Brighton announce record profit after best Premier League season

Brighton announce record profit after best Premier League season

2 April 2024 0 By Total Football News
Brighton owner Tony Bloom watches from the stands
Brighton owner Tony Bloom took over the club in 2009 when they were playing in League One

Brighton have announced a record profit of £122.8m in the 2022-23 financial year – the most successful season in the Premier League club’s history.

Profit after tax increased annually by almost £100m from £24.1m, with turnover going up by 17.2% to a record £204.5m.

Albion finished sixth in the Premier League in 2022-23, reached the FA Cup semi-finals and also brought in huge transfer fees for several key players.

The figures can help more “significant progress” on the pitch, Brighton said.

“These accounts will of course catch the eye because of the headline number,” Brighton chief executive Paul Barber said.

“In a season when we made history on the pitch we took a huge step forward in terms of the club’s long-held aim of becoming more sustainable and less reliant on [Brighton owner] Tony Bloom’s incredibly generous levels of investment.”

Brighton have made a “substantial repayment” to Bloom for the first time, added Barber.

It means the club reduced the balance on Bloom’s interest-free loan, given in 2007, to £373.3m from £406.5m.

Brighton’s record figures come at a time when several of their Premier League rivals are facing sanctions for breaching rules by incurring heavy financial losses.

Everton were docked 10 points, reduced to six points on appeal, after recording losses of £125m over three years up to 2021-22.

On Monday, Everton reported financial losses of £89.1m in 2022-23.

Nottingham Forest have been docked four points, which they are appealing against, after their losses to 2022-23 breached the threshold of £61m by £34.5m.

Leicester City, relegated to the Championship last season, have been charged by the Premier League with allegedly breaking spending rules during their last three seasons in the top flight.

More to follow.

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This article was originally posted on https://www.bbc.co.uk/sport/football/68691248