Championship: Sheffield Wednesday release annual accounts showing progression under new owners

 

Promotion chasing Sheffield Wednesday released their accounts for the year ending May 31st 2015, covering the club's takeover by Dejphon Chansiri.

The period includes the final few months of Milan Mandaric's reign and the early days of Chansiri's control of the Owls, who took over last February.

The club closed the previous financial year with a net debt of £18,678,000 but following Chansiri's purchase, they closed on May 31 last year £563,000 in the black.

Turnover rose by £1.1m to £14.9m during the period, an increase attributed to a three per cent rise in average league attendance to 21,997 plus improved revenue from commercial activities.

Losses were reduced by £1.2m to £4.4m.

Wednesday made £1,234,000 in profit from player sales during the financial year, up from £328,000 the previous year. Michail Antonio was sold to Nottingham Forest for a reported £1.5m during the period.

Loans of £1.5m and £2.0m taken out against the Hillsborough stadium were repaid in full on February 11, 2015. Another loan of £1.6m was split into two payments of £1.2m and £0.5m were also repaid.

A £4m debt amount owed to Chansiri was exchanged for an equal amount of newly issued shares on May 29, 2015.

The total shareholders' funds (assets minus liabilities) of the club - owned entirely by Chansiri - was £12,618,000 at the close of the year, up from minus-£6,209,000 the previous year.

Wednesday are currently occupying the final play-off place in the Championship as they look to reach the Premier League.