Writer: Barry Worthington
Date:Monday December 31 2012
Wigan Athletic have demonstrated once again that they are in very safe hands, from the top to the bottom
Sometimes coming in for a bit of stick for not throwing the cash about in the transfer market, ala Portsmouth, QPR, Leeds United et al, the Latics have always attempted to be prudent in aiming to keep their Premier League dream alive, where others have failed we strive
Fantastic housekeeping and sensible squad building have helped establish the club on sound financial footings, the release of the recent accounts showing that despite being the cheapest match day tickets not only in the top flight but amongst the cheapest in the entire country, the Latics have shown a net profit.
Financial results for the year ended 31 May 2012 show a net profit of £4.3m compared with a £7.2m net loss in 2011. This is the first time in six years that the Club has reported a net profit.
The figures cover the season 2011-12 when Latics achieved 15th position in the Premier League.
From club statement: EBITDA (earnings before interest, tax, depreciation and amortisation of players) was £8.9m compared with £4.9m in the previous year.
Turnover increased to £52.6m compared to £50.5m in 2011.
Salary costs were the most significant expenditure but these reduced to £37.7m compared to the previous year cost of £39.9. Total administrative expenses including amortisation of player contracts reduced to £55.0m from £58.4m in the previous year.
During the year the Club invested £10.4m on new players whilst profit from the sale of players increased to £7.9m from £2.3m in the previous year primarily due to the sale of Charles N'Zogbia to Aston Villa.
Dave Whelan Net debt at the year-end including bank borrowings and loans from Chairman David Whelan and his family reduced significantly to £20.5m compared with £72.2m in the previous year. During the year £48m of debt was converted to equity which significantly reduced the Club's long term liabilities. At the same time the ordinary and preferred ordinary shares of the Club were transferred to a new parent company, Wigan Athletic Holdings Limited which also holds a controlling interest in the company operating the DW Stadium.
Wigan Athletic Chief Executive Jonathan Jackson commented - 'The results are once again encouraging and we are very pleased to report a net profit position in a very competitive environment. By increasing turnover and controlling costs the Club is continuing to progress to a break even operating position which all football clubs are aspiring to but many are finding it difficult to achieve.
'We continue to maintain our position in the Barclays Premier League by significant investment in the playing squad to strengthen our position on the field in our eighth year in the top division. In addition, major improvement of our academy and training facilities will commence this year to expand our strategic aim of consolidating and enhancing our infrastructure with increased focus on youth development.
'This would not be possible without the continued financial support of Chairman, David Whelan who remains an enthusiastic and committed owner who has taken his home-town club from the lower reaches of the Football League to being an established Premier League club. The conversion of £48m of debt to equity has significantly strengthened the Club's financial position and has, to a very significant extent, written off the debt owed to Mr Whelan.'
The latest edition of the PWU Wigan Athletic podcast is now available for download. In this the last recording of the year the panel is decimated by man flu, luckily Barry, Dan and Paul are on hand to carry the flag.
The podcast is longer than usual but with a lot of content to get through that isn't surprising. We look ahead to the local derby on New Year's Day against Manchester United (33:22), we all know this game is their cup final. A nostalgic look back at 2012 (40:48) brings this week's podcast to a conclusion
If you would like to get involved in the podcast or have any topics that you'd like to be discussed please get in touch at email@example.com marking your email PWU Podcast
The podcast can be downloaded from itunes or via our hosting site www.buzzsprout.com or by simply hitting the play button on the embedded player below
All the PWU Podcast team would like to wish you all a Happy New Year and thank you so very much for your support on this project
Latics and Proud
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Date:Monday December 31 2012
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