Crystal Palace have published their full financial results for the Covid-impacted 2020/21 season.
The Eagles adjusted their accounts in March, meaning their recently-published figures only cover a period of 11 months from August 2020 to June 2021. That has somewhat affected their results compared to other Premier League sides who have published a full year’s worth of figures.
Palace’s total revenue was down from the previous year by just over £10million, largely down to the Covid-19 pandemic, which affected income across the board. Compared to the rest of the Premier League, this places them ahead of only Burnley, Sheffield United, Fulham and West Bromwich Albion. However, due to their shortened account periods, only 38 league matches are reflected by these numbers, while other sides account for 44 games.
READ MORE: Crystal Palace took major first sponsorship step and other Premier League clubs must follow suit
The biggest hit taken by the club was through matchday revenue which shot down to £200,000 from £8.6million the season before due to the impact of playing the significant majority of their matches behind closed doors due to the pandemic. The club were allowed to welcome back a small number of supporters for the final handful of games but were almost entirely cut off from matchday revenue for most of the season.
Commercial income, which reflects things like advertising and sponsorship deals, were also hit with a £6.6million decline from the previous year though broadcast revenue increased slightly (£117.3million up from £112.8million) thanks to the Premier League's new TV deals for overseas broadcasters.
Palace's wages also went down though average weekly wages rose for the ninth year in a row. This is partly down to the club's accounts of 11 months rather than 12, raising their average due to the shorter time period they are calculated in. In terms of player transfers, Eberechi Eze's £16million summer move from Queens Park Rangers made up most of their £28million expenditure. The club also signed Jack Butland for a small fee and secured the loan signings of Michy Batshuayi and Jean-Philippe Mateta, which incurred fees. Player sales totalled £13million, with Alexander Sorloth's move to RB Leipzig presumably taking up most of that figure.
The club's cash balance was also the lowest since being promoted to the top flight, though this would have been offset during the summer of 2021 thanks to money received from the Premier League and the arrival of a new investor, director and partner in American businessman John Textor.
Outlying the club's accounts, chairman Steve Parish said: "The 2020/21 season was another campaign enormously impacted by the pandemic, with the significant majority of matches, played behind closed doors - a source of immense frustration for supporters, players and everyone at the club. All that said, we finished 16 points clear of danger, representing yet another season of stability."
He added: "A season of stability in 2020/21 was absolutely crucial with significant squad transformation planned for the 2021/22 season, with the necessary objective of reducing the average age of the squad and investing for the future.
"While not referenced in these accounts, the planned significant investment in playing personnel was delivered upon in the summer of 2021, ensuring new manager Patrick Vieira inherited a squad full of international talent and greater depth as a new era for our club began.
"That investment was made possible largely as we welcomed John Textor as an investor, director and fourth partner, joining Josh Harris, David Blitzer and myself as owners and directors. We had been looking for the right investment from the right investor for a while, and our search led us to John, whose investment helped facilitate the necessary rejuvenation of the squad, bolster the balance sheet and enable us to finalise the Academy."
