Crystal Palace reveal record turnover of more than £90m for 2014
Thursday 2 April 2015 16:32, UK
Crystal Palace have announced record turnover of more than £90m for the year ending June 2014, their first season back in the Premier League.
Palace revealed they made a pre-tax profit of just under £23m for the period, which is up from £3.5m the previous year. The improved profit came mainly from increased broadcasting income.
Palace spent £22.3m on new players, with that figure also including the compensation the club paid to Newcastle United for boss Alan Pardew.
Palace chairman Steve Parish issued a statement on the club's website that said: "I am delighted to announce the club achieved a record turnover of more than £90m for the year ending June 2014. our first season back in the Premier League, as we continue to restore the club to health both on and off the pitch.
"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 30, 2014, up from £3.5m the previous year.
I am delighted to announce the club achieved a record turnover of more than £90m for the year ending June 2014
"The improved profit stemmed mainly from increased broadcasting income, combined with prudent financial planning and management. Gate receipts grew as attendances increased and we also achieved record income from commercial activities, catering and hospitality.
"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, 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 (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."
