Premier League: Crystal Palace announce record profits of £23m
Crystal Palace have announced the club achieved a record turnover of more than £90m for the year ending June 2014 after their first season back in the Premier League.
The club’s trading company, CPFC 2010 Ltd, made a pre-tax profit of just under £23m (£17m post-tax) for the year ending June 30th, 2014, up from £3.5m the previous year.
The improved profit stemmed mainly from increased broadcasting income, with the Premier League's current £3bn TV rights deal playing a big part. The club’s £90.4m turnover was up from £14.5m in 2013. Broadcasting income accounted for £74.1m of turnover.
During this accounting period, the club 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.
The profit from 2013/14 has largely been reinvested, with a further £22.3million spent on player acquisition (this figure includes compensation paid to Newcastle United when we hired Alan Pardew in January) and about £4m on various stadium and training ground improvements. We believe that these investments will continue to reap benefits for the club in the future.
Palace have seen a huge turnaround in their fortunes on the pitch as well, under new manager Alan Pardew the club have managed to move away from the relegation places and currently sit 11th in the league.