Premier League club Crystal Palace announced a pre-tax profit of £23m in the year ending June 2014, part of a record turnover total of £90.4m.
The Eagles' first season back in the Premier League coincided with a new £3bn TV rights deal for top flight clubs.
"The improved profit stemmed mainly from increased broadcasting income, combined with prudent financial planning," chairman Steve Parish said.
Broadcasting income accounted for £74.1m of turnover.
Parish added: "The club also spent close to £26m of cash investing in players and infrastructure, acquiring the training ground, laying a new pitch with under-soil heating and developing the academy, as well as building modern bar and restaurant facilities whilst also improving catering areas at Selhurst Park.
"The profit from 2013-14 has largely been reinvested, with a further £22.3m spent on player acquisition. This figure includes compensation paid to Newcastle United when we hired Alan Pardew in January."
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