Premier League: Swansea announce record profits

Swansea City have announced a record profit of £15.9m for the six months up to the end of November 2012. Selling Joe Allen to Liverpool and Scott Sinclair to Manchester City gave the club a profit of almost £10m on the same period in 2011. Turnover, excluding player sales, has also risen to £28.5m, a growth of 11.5% from the £25.5m for the previous six months.

The Welsh club lost £8.3m in their promotion-winning season of 2010-11 but the club have made a profit ever since joining the Premier League. Now they are looking to the future as they announce having submitted plans to increase the capacity of the council-owned Liberty Stadium home from 20,500 to 32,000, and work is underway for a new training facility on land acquired on lease from Swansea University.

A new shirt sponsorship deal will be announced shortly, after coming to an agreement to end their contract with current sponsors, online casino company 32Red. Swansea finance director Don Keefe said: "The funds generated by the profit are invaluable bearing in mind the extent of finance needed, not only to maintain Premier League status, but for the expansion of capacity in the Liberty Stadium and the development of appropriate training facilities of a standard befitting a Premier League club." Swansea's success on the field also continues as they have won the Capital One Cup this season and secured their top-flight status for another season. The club hope to sign as many as six new players next season as they look to strengthen the squad.

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