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Crystal Palace reports pre-tax profit of £23m

Crystal Palace has made a pre-tax profit of £23m in its first season back in the Premier League.

The club was promoted in 2013 and financial results for the year ending June 2014 showed turnover rising to £90.4m compared to £14.5m turnover for the previous year.

Broadcasting income accounted for £74.1m of turnover.

Chairman Steve Parish said: “The improved profit stemmed mainly from increased broadcasting income, combined with prudent financial planning.

“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.”

The club’s chairman also said that the size of profit is unlikely to be repeated next year as first team wages will rise and the squad strengthened.

This was posted in Bdaily's Members' News section by Sophia Taha .