Wigan Athletic release financial results for the year ended 31 May 2017.
- Wigan Athletic report net profit of £4.3 million for the year ended 31 May 2017.
- Net profit reported for first time since 2014.
- Chief executive, Jonathan Jackson: “The club remains committed to achieving success.”
Wigan Athletic Football Club release their financial results for the year ended 31 May 2017 which show a net profit of £4.3 million compared to a net loss of £2.3 million in 2016.
The figures cover the season 2016-17 when Latics were relegated to League One.
Turnover increased by over £9 million to reach £25 million mainly due to increased parachute payments from the Premier League which totalled £17.7 million in the year. 2016/17 was the final season that the club will receive parachute payments as a result of relegation from the top tier in 2013. EFL central payments and match related revenues increased as a result of the club competing in the EFL Championship and a lucrative FA Cup tie away at Manchester United also contributed to the increase in turnover.
The net profit was achieved primarily due to the sale of Yanic Wildschut to Norwich City in January 2017 and, in total, the club made a profit of £4.6 million on the sale of players during the year.
The club invested almost £3 million in new players with the intention of improving the playing squad and creating another promotion challenge after the success of winning the League One title in 2016. Unfortunately, this did not materialise. Three managers took charge of the first team during the season, and the club was relegated to League One in a disappointing season.
Total expenses including salary costs and amortisation of player contracts increased to £25.7 million from £20 million in the previous year. Player salaries were again the most significant expenditure and total salary costs increased to £16.6 million compared to £11.9 million in the previous year.
Chief Executive Jonathan Jackson commented: "The 2016/17 season was the final year that the club received the financial benefits from being a Premier League club. During the four years since relegation, the club has worked hard to return but without success. The unpredictability of football requires us to take a prudent view of our longer-term strategy for the club, which includes a continual review of player and other operating costs to create future sustainability and build for success.
“Despite posting a £4.3 million profit, relegation to League One was a huge disappointment for everyone after the success of the previous season. Many Championship clubs sustained huge financial losses in their pursuit of promotion to the Premier League and it is an extremely difficult environment to achieve success without significant owner investment. The continued financial support of the Whelan family has helped the club to compete at the top levels for many years. The challenge is to ensure that the club have the financial foundation to achieve results on the pitch and replicate that success in the future”
“The club remains committed to achieving success. The core of the squad from last season has been improved with new players and a new management team. The team are currently enjoying an excellent season so far and are in a strong position to achieve our first objective — promotion back to the Championship.”