Swansea City have become the latest Premier League outfit to report a downturn in financial performance. The South Wales club, making good headway on the pitch under new manager Paul Clement, have posted a £14.6 million pre-tax loss for the year to July 31.  This compares with a small £1.7 million profit for the year-ago period which lasted 14 months owing to a change in financial year-end. Turnover totalled £97.2 million, down from £103.9 million.

The club set out seven “key factors” explaining the loss. These include the cost of a management change that saw Garry Monk, now enjoying Championship success with Leeds, replaced by the Italian Francesco Guidolin, who has himself since departed. Other factors included investment in facilities, a lower Premier League finish, an increased squad size and a reduction in the number and profit of player sales. The transfer of Jonjo Shelvey to Newcastle was the main ingredient in a £6.1 million profit on player sales this time. The year-ago profit from this source was £18.7 million.

Total operating costs reached £117.5 million, against £120.8 million in the prior 14 months. Huw Jenkins, chairman, said the club would “continue to work hard to find the right balance between growth, success on the football field and sound financial practice”. Running a financially sound operation remained “paramount”. However, the club recognised “the importance of continued investment in the infrastructure and playing squad, as we demonstrated during the recent January transfer window with the acquisition of Martin Olsson, Jordan Ayew, Luciano Narsingh and Tom Carroll.”