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Wolves report £5.8m pre-tax profit

Steve Morgan was in charge of Wolves for nine years before selling to the Chinese-owned Fosun International for an estimated £45m in July 2016

Wolves have reported a pre-tax profit of £5.8m for 2015-16, their final season under former owner Steve Morgan.

Home attendances fell by 10% in the club’s second season back in the Championship, as they slipped from the previous year’s seventh to 14th.

But the sale of Benik Afobe to Bournemouth for a reported fee of £10m helped Wolves achieved a profit.

The figures cover the year up to 31 May 2016, prior to Morgan’s sale of the club to the Fosun Group.

Having made a pre-tax profit of £731,000 the year before, Wolves also recorded an increase in turnover, up from £26.4m to £27.25m.

The year up to the end of May 2016 was also the final year of Wolves receiving a parachute payment of £10.8m following their relegation from the Premier League in 2012.

The club say this will be offset by an increase in money they will receive from the English Football League in 2017, as well as more money from television rights.

The impact of Chinese conglomerate Fosun International’s takeover from Morgan in July 2016 will not be seen until next year’s accounts are published.

Wolves, who have changed their head coach twice since the new owners took over, are 20th in the Championship and four points clear of the relegation zone.

Wolves’ average home league attendances

League One title-winning season:

2013-14: 20,879

Championship:

2014-15: 22,419

2015-16: 20,157

2016-17 (16 matches to date): 22,061

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