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Wolverhampton Wanderers report £5.8m profit

Wolverhampton Wanderers announce a pre-tax profit of £5.8m for the 2015-16 season.

Wolverhampton Wanderers have announced pre-tax profit of £5.8m for the 2015-16 season.

The Midlands side's annual accounts showed an increase in turnover from £26.4m to £27.3m as a result of improved TV revenues and match facility fees.

Wolves also benefited from the final year of Premier League parachute payments, worth £10.8m, as well as the £10m sale of striker Benik Afobe to Bournemouth.

The club also sold Richard Stearman to Fulham for £2m while bringing in the likes of Joe Mason, Conor Coady and Michal Zyro, leaving them with an overall transfer profit of £9.9m.

The wage bill was up from £17.7m to £18.2m and net assets totalled £55m.

The 2015-16 season, in which Wolves finished 14th in the Championship, proved to be the final year under Steve Morgan's ownership after he sold the club to Chinese conglomerate Fosun International for £30m last July.

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Wolverhampton Wanderers's Chairman Steve Morgan awaits kick off during an English Premier League football match between Wolverhampton Wanderers and Manchester City at Molineux Stadium in Wolverhampton, England on April 22, 2012
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