Sheffield Wednesday Football Club has finally published its long overdue annual accounts for the year ending 31 July 2019.
The accounts show a profit margin of £19 million after proceeds from the Hillsborough stadium sale were moved from the 2017/18 figures which now show a £35 million loss for that year.
Sheffield Wednesday are receiving payments for Hillsborough in instalments of £7.5m per year with £45m remaining outstanding from buyers, Sheffield 3 Ltd.
Journalist and commentator on BBC Radio Sheffield, Mike McCarthy said: “I think most Wednesday fans would agree the biggest problem is a lack of a long term strategy at the club.”
Other key numbers include: the wage bill £36.3m (down from £42.4m), turnover £22.7m (down from £25.2m) and the club also receiving a “confidential settlement payment” of £6.5m.
Even with this settlement payment however, the club were still losing over half a million pounds a week in 2019.
The accounts are from 2019, meaning they do not account for any negative Covid-19 consequences such as the lack of gate receipt revenue.
Sheffield Wednesday Chairman Dejphon Chansiri told the club’s Supporters Engagement Panel that “planning too far ahead is very difficult depending on divisional status”, according to minutes of the group’s first meeting released yesterday.
The Panel, which asked for Chansiri’s vision for the next five years, said: “We would like to see, at least in outline, a more clearly defined and targeted development plan.”
The chairman has committed himself to funding the club for at least another 12 months despite having no legal obligation to do so in order to help Wednesday avoid liquidation.
Regarding season ticket refunds, Wednesday are not prepared to say what percentage have been issued, with Chansiri stating it would be unfair on those who haven’t received a refund.