Huge wage bill helps double Sheffield Wednesday’s losses year-on-year

Owls Owner and Chairman Dejphon Chansiri .....Pic Steve Ellis
Owls Owner and Chairman Dejphon Chansiri .....Pic Steve Ellis
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Sheffield Wednesday yesterday revealed an operating loss of over £20 million for last year in their annual statement of accounts.

The figure rose by more than double year-on-year, going from £9.6 million in 2016, to £20.7 million up to May 31, 2017.

A huge wage bill and a bloated squad is one of the main reasons behind the loss, with a relatively large investment by chairman Dejphon Chansiri failing as yet to help deliver his promise of Premier League football.

An impressive first season under former boss Carlos Carvalhal, in which the Owls almost made it to the top flight only to lose out at Wembley to Hull City in the Play-Off Final meant an increase in attendances during the year of these accounts, helping to lift the turnover by £1.4 million.

However a rise in wages by almost £9 million which includes the addition of new players and new contracts to some current members of the squad has meant that Chansiri is under pressure to ensure the club doesn’t fall foul of the EFL’s ‘Profitability and Sustainability’ structure or Financial Fair Play.

The chairman had warned in fans forums and club statements this year that it would become a factor in the money the club is able to spend on new players next season.

Under EFL rules clubs have to remain beneath an aggregate loss of £39 million over three years.

However, at this stage it is not known what the punishment would be for breaking the rules.