Wolves suffer $57.1M pre-tax loss over pursuing promotion

Wolverhampton Wanderers lost one million pounds per week pursuing promotion to the Premier League last season, the Midlands club revealed on Tuesday. Overall the club, owned by China's Fosun International, made a pre-tax loss of 57.1 million pounds for the year that ended in May 2018, double its loss of the previous season.

Nuno Espirito Santo's side topped the Championship with 99 points -- nine clear of their nearest rivals -- and have thrived on their return to the top flight after a six-season absence. Signings during that period included Player of the Season Ruben Neves from Porto and goalkeeper John Ruddy as well as loan deals for Diogo Jota and Willy Boly, who have since both joined on a full-time basis.

Fosun International bought Wolves in 2016 from the previous owner Steve Morgan for a reported 45 million pounds and have prioritised establishing them as a Premier League club. Wolves have been one of the league's big spenders since promotion, splashing out 109 million pounds on players.

"The directors have a continued commitment to continually improve the club from both a footballing and wider operational and strategic perspective," the club's financial statement read. Turnover was up to 26.4 million pounds in 2018 compared with 23.8 million in 2017 while average league attendances increased to 28,298 from 21,572 in the previous season.

Wolves are currently seventh in the table and in the quarter-finals of the FA Cup. 

(With inputs from agencies.)