Crystal Palace post £5m loss (From Wandsworth Guardian)

Crystal Palace post £5m loss

3:39pm Tuesday 6th March 2012 in npower Championship Table & Results By Graham Moody, Sports Reporter

Crystal Palace made a loss of more than £5m in the last financial year - their first under the control of CPFC 2010.

CPFC 2010 Limited, the company which owns the club, posted an overall loss of £5,290,590 having increased its turnover to £12,706,503 in the year ending June 30, 2011.

More than £4m of that loss though is made up of goodwill impairment - which represents a decrease in certain items' value - meaning the real loss is only a little over £1m.

Other noticeable figures in the annual report include more than £1.2m spent of transfer fees, £8,188,809 spent on players' wages and £1.5m put toward improving facilities at Selhurst Park.

All four owners, Steve Parish, Martin Long, Stephen Browett and Jeremy Hosking all loaned £2,562,500 to the club, with Hosking adding another £90,000 for the club's schools marketing programme.

In the directors' report, Parish and Long state the Premier League must be the club's target and that they are aiming for a category one youth academy.

"Achieving and maintaining Premier League status must be the key goal for the club going forward," they said.

"The directors are also broadly favourable to the new EPPP scheme but we are committed to fight the fixed compensation scheme being put in place.

"The aim for the club is to become a category one academy, the plans for which are being evaluated by our academy manager and his team."