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Wages up but losses reduced at Crystal Palace FC

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THE GLORIOUS Carling Cup run, during which Crystal Palace knocked out Premier League giants Manchester United was key to the Eagles returning better financial figures for the year ending 2012.

Compared to 12 months previously, Palace recorded losses of just £2.2 million up to the end of June 2012 - £7 million better than 2011 - while the turnover of the group increased to £15 million.

The directors' report said: "The main reason for the increase was a successful Carling Cup run where we reached the semi-finals beating Manchester United en route. In the Championship we had a very good start to the campaign where we remained in the top half of the table for most of the season."

After a poor end to the season Palace dropped to 17th, but attendances remained constant, with Selhurst Park attracting 411,522 over 28 games at an average of 14,697.

Looking ahead, the future is bright and Palace can expect even better figures next year.

This season attendances are averaging nearly 16,500, while Palace's transfer policy is likely to reap its rewards.

The outlay in the period up to June 2012 - on the likes of Glenn Murray and Jonathan Parr was barely £1 million - and with the sale of players including Wilfried Zaha totalling £13.3 million, the club's continued investment in youth and with a potential promotion to the Premier League things can only can better.

Steve O'Connell, the man in charge of Croydon Council's purse strings and a Palace season ticket holder, believes the results can be put down to the solid financial footing the club's owners have established since the turmoil of administration in 2010.

O'Connell, the council's cabinet member for finance, said: "My opinion is that the owners are sensible guys.

"They love the club but run it on a solid and sustainable basis, especially compared to other club's balance sheets, which I'd imagine make for pretty horrific reading."

On the downside, the club's wage bill increased by almost £2 million.

Wages up but losses reduced at Crystal Palace FC


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