Wolves announce £9.1m profit
Wolves have announced a pre-tax profit of £9.1million for the year ending May 31, 2010.
The results compare to a loss of £4.9million for the previous 12 months, with the turnaround in financial fortunes coinciding with Wolves' return to the Premier League after a six-year absence.
The turnover for the period was £60.6million compared to £18.3million for the promotion campaign, and the uplift in turnover can be primarily attributed to central Premier League deals, including television rights and sponsorship, and Wolves' own commercial activity.
Ticket revenues increased as average attendances rose from 24,153 to 28,366.
Operating costs were higher than in the previous year due to an increase in the players' wage bill.
During the financial year under review, Wolves also broke their transfer record to sign striker Kevin Doyle for £6 million from Reading.
They also bought in other internationals including Nenad Milijas and Ronald Zubar and re-signed a number of players on long-term deals including Wayne Hennessey, Kevin Foley and Sylvan Ebanks-Blake.
Wolves chief executive Jez Moxey said: "It was a huge success for our young, developing team to finish in 15th place in the Premier League in our first season back in the top flight.
"Our financial results reflect the successful balance the club struck between sound financial management and continuing investment in players and off the pitch infrastructure.
"We have said many times before that we will not be irresponsible and fall into the dangerous trap of over-stretching the club.
"Chairman Steve Morgan has outlined a long-term vision for the club's overall development and has clearly stated that this won't be at the expense of sensible investment in new players."
Moxey added: "We remain confident that we have a team capable of avoiding relegation.
"However, it will take a big effort from the team, the wider club and our tremendous supporters to pull together as one and rally behind the cause of battling our way to staying up.
The spirit of Wolves is something which sets us apart from the competition and I'm sure it will be crucial as we enter the final stages of the season."
Latest in Sport
Manchester United can learn lessons from the transfer template of rivals Manchester City
Pavement The Forum, London
Manchester City, Manchester United and Chelsea top the list of the Premier League's most expensive squads
Bayern Munich 'training camp' to supply refugees with food, footballs and German lessons
David De Gea, Peter Odemwingie and the 18 weirdest transfer deadline day stories
- 1 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
- 4 Make your voice heard: Sign The Independent's petition to welcome refugees
- 5 Refugee crisis: Aylan's life was full of fear - in death, he is part of 'humanity washed ashore'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up