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September 19 2018 1.40pm

Palace accounts show profit

June 20 2018

Crystal Palace

Crystal Palace

Crystal Palace's newly-released accounts for 2017 have shown a profit of 12.8million.

After incurring a fine for missing the deadline of March 31 for submitting to Companies House, the accounts are an improvement on 2016's 6.8m loss.

Though Palace paid 78.30 in wages for every 100 they made in income over 2016/17, which is the highest in the Premier League.

The balance sheet is healthy with 15.9m of cash available in the bank as of June 30, 2017.

The figures show that 13.5m was borrowed from Palace HoldCo and there's no external debt, while there was 6m of directors' loans repaid.

Palace were the fourth highest spenders on players with 109.7m and only Arsenal (113.9m), Manchester City (203.5m) and Manchester United (205.1m) shelled out more.

Palace's income is up 40 per cent which was mainly due to the new TV broadcasting contract. With 143m, they had the 11th highest income overall of a top flight club.

Receipts from home attendances are down 9 per cent, even though the gates were higher, which indicates lower ticket prices. The club received 82 per cent of its income from TV rights.

The wage bill is up 39 per cent to 111.8m and the highest-paid director earned 2.1m. The club had the 9th highest wage bill in the Premier League.

Palace paid 117,000 on services to VMM and paid rent of 234,000 to Smoke & Mirrors Group, which are companies owned by chairman Steve Parish.

The Eagles got 4m from an arbitration hearing, which is probably the one involving former manager Tony Pulis over a disputed bonus paid to him just before his controversial departure.

They signed players for 42.5m in the 2017/18 transfer window and sold players for 2m.

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