Southampton reveal profit but Nicola Cortese hits out at Premier League spending controls

The Saints secured automatic promotion last year

Southampton's executive chairman Nicola Cortese has criticised the Premier League's decision to impose wage and spending controls on member clubs.

Saints today reported a £0.9million profit for the last six months of 2012, helped by the increased income of being promoted to the top flight.

That result, and a wage bill that is 59% of turnover, would see Southampton comfortably comply with the new financial regulations, but Italian banker Cortese insists owners should be allowed to run their clubs as they wish.

He said: "Our results also demonstrate we are already operating within the spirit of likely new Premier League financial regulations in respect of average profits and losses over three years.

"We believe very strongly that each club should continue to be permitted to run their business - including their pay rolls - as they see fit. This is fundamental to the future integrity of football."

Southampton were one of six top-flight clubs that voted against the spending controls, which were agreed by the narrowest majority at a Premier League chairmen's meeting last month, but Cortese is the first chairman to speak out publicly against them.

The regulations will restrict the amount of losses clubs can make to £105million over three years, and clubs whose total wage bill is more than £52million will only be allowed to increase their wages by £4million per season for the next three years. Clubs will face a points deduction if they breach the new controls.

The Premier League chairmen will be presented with the detailed spending control plans at a meeting in mid-April.

Cortese can at least satisfy himself with the performance of his own club following their automatic promotion from the npower Championship.

Interim results for the first six months ending December 31, 2012 show total revenue, excluding player trading, nearly trebled to £33.1million from £11.6million, while average attendances rose 16 per cent to 30,372.

"Our first six months in the Barclays Premier League show the dramatic impact promotion has had on the club," chief financial officer Gareth Rogers said.

"However, the significant increase in turnover has not deterred us from our stated aim of financial prudence in the top division.

"I am delighted to report the club's first profit without the aid of player trading since 2005, which demonstrates that prudence in football can be achieved whilst significant investment, both on and off the field, is still being made."

PA

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
people
Life and Style
President Obama, one of the more enthusiastic users of the fist bump
science
Arts and Entertainment
Peter Griffin holds forth in The Simpsons Family Guy crossover episode
tv
Life and Style
Upright, everything’s all right (to a point): remaining on one’s feet has its health benefits – though in moderation
HealthIf sitting is bad for your health, what happens when you stay on your feet for a whole month?
News
Kristen Stewart and Rupert Sanders were pictured embracing in 2012
people
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

A new Russian revolution: Cracks start to appear in Putin’s Kremlin power bloc

A new Russian revolution

Cracks start to appear in Putin’s Kremlin power bloc
Eugene de Kock: Apartheid’s sadistic killer that his country cannot forgive

Apartheid’s sadistic killer that his country cannot forgive

The debate rages in South Africa over whether Eugene de Kock should ever be released from jail
Standing my ground: If sitting is bad for your health, what happens when you stay on your feet for a whole month?

Standing my ground

If sitting is bad for your health, what happens when you stay on your feet for a whole month?
Commonwealth Games 2014: Dai Greene prays for chance to rebuild after injury agony

Greene prays for chance to rebuild after injury agony

Welsh hurdler was World, European and Commonwealth champion, but then the injuries crept in
Israel-Gaza conflict: Secret report helps Israelis to hide facts

Patrick Cockburn: Secret report helps Israel to hide facts

The slickness of Israel's spokesmen is rooted in directions set down by pollster Frank Luntz
The man who dared to go on holiday

The man who dared to go on holiday

New York's mayor has taken a vacation - in a nation that has still to enforce paid leave, it caused quite a stir, reports Rupert Cornwell
Best comedians: How the professionals go about their funny business, from Sarah Millican to Marcus Brigstocke

Best comedians: How the professionals go about their funny business

For all those wanting to know how stand-ups keep standing, here are some of the best moments
The Guest List 2014: Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks

The Guest List 2014

Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks
Jokes on Hollywood: 'With comedy film audiences shrinking, it’s time to move on'

Jokes on Hollywood

With comedy film audiences shrinking, it’s time to move on
It's the best of British art... but not all is on display

It's the best of British art... but not all is on display

Voted for by the British public, the artworks on Art Everywhere posters may be the only place where they can be seen
Critic claims 'I was the inspiration for Blanche DuBois'

Critic claims 'I was the inspiration for Blanche DuBois'

Blanche Marvin reveals how Tennessee Williams used her name and an off-the-cuff remark to create an iconic character
Sometimes it's hard to be a literary novelist

Sometimes it's hard to be a literary novelist

Websites offering your ebooks for nothing is only the latest disrespect the modern writer is subjected to, says DJ Taylor
Edinburgh Fringe 2014: The comedy highlights, from Bridget Christie to Jack Dee

Edinburgh Fringe 2014

The comedy highlights, from Bridget Christie to Jack Dee
Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

The woman stepping down as chair of the Heritage Lottery Fund is worried