Southampton hit with UK£34m loss for 2018/19

Southampton hit with UK£34m loss for 2018/19
English top-flight soccer club Southampton have posted a UK£34 million (US$42.5 million) loss for the financial year ending 30th June 2019.

After announcing a post-tax profit of UK£29 million (US$36.3 million) for 2017/18, the Saints find themselves in the red courtesy of a UK£65 million (US$81.3 million) financial swing in the last 12 months, which has been attributed to the fall in income from player transfers. In January 2018, the club raked in UK£75 million (US$93.8 million) from the sale of Dutch defender Virgil van Dijk to Liverpool.

Net assets fell from UK£126.7 million (US$158.5 million) to UK£92.6 million (US$115.8 million) year-on-year, with player wages rising to 77 per cent of the club’s expenditure.

Broadcasting revenue was down by two per cent. This was primarily due to a reduction in the number of times their Premier League matches were broadcast live, falling from eight to 16, which resulted in a reduction in non-merit-based broadcasting revenue.

When combined, all other turnover, primarily matchday and commercial, increased by UK£1.3m (US$1.6 million), or 3.5 per cent. This was due to increased sponsorship revenue, and growth in revenue associated with non-matchday conferences and events.

The club are reportedly up for sale for around UK£250 million (US$312.7 million), less than three years after Chinese businessman Gao Jisheng purchased a controlling stake for approximately UK£210 million (US$262.7 million).

Despite disappointing league form in recent seasons, Gao has been open about his plans not to use his personal wealth to bankroll the Saints, instead expressing his commitment to ensuring the club is self-sufficient.

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