Swansea moves into profit after promotion

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Swansea moves into profit after promotion

LONDON - Swansea City moved into profit after enjoying a successful first season in the Premier League and receiving five million pounds ($8 million) in compensation when Liverpool hired manager Brendan Rodgers, the club said on Monday.

Profit after taxation totaled 14.6 million pounds in the year to May 31, rebounding from a loss of 8.3 million pounds in their previous promotion-winning season.

The swing to profit came despite a doubling in the club’s wage bill.

The figures underline the divide between the 20-team Premier League and the other 72 clubs in the English professional games.

That gap will widen further next season when a new domestic television contract worth more than one billion pounds per season, a 70 percent rise, takes effect.

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