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Money To Burn
Money To Burn
Thursday, 16th Nov 2000 00:00

Money To Burn

The stock market flotation of Swansea City Football Club Ltd is scheduled for mid-January, according to Neil McClure, chief executive of parent group Ninth Floor plc. "Preparations are now complete, subject to market conditions being suit-able," he said. "The money is there for bringing in new players and meeting their salary requirements." Relegation may be the fear on the North Bank after last season's championship-winning campaign, but McClure will look in the opposite direction when the flotation is completed. "Division One is the next stage, the club is now in a very advantageous position," he said. In the year to May 31 the club's turnover was broadly constant at £2.095m, while pre-tax losses were £1.282m against £1.152m last time. During the year the club saw an increase of 44 per cent in general commercial income. McClure said, "Overall income from ticket sales was considerably lower than the previous year without the benefit of the previous season's extended FA Cup run. "But cash flow has been substantially improved due to the receipt of advance payments on the centrally-negotiated Internet deal. "The company has not been required to support the club for the first half of the season, but support will be available in future, if required. " Elsewhere, Arsenal defender Rhys Weston returned from the Welsh squad's bonding session in Spain and straight into transfer talks with Cardiff City chairman Sam Hammam. Hammam has agreed a £300,000 transfer deal with the Gunners but the deal is subject to Weston - capped once by Wales in Portugal last June - agreeing personal terms and passing a medical. Cardiff manager Bobby Gould said last night, "Rhys fits in with our philosophy at Ninian Park. "He is Welsh and a talented young player. But it's too early to say if it's going ahead."

Photo: Action Images



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