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Wigan reveal drop in profits

Wigan have revealed a drop in profits of almost £3.5m for last season.

Last Updated: 31/12/13 at 12:28 Post Comment

DW Stadium: Wigan have announced a drop in profits following relegation

DW Stadium: Wigan have announced a drop in profits following relegation

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Financial results for the year ending 31 May 2013 show the Championship side made a net profit of £822,000 compared with £4.3m net profit in 2012.

The figures cover the season 2012-13 when Latics won the FA Cup for the first time in its history but were relegated from the Premier League in the same week.

EBITDA (earnings before interest, tax, depreciation and amortisation of players) was £5.8m compared with £8.9m in the previous year.

Turnover increased to £56.4m compared to £52.6m in 2012.

Total expenses including salary costs and amortisation of player contracts increased to £62.7m from £55m in the previous year. Salary costs were the most significant expenditure and these increased to £43.7m compared to the previous year cost of £37.7m.

During the year the club invested £10.9m on new players whilst profit from the sale of players was £8.2m primarily due to the sale of Victor Moses to Chelsea.

Debt at 31 May 2013 including bank borrowings and loans from chairman David Whelan and his family remained similar to the previous year at £20.7m. Post year-end transfer activity including the outgoing transfers of James McCarthy and Arouna Kone are not reflected in these financial statements.

Chief executive Jonathan Jackson said: "The financial results are satisfactory against the backdrop of relegation from the Premier League and the memorable FA Cup success. By increasing turnover and controlling costs the club is continuing to report a healthy position in respect of profitability and debt.

"Our eighth year in the top division unfortunately saw us relegated after finishing in 18th position however the historic achievement of winning the FA Cup meant that the financial impact of relegation was softened in the year.

"The growth and success of Wigan Athletic would not have been possible without the continued financial support of chairman, David Whelan who remains an enthusiastic and committed owner and is determined to help his club return to the Premier League as soon as possible.

"However, it is essential that we remain financially sound to ensure that the long-term future of the club is secure and that the parachute payments receivable from the Premier League provide adequate protection from the significant reduction in broadcasting income and enable us to comply with recently introduced financial fair play regulations."

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