Sheffield Wednesday have released their audited accounts for the year ending 31st May 2009 with the club having made an operating loss on the financial year.
Although the bottom line shows a deficit of £3.7M compared to a profit of £2.2M in the previous 12 months this is not reflective of how the club has operated since the turn of the year.
The previous regime may take some credit for the fact that the current accounts show a small loss on player trading compared with a profit of £3.2M in 2008. Although the speculation regarding any sale of Marcus Tudgay would have come too late to have an influence on these accounts last year the club did resist temptation to cash in on the likes of Richard Wood and Lee Grant. However, a reduction in turnover has not helped matters and this can be partly attributed to a much-criticised approach to ticket pricing to the 2008/09 season and problems with catering stock as some areas of the ground were too often unable to meet demand on match-days, selling out of items early.
The fall in turnover of around £1.1M can also be partially attributed to a reduction in TV payments and a decline in season ticket sales. These issues, combined with an increase in operating expenses of almost £2M accounts for much of the bottom line figure.
These expenses can be attributed to improvements in medical provision for the playing squad and stadium facilities from which the club is now and should continue to reap the benefits of in the future.
Although the bottom line figure does not make good reading it is next years accounts, combined with the performance of the team that the current regime should really be judged on.
A rise in season ticket sales over the summer combined with vast improvements in match-day refreshments and record breaking sales of new PUMA replica kits should boost turnover figures and the 2010 accounts should paint a brighter picture for the Owls.