Wolverhampton Wanderers Football Club has announced a pre-tax profit of £9.1m for the year ending May 31st 2010 covering the club’s return to the Barclays Premier League.
The figures represent a huge improvement on previous year’s figures, in which Wolves posted a £4.9m loss. The club attributed substantial Premier League television rights and commercial deals as the key factor in the in turnover along with a sponsorship agreement with Sportingbet.com, which helped generate a turnover of £60.6m compared to £18.3m the year before when the club played in the npower Championship.
The figures come on the back of the club’s plans to expand Molineux in a £16m initial development which will be funded form the club’s current cash flow.
Commenting on the results on the club’s official site chief executive Jez Moxey said: "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.
"A few weeks ago, we made the exciting announcement that the Club will begin redevelopment of Molineux Stadium at the end of this season, beginning with the Stan Cullis Stand. This is part of our long-term vision of improving the quality of the match day experience, bringing fans closer to the pitch, introducing new facilities and, in time, increasing capacity. We intend to fund phase one of the redevelopment out of our existing cash flow, meaning that our financial stability will remain strong."
The initial £16m investment into Molineux is phase one of a potential three part plan, with phase two set to take expenditure to £40m and capacity to 36,000 with a stage three yet to be priced.