Wolves slash losses as revenues near £180m: results for year marking sixth consecutive Premier League campaign

Wolverhampton Wanderers have reported slashed losses and an increase in revenues for the financial year that marked the club's sixth consecutive campaign in the Premier League - according to Insider Media.

Wolves have released financial information for the financial year to 31 May 2024, confirming a net loss of £14.3m, a reduction from the £67.2m loss in 2022/23.

Revenues reached £177.7m, rising from £168.6m in 2023, "driven by an increase in underlying Premier League broadcasting rights".

A lower final league position resulted in a slightly reduced merit payment but the club said this was offset by an increase in live UK television broadcasts (16 matches, up from 12 in 2022/23) and additional home games, including two pre-season friendlies at Molineux. Further matchday revenues were generated through a solid FA Cup run, with Wolves reaching the quarter-finals.

All matches in the year were played in front of near-capacity crowds, with an average attendance of 31,265 (31,346 in 2022/23).

Player trading in the year generated profits of £64.6m, up from £43.9m in 2023, from the sale of player registrations, including Ruben Neves, Conor Coady, Nathan Collins, Raul Jimenez, Matheus Nunes and a number of others. Additionally, contingent fees were crystallised for players including Diogo Jota, Morgan Gibbs-White, Willy Boly and Patrick Cutrone.

However, Wolves said this was balanced by amortisation and impairment charges on player registrations, which totalled £67.2m (£82.4m in 2023) due to investments in the first-team and academy. New signings included Jean-Ricner Bellegarde, Santiago Bueno, Boubacar Traore, Tawanda Chirewa, Enso Gonzalez and Matt Doherty, while there were various new contracts, and crystallising contingencies for Jose Sa and Mario Lemina, among others.

As a result, the club recorded a net player trading loss of £2.6m - compared with a £38.6m loss in 2022/23. Wolves noted "this was the direct result of proactive management to ensure compliance with the Premier League's Profit and Sustainability Rules".

Operating costs decreased slightly, "reflecting efforts to manage the club's financial sustainability, including reductions in player payroll and the outsourcing of the retail operation".

The club added that these savings were partially offset by the departure of head coach Julen Lopetegui and his staff in August 2023, with Gary O'Neil taking charge in the same month.