Swansea have revealed that gaining promotion to the Premier League for the very first time in their history came at a cost.
Swans hope to cancel out losses by end of next financial year
Swansea have revealed that gaining promotion to the Premier League for the very first time in their history came at a cost, after recording losses of £8.2million in the financial year ending on May 31, 2011.
Brendan Rodgers' side - who played in the old First Division from 1981-83, defeated Reading in the Championship play-off final at Wembley last season to become the first ever Welsh side to reach the Premier League.
However, the club have cited player and management bonuses as the main reason behind the liabilities which arose as a result of promotion.
And the Swansea board believe that avoiding relegation and increased profit with TV revenue and other factors from their first top flight campaign should get the club back in the black.
A statement on the
club's official website said: "The accounts for the current financial year ending May 31, 2012, will be adversely affected by an increase in operating costs, particularly payroll, but our resolve is to realise sufficient profit to counter the 2010-11 loss, and our operating budgets are structured to make this happen.
"With regard to the future, our immediate goal is to consolidate our position in the Premier League and ensure we survive this season.
"Our long-term goal will cater for Swansea City remaining as a top-flight club and to continue to contribute in part to the feel good factor and prosperity in the local community.
"We will not, however, do this in any way that puts the club's financial stability at risk. This remains paramount in our management philosophy."
Swansea had made a profit of around £600,000 in the previous financial year.
