Aston Villa still made a loss - but a much improved one - in latest set of financial accountsLoss has gone from £51.8m to £3.9m in the year ending May 2014 16:11, 24 February 2015 By Mat Kendrick Aston Villa's latest accounts show that they made a loss of £3.9 million in the year ending May 2014.It is a £47.9m improvement on the previous year when they posted losses of £51.8 million.According to a statement on the club's official website, the reduction was due in part to a £33.2m increase in turnover to £116.9m.There was also a £12.9m reduction in operating expenses to £121.7m, which resulted in an operating loss of £4.8m compared to £50.9m for the previous year.A new broadcasting deal accounted for much of the increased turnover, although a boost in Villa's commercial and sponsorship revenues also played a part.The club reports that the accounts also reflect the December 2013 conversion of £90.1m of loan notes into called up share capital.The consolidated balance sheet at May 31, 2014 shows net assets of £2.1m compared to net liabilities of £84.2m at May 31, 2013.Robin Russell, chief financial officer, said: "We are very pleased to be able to report improved results after a period of heavy financial losses."By controlling costs we have been able to take advantage of the new Premier League broadcasting deal to bring the club closer to self-sufficiency."Compliance with Financial Fair Play continues to be a key component of our planning and we remain focused on growing the club in a responsible and sustainable way."
Brilliant news. We've finally managed to balance the books at the probable expense of our Premier league status.Well Done all.
What else do people expect though? Should Lerner have just carried on writing off £50m a year to please you?We had to do this, how bad things have been is more down to the fact that the people trusted to oversee it have been poor and there's been little by way of underlying philosophy behind it. If you want to bitch about Lerner focus on the lack of footballing experience on the board or the choice of managers, moaning that he didn't want to carry on underwriting losses of £50m a year is plain wrong.In terms of the actual accounts this ties in perfectly with What Russell said last year which was that we were pretty much on track now.
Quote from: paul_e on February 24, 2015, 05:56:33 PMWhat else do people expect though? Should Lerner have just carried on writing off £50m a year to please you?We had to do this, how bad things have been is more down to the fact that the people trusted to oversee it have been poor and there's been little by way of underlying philosophy behind it. If you want to bitch about Lerner focus on the lack of footballing experience on the board or the choice of managers, moaning that he didn't want to carry on underwriting losses of £50m a year is plain wrong.In terms of the actual accounts this ties in perfectly with What Russell said last year which was that we were pretty much on track now.Wwe may have needed to do it but not at the speed in which it has been done. look at the league table.