Accounts reveal Sheffield Wednesday are debt free
Turnover increased and losses decreased during the first financial period of Dejphon Chansiri's ownership of Sheffield Wednesday.
The club today published their accounts for the year ending May 31, 2015, which includes the final few months of Milan Mandaric's reign and the early days of Chansiri's control of the Owls.
The accounts reveal that the club is debt free following Chansiri's takeover, which was confirmed on February 26, 2015.
The club closed the previous financial year with a net debt of Â£18,678,000 but following Chansiri's purchase, they closed on May 31 last year Â£563,000 in the black.
Turnover rose by Â£1.1m to Â£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 Â£1.2m to Â£4.4m.
Wednesday made Â£1,234,000 in profit from player sales during the financial year, up from Â£328,000 the previous year. Michail Antonio was sold to Nottingham Forest for a reported Â£1.5m during the period.
Loans of Â£1.5m and Â£2.0m taken out against the Hillsborough stadium were repaid in full on February 11, 2015. Another loan of Â£1.6m was split into two payments of Â£1.2m and Â£0.5m were also repaid.
A Â£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 Â£12,618,000 at the close of the year, up from minus-Â£6,209,000 the previous year.
By May 31, 2015, a total of Â£90,000 in transfer fees was pending based on future player appearances. This figure stood at Â£504,000 the previous year.
And signing on fees and loyalty bonuses pending rose to Â£400,000 from Â£392,000.
It was acknowledged in the accounts that some player contracts and transfer agreements include clauses for additional wages and/or fees should the club be promoted to the Premier League during the lifetime of the players' contracts. It was also noted these amounts are less than the amount of additional income Premier League promotion would bring.
The club's average monthly number of employees stood at 218 with company wages standing at Â£11,881,000 before social security and pension contributions.