They may have been a bit late in coming but following Crystal Palace’s late submission of their accounts to Companies House, the always excellent Swiss Ramble has taken to Twitter to break down the ins and outs of financial landscape in SE25.
Crystal Palace’s 2016/17 financial results covered their 4th consecutive season in the Premier League, when they finished 14th. After Alan Pardew’s departure in December 2016, Sam Allardyce was installed as manager. Some thoughts in the following thread #CPFC
— Swiss Ramble (@SwissRamble) June 22, 2018
Whilst I like to think I have a relatively decent grasp on the way football finance works, I will never come close to having the sort of base knowledge that “Swiss Ramble” does. Year after year, he offers fans of a wide variety of clubs a huge insight into their financial health, covering each and every aspect of the accounts, from turnover and profit to player amortisation and commercial income, with the above thread on Palace proving to be no different.
Although I’m keen not to lift all of the work he has already put into the thread, I do feel as though his findings in relation to our spending on wages require a little further discussion. At £112 million, the Eagles had the ninth highest overall spend on wages of any club in the Premier League, falling behind the “Big Six”, Leicester (Champions League participants) and Southampton, (Europa League participants) hinting at a need for the club to cut their cloth accordingly moving forward.
Admittedly, the bumper new deal given to Wilfried Zaha was something that every Palace fan could get on board with but
when you consider that Christian Benteke, Yohan Cabaye and Mamadou Sakho are all on close to or in excess of £100,000 a week alongside the academy graduate, it’s not difficult to see why those behind the scenes may be looking to cut adrift some of the deadwood that exists within our first-team squad this summer.
In fairness, it’s a plan which has essentially paid off, given the fact that we are now preparing for a sixth consecutive season in the top flight but long-term, even with the extra revenue generated by the planned improvements to the stadium, we’ll be forced to get a far tighter grip of our wage budget.
As I’m sure you’ll agree, the entire thread is an enlightening and essential read for Palace fans everywhere. We may not be up there with the giants of the football economy but we’re doing ok for a club who were on the brink of oblivion eight years ago.