Wolverhampton Wanderers Finances 2023/24

Never Been So Stuck

Wolverhampton Wanderers’ 2023/24 financial results covered a season when they finished 14th in the Premier League. This was one place lower than the previous year, though the club managed to find a bright side, noting “a five-point increase in points gained and a push for a top-10 finish until the latter part of the season.”

Wolves also reached the quarter-finals of the FA Cup, but were beaten by Coventry City in a rollercoaster match. Similarly, they were eliminated by another Championship club Ipswich Town in the third round of the Carabao Cup.

Even though the club said that Wolves had “experienced progress”, that did not prevent the dismissal of head coach Gary O’Neil in December 2024, when he was replaced by the experienced Portuguese coach Vitor Pereira.

O’Neil had come in just before the start of the 2023/24 season when Julen Lopetegui left “by mutual consent” after the Spaniard expressed dissatisfaction with the club's limited transfer business.

These accounts marked Wolves’ eighth season under the ownership of Fosun and their sixth consecutive campaign in the Premier League.

Indeed, although the owners have faced plenty of criticism recently, it should be noted that the club has improved during their tenure from the lower reaches of the Championship.

As executive chairman Jeff Shi said, “Before 2016, the last time Wolves managed to stay in the top division of English football for at least five consecutive years was from 1977 to 1982 – four decades ago.”

However, to outside observers it would appear that Wolves have hit a wall, having twice finished seventh in the Premier League, and also qualifying for the Europa League, where they reached the quarter-finals.

Since those heady days, the club has cut back on its spending, leading to some struggles on the pitch. In fact, as it stands, they are only one place above the relegation zone.

Let’s take a look at the club’s finances to help explain how they got there.

Profit/(Loss) 2023/24

Wolves’ pre-tax loss significantly reduced from £67m to £14m, as profit from player sales increased from £44m to £65m, while revenue rose £9m (5%) from £169m to £178m.

More meaningfully, operating expenses were cut by £18m (7%) from £269m to £241m, while net interest payable almost halved from £10.4m to £5.6m.

Almost all of the revenue growth came in broadcasting, which rose £8m (6%) from £125m to £133m, though gate receipts increased £1.1m (7%) from £15.1m to £16.2m. Commercial was also up, but only by 1% (£0.3m) from £28.5m to £28.8m.

The slowdown in investment in the squad meant that wages were essentially unchanged at £142m, while player amortisation actually fell £15m (19%) from £79m to £64m. In addition, other expenses decreased £3m (8%) from £42m to £39m.

After all the cost cutting, Wolves still posted a £14m loss, but this was actually one of the better results to date in the Premier League, where nearly half of the clubs lost more than £50m, led by Manchester United’s terrible £131m.