We note the publication of the club’s annual accounts on Friday, highlighting a pre-tax loss of £4.6m to July 2021.
It is fair to say that the past two years have been like no other, and so whilst it is naturally disappointing to see the club return to the red, it is not unexpected given the extremely challenging market conditions during this period.
Our position on the club board has allowed us to see first-hand the impact that the Covid pandemic and the resulting restrictions have had on the club’s finances, and the measures that have been taken to minimise the financial fallout. The figures lay bare the challenges that the club and others in the Championship face in this regard, especially those relegated from the Premier League and at the conclusion of their parachute payment period.
A part of the response has seen a continued re-shaping of the playing squad, with several high-earners departing last summer – this undoubtedly helped to put the club on a more even keel, and we expect to see further changes this summer as Russell Martin continues to shape the squad to better deliver the style of football that we now play.
We would be remiss if we did not mention the positive contribution of the Jack Army, who have stood by the club throughout this period, including the season ticket holders who were able to leave their season ticket money in the club – this provided a significant financial and morale boost. The Trust were part of a series of subsequent conversations to design a season-ticket offering that rewarded these fans and were pleased to see that in effect this season.
We do however recognise that many more would have left their money in under other circumstances, but the pandemic and the resultant cost of living crisis made that extremely difficult. It has been great to see so many fans return this season, and we hope to see more in attendance throughout next season.
The Trust recognises that supporters will look on with concern about the figures disclosed and what it means for the club in the immediate and long-term; it is likely that further player trading will occur this summer to help balance the books, and that investment may be required at points to bridge gaps in the future.
Our Supporter Director, Terry Sinnett, and other Trust Board members regularly meet with CEO Julian Winter, CFO Gareth Davies, and other members of the senior management team and are involved in discussions about these matters. We have asked and will continue to ask important questions and provide challenge where appropriate to ensure the club is financially sustainable but that we are still putting enough into the playing squad to make us both enjoyable to watch and competitive in the league.
Swansea City Supporters’ Trust
2nd May 2022
