Wolves Record £21.64m Profit First Year Back in Premier League

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WOLVERHAMPTON, ENGLAND - APRIL 02: Raul Jimenez of Wolverhampton Wanderers during the Premier League match between Wolverhampton Wanderers and Manchester United at Molineux on April 2, 2019 in Wolverhampton, United Kingdom. (Photo by Robbie Jay Barratt - AMA/Getty Images)

Wolverhampton Wanderers have recorded a £21.64m profit for their first year back in the Premier League.

The figures for the year ending 2018-19 contrast sharply with the £55.15m loss from 2018as the club were promoted back to the top flight.

Portugal internationals Joao Moutinho, Diogo Jota and Rui Patricio were among the players signed after promotion.

That helped the club secure a seventh-place finish in 2018-19 to qualify for Europe for the first time since 1980.

Nuno Espirito Santo’s side are currently eighth in the Premier League and face Espanyol in the Europa League round of 32 first leg on Thursday.

Figures for the year up to 31 May 2019 show turnover increased from £26.4m to £172.46m, though wages increased from £50.71m to £92.13m.

Central payments rose from £6.91m to £114.67m, underlining the enormous gap in finances between the Championship and the Premier League.

The accounts reveal Wolves owed their Chinese parent company, Fosun International, £131m at the end of the period in question, although they have been assured there is no immediate intention to seek repayment of this sum.

On 13 September 2018, Wolves took out a £25m loan, to be repaid by August 2022, plus an additional £25m ‘rolling credit facility’, which expires in August 2021, although both would have to be repaid earlier if the club were to find itself back in the Championship during the period in question.