No real reasons to be cheerful as club announce £18m loss ahead of massive summer

No real reasons to be cheerful as club announce £18m loss ahead of massive summer

It’s tough to know where to begin following the release of the Swans’ accounts today, which revealed a headline figure of a £17.9 million loss that was dismissed as “one of those things” by both the club and the Supporters Trust.

The loss for the fiscal year ending July 31, 2023 excludes the sale of Joel Piroe, as well as several of last summer’s transfer moves, which were highly condemned by supporters.

Given that the sale of Piroe will be reflected in the next set of accounts at this time next year, you have to be concerned about what they will reveal, and this time around, we will not have the sale of another Piroe to try to soften the blow of what is a massive loss that has us far from being the club with sustainable finances that we claim.

None of these losses are a major surprise to anyone given the frequency in which we “welcome” further cash injections to the club, which only serves to hand more of the club to a majority ownership that has done absolutely nothing to generate any confidence in the way they do their business since

We are still perplexed by the lack of clarity around who owns the club and how we conduct business. At a recent supporters meeting at the Swansea.com Stadium, Andy Coleman was asked if we should be concerned about our finances, and he promptly responded with a “no” but did not provide any context for why we should not worry. Because, honestly, we should be.

The Trust statement that accompanied the release of the accounts read, “We understand that the headline loss would be alarming for Trust members and supporters, and that is a predicament we also share. However, we are kept up to speed on the club’s financial situation and how it plans to become more financially sustainable in the long run.

The Trust routinely pushes the club to be more public about how it intends to reduce spending, raise revenue, and define a clear strategy that will allow it to stay competitive on and off the pitch without jeopardizing the club’s financial stability. We are consequently delighted with the level of information offered in their announcement earlier today.

“The Trust also appreciates the majority owners’ ongoing investment in the club, particularly when it is in exchange for equity rather than loans, which would increase the club’s debt load.” This helps to guarantee that all aspects of the club function properly.

 

It’s difficult to know where to begin with that; they’re concerned, but they’re kept informed. They appreciate the club for providing information on a clear strategy in their release (there was none), and investment allows us to operate as expected. We should post a loss of £17.9 million. Is it a waste of money to pay executives and players that we will replace three months later? And don’t get me started on Michael Duff’s appointment. Of course, the issue of Russell Martin’s compensation remains unanswered. Newsflash: we are not run as “we should be,” but by a group of people who do not understand football and continue to make the same mistakes as before.

 

Coleman even had the audacity to dissociate himself from the results, stating, “These accounts represent the financial year prior to my appointment as chairman, and much of the budget had already been set for the 2023-24 fiscal year before my arrival in Swansea in August 2023.”

It is an unbelievable statement to make given the endless stream of mistakes he has made in his time at Swansea (he may have arrived in August, but he was appointed prior to the end of last season), but he has a track record of distancing himself from things, having tried the same tactic during the transfer dealings of last summer at the previously mentioned fan forum.

He mentioned constructing bricks and foundations again, but he should keep in mind that he is a member of the same ownership group that failed to put these blocks in place after relegation years before. And, to be honest, does anyone truly believe that these building blocks are good ones? Even with the transfer dealings that he discusses, has anyone discovered the reason behind Charles Sagoe Jr.’s loan signing?

“Much work remains to be done,” Coleman added. “The Championship is a harsh environment, and we have no illusions about how difficult it is to succeed on and off the pitch.

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