended May 2013 in comparison to a profit of £2.2m 12 months previous.

The Black Country outfit have been hit hard by back-to-back relegations from the Premier League to League One, where they are currently plying their trade for the first time since 1989.

The figures released on Thursday cover Wolves' participation in the Championship last season and are grim reading for fans.

Turnover reduced to £32.1m in comparison to the year ended 2012 (£60.6m), representing a £28.5m fall in income largely due to the loss of Premier League status and the vast financial rewards that go with it.

Total operating costs for 2013 were reduced to £42.8m (£51.3m), helped further by a net profit in player sales of £4.9m thanks to the departures of Steven Fletcher, Matt Jarvis and Michael Kightly, which reduced the club's overall operating loss to £5.7m (£1.8m profit in 2012).

But, with relegation to League One confirmed in May, Wanderers' board felt it appropriate and prudent to make a provision of £12.5m as well as an additional £15m to cope in one hit with the decrease in value of its squad following successive relegations.

A statement on Wolves' official website read: "These adjustments, which represent good practice under UK accounting legislation, were considered essential steps to address the significant negative financial impact of consecutive relegations.

"As a result, the overall loss, after these provisions and net interest, was £33.1m (2012 profit: £2.2m)."