Aston Villa Announce £42.6 Million Loss

English Premier League outfit Aston Villa have posted losses of £42.6m in their latest financial accounts for the year ending May 31, 2013.

The Premier League club’s operating loss before exceptional items fell by £9.5m to £42.6m with turnover for the year up £3.3m to £83.7m and expenses before exceptional items down £6.2m.

Also noted in the accounts was the waiving of £90.1m of loans from its parent company as the club’s owner, Randy Lerner seeks to reduce their debt load.

The loans were converted to equity in December 2013, a bid to strengthen the club’s capital base.

Robin Russell, Chief Financial Officer of Villa, said: “The 2012-13 accounts effectively close a chapter on a period of heavy losses.

“As we near the end of the 2013-14 season, the club is financially self-sufficient, compliant with both UEFA’s and the Premier League’s Financial Fair Play requirements and we look forward to a period of continued growth and progress on and off the pitch.”

Increase in turnover in 2012-13 was driven largely by improved on-pitch performance and a higher finish in the Barclays Premier League. Higher average league attendance and a semi-final place in the Capital One Cup also contributed.